export in INR

[GANESH IYER]

Can export be made in INR... can some one provide the provisions if at all it is possible??

AI Summary

Export Contracts Can Be Invoiced in INR, But Proceeds Must Be in Convertible Currency per Foreign Exchange Management Act A participant inquired about the possibility of exporting goods in Indian Rupees (INR) under customs and export regulations. The response clarified that there is no restriction on invoicing export contracts in INR according to the Foreign Exchange Management Act 1999. The Foreign Trade Policy (2015-2020) allows export contracts and invoices to be in either freely convertible currency or INR. However, export proceeds must be realized in a freely convertible currency, unless specific conditions are met, such as using a freely convertible Vostro account of a non-resident bank outside the Asian Clearing Union, Nepal, or Bhutan.