Welcome you to the Thirty Third edition of DevMantra Times for the month of November 2023. The Government’s vision of promoting growth of global trade, emphasis on exports from India and to support
the increasing interest of global trading community in INR is further powered by additional arrangement
for invoicing, payment, and settlement of exports / imports in INR.
Export of services U/s 2(96) of IGST Act, 2017 can be considered to be fulfilled when the Indian
exporters, undertaking exports of services, are paid the export proceeds in INR from the balances
in the designated Special Vostro Account of the correspondent bank of the partner trading country in
terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, as mandated by
RBI’s A.P. (DIR Series) Circular No.10 dated 11th July, 2022 and reiterated further in Foreign Trade Policy, 2023. This is a promising welcome change and reinforces India’s powerful position in global trade.
Join us as we reflect on our past successes and look forward to a vibrant future filled with opportunities for growth and innovation. Don’t miss out—download the full newsletter here to access valuable insights and essential updates that will empower you in this dynamic regulatory landscape!
