India Ready For Rupee Trade With Nations Facing Currency Crisis: Commerce Secretary
The Commerce Secretary also said the government is focusing on strengthening the rupee payment system.
Commerce Secretary Sunil Barthwal, on Friday, said India is ready to trade in Indian rupee with countries facing currency failure or have dollar shortage.
Speaking after unveiling the Foreign Trade Policy 2023, which seeks to increase India's exports to $2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system.
Changes have been made in the policy to allow international trade settlement in Indian Rupee with a view to making the local currency a global currency.
Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of $2 trillion by 2030 will be met. He stressed that any industry cannot succeed only on the basis of subsidy or crutches.
The idea of exports will change in the country in the coming days, Goyal said.
Foreign Trade Policy 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade Santosh Sarangi.
The policy 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 of authorisations mentioned can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled export obligation and interest at the rate of 100% of such duties exempted.
However, no interest is payable on the portion of Additional Customs Duty and Special Additional Customs Duty.
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.
