The Reserve Bank of India (RBI) on Wednesday extended realisation period of export proceeds as part of additional measures to deal with the economic disruption caused by coronavirus epidemic. The value of the goods or software exports made by exporters is currently required to be realised fully and repatriated to the country within nine months from the date of exports.
“Given the disruption caused by the COVID-19 pandemic, the period for realisation and repatriation of export proceeds for exports made up to or on July 31 has been extended to 15 months from the date of export,” the RBI said in a statement.
The measure will enable exporters to realise their receipts, especially from COVID-19 affected countries, within the extended period and also provide greater flexibility to exporters to negotiate future export contracts with buyers abroad, it added.
Besides, the central bank had constituted an advisory committee under the chairmanship of Sudhir Shrivastava to review ways and means limits for state governments and Union territories.
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