RBI's decision for exporters to provide much relief, ease to them: Goyal

The Reserve Bank of India's (RBI) decision to extend the time period for realisation and repatriation of the export proceeds will provide much relief and ease to the exporters, Commerce and Industry Minister Piyush Goyal said on Wednesday.

The RBI on Wednesday provided more time to exporters to collect payment of goods and software sold to overseas buyers and repatriate that to India as the central bank announced more measures to deal with the economic fallout of the coronavirus pandemic.

"Welcome @RBI decision to extend the time period for realisation and repatriation of export proceeds for exports made till July 31, 2020, to 15 months from the date of export. Amidst the COVID-19 lockdown, this move will provide much relief & ease to the exporters," the minister said in a tweet.

The government on Tuesday extended the existing Foreign Trade Policy 2015-20, including fiscal incentives for exports for one year till March 2021, amid the coronavirus outbreak and the lockdown to contain the virus spread.

Exports during April-February this fiscal dipped by 1.5 per cent to USD 292.91 billion. Imports during the period declined by 7.30 per cent to USD 436 billion, leaving a trade deficit of USD 143.12 billion.