Rupee Exports in UCO Bank Escrow Account to Iran to Get Export Incentives

[DGFT Notification No. 105 dated 5^th March 2012]

Subject: Grant of export benefits / incentives to export proceeds realized even in Indian rupees – Exports to Iran.

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment in the Para 2.40 of Foreign Trade Policy, 2009-2014:

2. The following Sub-Para is added to Para 2.40 of Foreign Trade Policy, 2009-2014:

Para 2.40 A: Export proceeds against specific exports to Iran realized in Indian rupees are permitted to avail exports benefits/ incentives under the Foreign Trade Policy, 2009-14, at par with export proceeds realized in freely convertible currency.

3. Effect of this notification

In respect of exports to Iran, export proceeds realized even in Indian rupees will be eligible to avail export benefits and incentives.