India ready for rupee trade with countries facing currency crisis: Commerce Secretary

Commerce Secretary Sunil Barthwal on Friday (March 31) said India is ready to trade in Indian Rupee with countries that are facing currency failure or have dollar shortage.

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 was focusing on strengthening the rupee payment system.

Changes have been made in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency.

Goyal confident of meeting $2 trillion export target by 2030

Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met. He stressed that any industry could not succeed only on the basis of subsidy or crutches.

“In the coming days, the idea of exports will change in the country,” Goyal said.

Also read: RBI, finance ministry ask banks, trade bodies to push cross-border rupee trade

“FTP 2023 has been announced to provide policy continuity and a responsive framework,” said Director General of Foreign Trade (DGFT) Santosh Sarangi.

Amnesty scheme for exporters

The FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders.

All 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.

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However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty.

Policy for export of dual-use items consolidated

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.

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.

(With inputs from agencies)