DGFT removes restrictions on the export of 24 Pharma ingredients and medicines
The Directorate General of Foreign Trade in its notification dated 6th April 2020 has removed the restriction on export of Active Pharmaceutical Ingredients and formulations including antibiotics, vitamins, and hormones as well as their formulations placed by earlier notification dated 3rd March 2020.
RBI announces further measures for dealing with the COVID-19 pandemic
Reserve bank of India vide press release dated April 1, 2020, has issued further measures to help the state governments as well as exporters to combat the Covid 19 pandemic outbreak.
DGFT Prohibits the export of personal protective equipment.
The Directorate General of Foreign Trade in its Notification dated 31st January, 2020, has banned the export of all varieties of personal protection effective from date of publication of the order.
RBI raises investment limit for foreign portfolio investor’s investment in debt.
The Reserve Bank of India vide notification dated 23rd January 2020 has raised the investment limit for FPIs investment through the Voluntary Retention Route. Only those FPI registered with SEBI are eligible to participate in this Voluntary Retention Route. Further the FPIs are also allowed to invest in exchange-traded funds that invest only in debt instruments.
RBI permits Authorized Dealers Category – I banks to voluntarily undertake user and Inter-Bank transactions beyond onshore market hours.
The Reserve Bank of India(RBI) has vide Notification dated January 6, 2020, has issued amendment to Master Direction on Risk Management and Inter Bank Dealings. The amendment seeks to Permit Authorized Dealers Category – I banks to voluntarily undertake user and Inter-Bank transactions beyond onshore market hours.
RBI allows Financial Institutions to Conduct Business in Indian National Rupee in IFSC.
The Reserve bank of India vide Foreign Exchange Management (International Financial Services Centre) (Amendment)
Regulations, 2020 permits the financial institutions or a branch of a financial institution to, with express permission of RBI, conduct such business in Indian Rupee with such persons whether resident or otherwise as it may determine.
Special Economic Zones (4th Amendment) Rules exempts AIFs and MFs from Positive Net Foreign Exchange requirement.
Ministry of Commerce and Industry has issued the Special Economic Zones (4th Amendment) Rules, 2019 on 31st December, 2019. The amendment has provided exemption to Mutual Funds(MF) and Alternative Investment Funds (AIF) from complying with the requirement ti achieve Positive Net Foreign Exchange to be calculated cumulatively for a period of five years from the commencement of production.
DGFT mandates that Issuance of Preferential Certificate of Origin for India’s Exports to Nepal shall be through online portal.
Directorate General of Foreign Trade (DGFT) has mandated that for exports to Nepal from India under South Asian Free Trade Area (SAFTA) and SAARC Preferential Trading Arrangement (SAPTA), the Preferential Certificate of Origin shall be applied and issued only from this platform with effect from 18th December 2019.
Ministry of Finance amends norms on transfer of equity instrument of an Indian company by an FPI
The norms on Transfer of equity instruments of an Indian company by FPI has been amended under Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2019.
RBI issues Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019
The Reserve Bank of India has issued The Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 vide Notification dated 13 November 2019. The RBI has relaxed the procedural constraints for operating an Special Non Resident Rupee Account (SNRR Account).
