Banking process on India's Boarder trade with Mynamar and Counter trade arrangements with Romania
According to Reserve Bank of India update as on 08th January 2021, the directions on RBI directions on India's counter trade arrangements with Romania and Boarder trade with Myanmar is given below:
A.9 Border trade with Myanmar
In supersession of instructions contained in A.P. (DIR Series) Circular No. 17 dated October 16, 2000, barter system of trade at the Indo-Myanmar border has been discontinued and replaced with normal trade with effect from December 1, 2015. Accordingly, all trade transactions with Myanmar, including those at the Indo-Myanmar border with effect from December 1, 2015 shall be settled in any permitted currency in addition to the Asian Clearing Union mechanism.
A.10 Counter –Trade arrangements with Romania
The Reserve Bank will consider counter trade proposals from Indian exporters with Romania involving adjustment of value of exports from India against value of imports made into India in terms of a voluntarily entered arrangement between the concerned parties, subject to the condition, among others that the Indian exporter should utilize the funds for import of goods from Romania into India within six months from the date of credit to Escrow Accounts allowed to be opened.
Bank directions to be read by each Exporter in India
Banking regulations on Exports and Imports in India
Exporting to India? Click here to read Bank process in India
EDF filing on Short Shipments and Shut out Shipments SOFTEX Forms, Banking rules in India Banking rules on Mid-sea trans-shipment of catch by deep sea fishing vessels Bank EDF process on Export of goods through Post Banking EDF rules on Export of goods, export of software done through EDI ports Export of goods through Customs ports, EDF procedures in India Export of Currency, Banking rules in India Bank rules on Export on elongated credit terms, Export of goods on lease, hire, etc.
How to export goods from India?
How to get Export Order?
Why demurrage/detention waiver period is required at destination for import
Why do carriers balance weight and volume while charging freight amount in Exports?
Why does Palletization require?
Why labeling and marking in Export business?
The term FCL. What is FCL means
The term LCL. What does LCL mean?
Tips to exporters on Documentation
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
How does STP units work in India?
How does TT (Telegraphic Transfer) work?