Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to USD 2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system. NEW DELHI: Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. SCOMET policy emphasises India's export control in line with its international commitments under various export control regimes (Wassenaar arrangement, Australia group and Missile Technology Control Regime) to control trade in sensitive/dual use items/technology. The Paraguayan Guarani is the 5th currency with the a low currency value than rupees. Foreigners are not generally allowed to take INR in or out of India, so currency exchange must occur within the country. 1 Indian Rupee is equal to 89 Paraguayan Guarani (PYG). This symbol has origins in the Indian flag, and incorporates the flag’s horizontal stripes. Policy for export of dual use items under Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) has been consolidated at one place for ease of understanding and compliance by industry. The rupee’s currency code is INR, and its symbol is. However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty. The FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders.Īll pending cases of the default in meeting export obligation (EO) of authorisations mentioned can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. In the coming days, the idea of exports will change in the country, Goyal said.įTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi. He stressed that any industry cannot succeed only on the basis of subsidy or crutches. READ HERE | India unveils Foreign Trade Policy, eyes USD 2 trillion exports by 2030Īddressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met.
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