Day: December 29, 2022

Dec 29

Russia starts foreign trade settlements in rupee, more countries to join

The Reserve Bank of India (RBI) in July this year introduced guidelines to promote the settlement of international trade in rupee New Delhi: Russia has become the first country to begin settlement of foreign trade in rupee, giving up dollar and euro all together. Recently, a few transactions in the Indian currency involving Russian firms have taken place. The Reserve Bank of India (RBI) in July this year introduced guidelines to promote the settlement of international trade in rupee. Financial Read Full Details…

Dec 29

Simplified customs rules to become effective on Jan. 1: Govt

Starting on New Year’s Day, the government is to enact updated export measures that simplify and modernize customs procedures in order to maintain the positive trade performance it achieved and maintained throughout 2022. The measures are to take effect on Jan. 1, 2023 under Finance Minister Regulation (PMK) No. 155/PMK.04/2022 on customs procedures for the export sector, issued on Nov. 3 this year, which provides a clearer and firmer legal umbrella. The new regulation also improves on the customs procedures Read Full Details…

Dec 29

India-Australia pact kicks in; zero duty for 96.4% exported goods

The government has begun reaching out to exporters of apparel, chemicals, plastics, gems and jewellery, engineering goods and technical textiles to take advantage of the duty concessions offered by the India-Australia Economic Cooperation and Trade Agreement (ECTA), which comes into force Thursday. Australia is offering zero-duty access to India from day one for about 96.4% of the products exported, including many that currently attract 4-5% customs duty in Australia, textiles, and gems and jewellery. Source : The Economic Times News