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of <h1>New Foreign Trade Procedure Sets Value Addition Norms for Non-Convertible Currency Exports, Highlights Russia and Iran Exceptions</h1> The revised Foreign Trade Procedure 2015-2020 outlines value addition norms for exports where payments are not in freely convertible currency. Trade with former Rupee Payment Area countries now uses freely convertible currency, except for certain transactions with the Russian Federation and liquidation of rupee balances. For these exceptions, a minimum value addition of 33% or the percentage specified in the Handbook of Procedures applies. Relaxations include determining export contracts and invoices in non-convertible Indian Rupees and adjusting export obligations under the Duty Exemption Scheme. Exports to Iran in Indian Rupees require a minimum value addition of 15%.
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