Directorate General of Foreign Trade, Department of Commerce, has amended Para 2.52 and 2.53 of the Foreign Trade Policy (FTP), 2023, in exercise of powers under Section 3 and Section 5 of the Foreign Trade (Development & Regulation) Act, 1992. The notification is signed by Lav Agarwal, Director General of Foreign Trade & Ex-officio Addl. Secretary to Govt. of India, issued from File No. 01/93/180/32/AM-19/PC.II(B)/E-17430.

Para 2.52 (Denomination of Export Contracts): Export contracts and invoices, other than those involving ACU member countries, shall be denominated in foreign currency or Indian Rupees, with proceeds realized in either. Contracts with ACU members (other than Nepal and Bhutan) shall be denominated in a currency determined by the ACU, or as per RBI directions. Contracts with Nepal and Bhutan shall be denominated and settled in Indian Rupees or as per RBI directions. Contracts under EXIM Bank/Government of India Lines of Credit may also be denominated in Indian Rupees.

Para 2.53 (Applicability of FTP Schemes for Export Realisations in Indian Rupees): Exports to any country other than Nepal and Bhutan, for which proceeds are realized in Indian Rupees through banking channels by credit to Indian Rupee accounts of persons resident outside India (opened under the Foreign Exchange Management (Deposit) Regulations), shall be eligible for export benefits/incentives and fulfilment of Export Obligations under the FTP, at par with foreign currency realizations. For exports to Iran, this is subject to compliance with para 2.19 of the FTP.