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          <h1>New Norms for Exports: 33% Value Addition Required for Non-Convertible Currency Transactions; Special Rules for Iran and Russia.</h1> The value addition norms for exports where payments are not made in freely convertible currency. Trade with former Rupee Payment Area (RPA) countries now requires freely convertible currency, except for specific transactions with the Russian Federation and liquidation of rupee balances. For these exports, a minimum value addition of 33% or as specified in the Handbook of Procedures is mandated. Exports to Iran in Indian Rupees require a minimum of 15% value addition. Certain relaxations apply, allowing export contracts and obligations to be expressed in non-convertible Indian Rupees.

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