India ready for rupee trade with countries facing currency crises: trade ministers

Trade Minister Sunil Barthwal said on Friday India stands ready to trade indan rupees with countries facing currency failure or dollar shortages. Following the unveiling of Foreign Trade Policy (FTP) 2023, which aims to boost India’s exports to $2 trillion by 2030, the minister also said the government was focusing on strengthening the rupee payment system.

Changes have been made in FTP to allow international trade settlements in Indian Rupee to make INR a global currency. Trade and Industry Minister Piyush Goyal expressed confidence that the export target of $2 trillion by 2030 will be met.

He stressed that no industry can thrive solely on the basis of subsidies or crutches. In the coming days, the idea of ​​​​exports in the country will change, Goyal said. FTP 2023 was announced to provide policy continuity and a responsive framework, said Santosh Sarangi, Director General of Foreign Trade (DGFT).

The FTP has also implemented a one-time payment amnesty program for export commitment arrears by Advance License and EPCG license holders. All pending cases of non-compliance with the Export Obligation (EO) of the named permits may be settled by the permit holder against payment of all exempted duties in proportion to unfulfilled EO and interest equal to 100 percent of such exempted duties.

However, the portion of the additional customs fee and the special additional customs fee is not subject to interest. The Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) dual-use export policy has been consolidated in one place to facilitate industry understanding and compliance.

The SCOMET Policy emphasizes India’s export controls in line with its international obligations under various export control regimes (Wassenaar Arrangement, Australia Group and Missile Technology Control Regime) to control trade in sensitive dual-use items/technology.

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