DGFT amended Foreign Trade Policy rules to ease rupee invoicing and payments for exports

India amended provisions of the Foreign Trade Policy (FTP) 2023 to align export contract denomination and eligibility for FTP benefits on rupee export realisation with RBI’s Foreign Exchange Management (Manner of Receipt and Payment) Regulations 2023, DGFT said in a notification. For countries outside the Asian Clearing Union (ACU), export contracts and invoices may now be denominated in any foreign currency or Indian rupees, and eligible rupee receipts through approved banking channels can qualify for FTP benefits and count toward export obligations.