CB clarifies

Wednesday, 17 March 2021 00:15 - - {{hitsCtrl.values.hits}}

With reference to Daily FT article “CB tweaks forex conversion requirements for exporters” published on 11 March, the Central Bank yesterday clarified that repatriation of export earnings is within six months of the date of shipment and conversion of 25% of such earnings will be within 14 days of receipt of such export proceeds. The 14 days have been given for the benefit of the exporter to get a favourable exchange rate within this period.

If the exporter receives the proceeds on 180th day from the date of shipment the exporter has to immediately convert the foreign exchange earnings into Rupees.