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of <h1>Export Services in INR Recognized Under IGST Act with RBI Approval and Compliance: Circular Clarified.</h1> The circular clarifies that export of services can be recognized as such under the IGST Act, 2017, when payment is received in Indian Rupees (INR) through Special Rupee Vostro Accounts, as permitted by the Reserve Bank of India (RBI). This is in line with RBI's circular and the Foreign Trade Policy 2023, which allow invoicing, payment, and settlement of exports in INR. The arrangement requires prior approval from RBI and compliance with specified regulations. The circular aims to ensure uniform application of these provisions and requests dissemination of this information through trade notices.
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