In the past, a maximum period of 9 months was permitted for the proceeds from exports, but yesterday this was extended to 15 months from the export date. This is intended to enable exporters to realise their income, especially from countries affected by COVID-19, over an extended period. In addition, it offers exporters more flexibility in negotiating export contracts with buyers abroad during the acute crisis.
Export incentives extended
All export promotion measures of the “Foreign Trade Policy 2015-20” (e.g. Merchandise Exports India Scheme), which would have expired on March 31, 2020, have now been extended by 1 year until March 31, 2021.