RBI extends repatriation of proceeds for exporters for 1 yr
Press Trust of India / Mumbai Jun 30, 2009, 21:31 IST
Giving relief to exporters, the Reserve Bank of India (RBI) today extended the relaxation granted to exporters for repatriation of proceeds towards shipments of goods and services till June 2010.
Earlier in June 2008, the RBI has allowed the exporters to bring in the proceeds within one year against six months.
This relaxation was granted for one year which has now been extended up to June next year.
"...It has been decided in consultation with the government of India to extend the...Relaxation for a further period of one year i.e. up to June 30, 2010, subject to review," the RBI said in a statement.
The decision is aimed at helping the exporters who are reeling under the impact of global slump in demand.
The country's exports have been in the negative zone since October 2008. India's exports in 2008-09 grew by a meagre 3.4 per cent to $168.7 billion.
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