In order to encourage exports, the government eased shipment norms on Friday and permitted the export of imported goods with 15 per cent value addition to countries where the transactions are realised in Indian currency.
The Directorate General of Foreign Trade (DGFT) will communicate the names of the countries where the proceeds are realised in Indian rupee.
“An enabling provision has been made to allow export of goods imported against payment in freely convertible currency where export proceeds will be realised in rupees,” the DGFT said.
In 2012-13, exports plunged to a three-year low of $300.6 billion increasing the trade gap to $191 billion.
Meanwhile, RBI has extended the restriction on advance against gold on co-operative banks as well, a move aimed at curbing demand for gold.
In a notification, the RBI said while granting advance against the security of specially minted gold coins sold by banks, state/central co-operative banks “should ensure that the weight of the coin(s) does not exceed 50 grams per customer’.
Also the amount of loan to any customer against gold ornaments, gold jewellery and gold coins (weighing up to 50 grams) should be within the Board approved limit, it added.