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of <h1>Counter-trade via Escrow Accounts: Guidelines on imports/exports, compliance with Foreign Trade Policy & FEMA. No interest on balances.</h1> Counter-trade arrangements through an Escrow Account allow Indian and overseas parties to adjust the value of imported goods against exported goods, as per voluntary agreements. These transactions must adhere to international pricing and comply with the Foreign Trade Policy and FEMA regulations. Interest is not payable on Escrow Account balances, but surplus funds can be held in short-term deposits for up to three months annually. No credit facilities are permitted against these balances. Applications to open an Escrow Account must be submitted through the relevant bank to the Reserve Bank. Specific provisions apply to trade with Romania, requiring funds to be used for imports within six months.
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