RBI announces more measures to deal with economic fallout of COVID-19

The Reserve Bank of India (RBI) on Wednesday (April 1) announced more measures, including extension of period for realisation and repatriation of export proceeds, to deal with the economic fallout of Covid-19 pandemic.

It also increased ways and means advances (WMA) limit by 30 per cent from existing limit for all states and union territories.

In a statement, the RBI said presently value of goods or software exports made by the exporters is required to be realised fully and repatriated to the country within a period of 9 months from the date of exports.

“In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from the date of export,” it said.