ANNOUNCEMENT 10 Jun 2013In June 2013, the government of India announced a change in the settlement of trade invoices.
NUMBER OF INTERVENTIONS
Notification No. 17 (RE-2013) / 2009-2014
On 10 June 2013, the Government of India, vide Notification No. 17 (RE-2013) / 2009-2014, notified Iran as a country eligible to the benefits under Para 2.35(b) of India's Foreign Trade Policy 2009-14. Goods which have been imported into India and bought with freely convertible currency, may now be exported without restrictions to Iran, against payment in Indian rupees, subject to the condition of at least 15% value addition on export.
The general rule under the Indian Foreign Trade Policy 2009-2014 has been that, where goods are imported on the payment of freely convertible currency, their subsequent export is also to be paid for in freely convertible currency.