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Bangladesh & India Start Trade In Indian Rupees

Textile Insights July 31, 2023

For the first time a Bangladeshi importer, Nita Company, imported 36 Tata Motors pickup vans worth Rs 1.23 crores by paying in Indian rupees at Benapole Land Port. The trade in Indian rupees was earlier inaugurated on July 11, by the Bangladesh Bank Governor Abdur Raof Talukder and Indian High

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22 Countries Open Bank Accounts To Trade In Indian Rupee

Textile Insights July 28, 2023

Banks of 22 countries have opened Rupee Vostro accounts in Indian banks in order to trade in the Indian currency as part of gradual plan to veer away from dollar payment. “This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange market,” […]

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Process Eased For Duty Free Import Of Export Purpose Inputs

Textile Insights July 19, 2023

Directorate General of Foreign Trade (DGFT) has implemented the Advance Authorisation Scheme under the Foreign Trade Policy, which allows duty-free import of inputs for export purposes. “The eligibility of inputs is determined by Sector-specific Norms Committees based on input-output norms,” a PIB press release stated. To make the norms fixation process more efficient,

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Indian Merchandise Exports Plunge 22% In June

Textile Insights July 17, 2023

Merchandise exports from India plunged 22 percent from a year ago month to $32.97 billion in June 2023, due to weakening global demand and inflationary trends in developed countries. Indian merchandise imports also fell 17.5 percent year on year to $53.10 billion in the previous month. Trade deficit however narrowed in the earlier month to […]