Brc in inr

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GIRISH RAVAL (Querist)
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01 April 2013 Dear Sir,

I am going to some export, and i will get a money in INR. If BRc will availabe in INR ? Banker will Do ? Invoice will prpepare in INR

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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01 April 2013 yes admissible by RBI

As per para 2.40 of the Foreign Trade Policy,

All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realised in freely convertible currency.

However export proceeds against specific exports may also be realized in rupees provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of ACU or Nepal or Bhutan.
Additionally, rupee payment through Vostro account must be against payment in free foreign currency by buyer in his non-resident bank account. Free foreign exchange remitted by buyer to his non-resident bank (after deducting the bank service charges) on account of this transaction would be taken as export realization under export promotion schemes of FTP.

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