The Reserve Bank of India (RBI) has announced further measures to support the economy during the COVID-19 pandemic. Exporters will benefit from an extended period to realise and repatriate their proceeds, now set at 15 months for exports made up to July 31, 2020. Additionally, the RBI has increased the Way and Means Advances (WMA) limits for states and Union Territories by 30% until September 30, 2020, to help them manage finances amid the pandemic.
1. Extension of realisation period of export proceeds
Presently value of the goods or software exports made by the exporters is required to be realized 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 pande
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FAQ :
The deadline for realisation and repatriation of export proceeds for exports made up to July 31, 2020, has been extended to 15 months from the date of export.
This extension is a measure to deal with the disruption caused by the COVID-19 pandemic, providing exporters with more flexibility.
Yes, the WMA limits for all states and Union Territories have been increased by 30%.
The revised WMA limits are effective from April 1, 2020, and will be valid until September 30, 2020.
No, based on a review, it has been decided that it is not necessary to activate the CCyB for a period of one year or earlier if circumstances necessitate.