TaxTMI 
TaxTMI 
Amendment in Para 2.52 and 2.53 of the Foreign Trade Policy (FTP) 2023
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....t: Amendment in Para 2.52 and 2.53 of the Foreign Trade Policy (FTP) 2023 - Reg. S.O.(E): In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby makes the following amendments relating to Para 2.52 and 2.53 of ....
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....to their non-resident bank (after deducting bank service charges) will count as export realization under FTP export promotion schemes. (c) Contracts settled through the ACU must be denominated in ACU Dollars, although transactions may be settled in ACU Dollar or ACU Euro per RBI notifications. The Central Government may relax these provisions when appropriate. Export contracts and invoice....
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....er countries of the Asian Clearing Union (ACU), shall be denominated either in foreign currency or Indian Rupees. Export proceeds shall be realized either in any foreign currency or in Indian Rupees. (b) Export contracts involving member countries of the ACU, other than Nepal and Bhutan, shall be denominated in a currency determined by the ACU. However, such transactions may also be denom....
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....para 2.19 of the FTP. ii. Export proceeds realized in Indian Rupees as per para 2.52(d)(ii) are permitted to avail exports benefits / incentives / fulfilment of Export Obligations under the FTP. Exports to any country, other than Nepal and Bhutan, for which export proceeds are realized in Indian Rupees through banking channels by credit to Indian Rupee accounts of persons residen....