N 43/2022

To be published in the Gazette of India Extraordinary Part-II, Section-3, Sub-Section (II)

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Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 43 /2015-2020 New Delhi, Dated: 9'" November, 2022 Subject: Amendments under the Foreign Trade Policy in syne with RBI A.P.(DIR Series) Circular No.10 dated 11 July 2022 S.0.(E): In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraph 1.02 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby makes the following amendments in the Foreign Trade Policy 2015-20, with immediate effect, in sync with the RBI’s A.P. (DIR Series) Circular No.10 dated 11" July, 2022:

1.| 2.46 Import for export 2.46 Import for export I. (b) Goods, including capital goods | I. (b) Goods, including capital goods (both new (both new and second hand), may be | and second hand), may be imported for export imported for export provided: provided: lii. Export is against freely convertible | iii. Export is against freely convertible currency. currency or as per 2.52(d)(1i) of FTP. II. (a) Goods imported against payment | II. (a) Goods imported against payment in in freely convertible currency would be | freely convertible currency would be permitted permitted for export only against | for export only against payment in freely payment in freely convertible currency, | convertible currency, unless otherwise notified unless otherwise notified by DGFT.

mitted for export only against | for export only against payment in freely payment in freely convertible currency, | convertible currency, unless otherwise notified unless otherwise notified by DGFT. by DGFT.Goods imported under Para 2.52(d)(1) would be permitted for exports only against payments as per Para 2.52(d)(ii), unless otherwise notified by DGFT. .| 2.53 Export to Iran —Realisations in | 2.53 Applicability of FTP Schemes for Indian Rupees to be eligible for FTP | Export Realisations in Indian Rupees benefits / incentives (i) Export proceeds realized in Indian Rupees Notwithstanding the provisions | against exports to Iran are permitted to avail contained in para 2.52 (a) above, export | exports _ benefits/fulfilment of Export proceeds realized in Indian Rupees | Obligations under the Foreign Trade Policy against exports to Iran are permitted to | (2015-20), at par with export proceeds realized avail exports benefits / incentives under | in freely convertible currency, subject to the Foreign Trade Policy (2015-20), at | compliance ofpara 2.18 of the FTP. fs ashe eo8 proceeds realized in (ii) Export proceeds realized in Indian Rupees HORE SOUINESEAG CORERCY. as per para 2.52(d)(ii) are permitted to avail exports _ benefits/fulfilment of — Export Obligations under the Foreign Trade Policy (2015-20).

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3.20 Status Holder

(b) All exporters of goods, services and | b) All exporters of goods, services and technology having an import-export | technology having an import-export code code (IEC) number shall be eligible for | (IEC) number shall be eligible for recognition recognition as a_ status holder. | as a status holder. Status recognition will depend on export | Status recognition will depend on export performance. An applicant shall be | performance. An applicant categorized as_ status holder on | shall be categorized as status holder on achieving export performance during | achieving export performance during the the current and previous three financial | current and previous three financial years (for years (for Gems & Jewellery Sector the | Gems & Jewellery Sector the performance performance during the current and | during the current and previous two financial previous two financial years shall be | years shall be considered for recognition as considered for recognition as status | status holder) as indicated in paragraph 3.21 of holder) as indicated in paragraph 3.21 of | Foreign Trade Policy. The export performance Foreign Trade Policy. The export | will be counted on the basis of FOB of export performance will be counted on the | earning in freely convertible foreign currencies basis of FOB of export earning in freely | or in Indian Rupees as per para 2.53 of the convertible foreign currencies. FIP.

e will be counted on the | earning in freely convertible foreign currencies basis of FOB of export earning in freely | or in Indian Rupees as per para 2.53 of the convertible foreign currencies. FIP. 4.| 4.21 Currency for Realisation of | 4.21 Currency for Realisation of Export Export Proceeds Proceeds (i) Export proceeds shall be realized in | (i) Export proceeds shall be realized in freely freely convertible currency except | convertible currency or in Indian Rupees as per otherwise specified. Provisions | para 2.53 of FTP, except otherwise specified. regarding realisation and non-realisation | Provisions regarding realisation and nonof export proceeds are given in | realisation of export proceeds are given in paragraph 2.52, 2.53 and 2.54 of FTP. paragraph 2.52, 2.53 and 2.54 of FTP.

Effect of this Notification: Amendments under FTP are notified, to permit exports benefits / fulfilment of Export Obligations for Invoicing, payment and settlement of exports and imports in INR, as per RBI’s A.P. (DIR Series) Circular No. 10 dated 11" July, 2022. This shall come into force with immediate effect.

This issues with the approval of Minister of Commerce & Industry.

Oey (Santosh Kumar Sarangi) Director General of Foreign Trade & Ex-officio Addl. Secretary to the Government of India E-mail: dgft@nic.in

[File No. 01/93/180/32/AM-19/PC.II(B)/E-17430]