RBI issued the notification regarding Exports through warehouses in ‘Bharat Mart’ in UAE – relaxation
The following is been stated
To facilitate export through warehouses in ‘Bharat Mart’, a multimodal logistics network based marketplace in United Arab Emirates (UAE) that will provide Indian traders, exporters, and manufacturers access to the markets in UAE as well as worldwide, it has been decided to provide the following relaxations:
a) AD banks may allow exporters to realise and repatriate full export value of goods exported to ‘Bharat Mart’ within nine months from the date of sale of the goods from the warehouse.
b) AD banks may allow the following without any pre-conditions, after verifying the reasonableness of the same:
Opening/hiring of a warehouse in ‘Bharat Mart’ by an Indian exporter with a valid Importer Exporter Code.
Remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.
These shall come into force with immediate effect
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12840&Mode=0
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