RBI takes steps to help exporters hit by US tariffs
The Reserve Bank of India just announced fresh steps to help Indian exporters struggling with steep US tariffs.
Key changes include giving exporters more time—three months instead of one—to bring foreign currency earnings back to India, specifically for foreign currency accounts maintained in IFSC in India, and extending the period for forex outlay for merchandise trade transactions from four months to six.
It's all about making life a bit easier for businesses facing tough times abroad.
What's more?
Alongside these changes, the RBI is making it simpler for small exporters and importers by easing paperwork in export/import data systems.
Now, banks can settle bills under ₹10 lakh based on exporter declarations alone, cutting down on red tape.
The RBI is also proposing updates to FEMA rules to make it easier for non-residents to set up shop in India—good news if you're dreaming of doing business across borders!