1. Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India.
2. Policies and procedures required to be followed for exports from India are announced by the [DGFT](https://www.dgft.gov.in/CP/), from time to time.
## RBI and Banks - Export Credit Refinance
==Export Credit Refinance Facility *(discontinued after [February 6, 2015](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=9539))*== ^1d19fe
1. RBI introduced in [[RBI_Annual Report_1963.pdf#page=24&selection=41,1,56,41|1963 March]] the Export Bills Credit Scheme.
2. On [[RBI_Annual Report_1968.pdf#page=19&selection=345,33,347,8|August 9, 1967]], RBI announced the Export Financing Scheme for scheduled commercial banks to refinance export credit. The framework moved beyond export bills to overall export credit as exports became a priority sector for lending. The scheme was intended to make short-term working capital finance available to exporters at internationally comparable interest rates.
3. June 15, 1968 - Export Credit (Interest Subsidy) Scheme, 1968 was introduced
4. January 27, 1969 - Pre-shipment Credit Scheme was introduced
5. It was linked to Bank rate effective June 25, 1997
6. RBI provided export credit *refinance* facility under [Standing Liquidity Facility (SLF)](Money%20Market%20Operations%20(MMO).md#D.%20Standing%20Liquidity%20Facility%20(SLF)) to banks under Section 17(3A) of the Reserve Bank of India Act 1934. This facility was given on the basis of scheduled banks' (excluding RRBs) eligible outstanding *rupee export* credit both at the pre-shipment and post-shipment stages. The quantum of refinance was fixed from time to time based on the stance of monetary policy of the RBI.
7. On fortnightly basis, banks provided information about export credit provided to exporters to RBI and can refinance the outstanding credit amount up to some limit at the prevailing repo rate. The tenor of the refinancing was up to 180 days.
8. 2001 - the quantum of ECR limit was fixed at 15.0 per cent of the outstanding rupee export credit eligible for refinance as at the end of the second preceding fortnight.
9. November 7, 2008 - The quantum of export credit refinance available to banks from the RBI was also increased to improve credit delivery, by an increase in the eligible limit of the ECR facility for scheduled banks (excluding RRBs) from 15 per cent (fixed in 2001) to 50 per cent of the outstanding export credit eligible for refinance.
1. The reliance on ECR facility by banks was generally low (at least till 2010), barring a few occasions. However, the recourse to ECR facility in terms of daily average utilisation by banks during July-September 2008 was higher in the range of 26.0-56.0% of the limit, coincident with the tightening of overall liquidity conditions. [^2]
10. April 21, 2009 - The increased limit for ECR under SLF was extended up to March 31, 2010
11. [Aug 22, 2014](RBI_Press%20Release_20140822_RBI%20announces%20revised%20Liquidity%20Management%20Framework.pdf) - RBI announced the revised liquidity management framework (2014)
1. Export credit refinance (at the fixed repo rate) of 32 per cent of bank-wise outstanding eligible export credit bills (about 0.4 per cent of NDTL) was kept unchanged.
12. Timings - Just before discontinuation of this refinance in 2015, it was available at fixed repo rate between 10 AM and 5 PM from Monday to Friday and between 10 AM and 1 PM on Saturday.
13. Discontinuation:
1. Based on the recommendations by the Dr. Urjit R. Patel Committee's [[RBI_Group-Committee_2014_The Expert Committee to Revise and Strengthen the Monetary Policy Framework-2014_Chairman-Urijit R. Patel.pdf|Report of the Expert Committee to Revise and Strengthen the Monetary Policy Framework]], submitted in January 2014, which advocated for a shift from sector-specific refinance facilities towards a more generalized provision of systemic liquidity, RBI announced in the [Sixth Bi-Monthly Monetary Policy Statement, 2014-15](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=33144) the [discontinuation](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=9539) of the facility with effect from the fortnight beginning on February 7, 2015.
2. Accordingly, no new refinancing under the ECR has been made available after February 6, 2015 and the refinancing availed up to February 6, 2015 continued till its maturity.
3. With this, ECR facility is now subsumed into system-level liquidity (LAF).
14. But banks still provide export credit both in rupee as well as in foreign currency [^1].
## Banks and Exporters - Export Credit Scheme
1. Here we will discuss about export credit (rupee and foreign currency) availed by the exporters from the banks.
2. There are schemes for pre- and post-shipment credit (both in INR and FCY) for exporters to provide short-term working capital finance
1. ‘Post-shipment Credit’ means any loan or advance granted or any other credit provided by the bank to an exporter of goods / services from India from the date of extending credit after shipment of goods / rendering of services to the date of realisation of export proceeds, and includes any loan or advance granted to an exporter, in consideration of, or on the security of any duty drawback allowed by the Government from time to time.
2. ‘Pre-shipment’ / ‘Packing Credit’ means any loan or advance granted or any other credit provided by the bank to an exporter for financing the purchase, processing, manufacturing or packing of goods prior to shipment / working capital expenses towards rendering of services on the basis of letter of credit opened in his favour or in favour of some other person, by an overseas buyer or a confirmed and irrevocable order for the export of goods / services from India or any other evidence of an order for export from India having been placed on the exporter or some other person, unless lodgement of export orders or letter of credit with the bank has been waived.
3. On the other hand, importers can avail trade finance in form of [trade credits](Trade%20Credits.md), and non-fund credit facilities in form of bank guarantees.
3. Interest Rates on export credit by Banks
1. ==[[RBI_Annual Report_1997.pdf#page=184&selection=0,0,2,11|Interest rates on export credit between April 18, 1995 to June 26, 1997]].==
2. Up to June 30, 2010, RBI fixed only the ceiling rate of interest for export credit while banks were free to decide the rates of interest within the ceiling rates keeping in view the BPLR and spread guidelines and taking into account track record of the borrowers and the risk perception.
3. Under the Base Rate System applicable w.e.f. July 1, 2010 interest rates applicable for all tenors of rupee export credit advances *are at or above Base Rate.* So RBI no longer fixed the ceiling rate on rupee export credit, and Banks were free to set the rates.
4. [November 15, 2011](https://rbi.org.in/scripts/NotificationUser.aspx?Id=6811) - the ceiling rate on export credit in foreign currency by banks to LIBOR plus 350 basis points from the present ceiling rate of LIBOR plus 200 basis points with immediate** effect, till March 31, 2012.
5. [May 4, 2012](RBI_Press%20Release_20120504_Deregulation%20of%20Interest%20Rates%20on%20Export%20Credit%20in%20Foreign%20Currency.pdf) - Export credit in foreign currency was de-regulated with effect from May 5, 2012
6. [August 6, 2021](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12139) - For export credit in foreign currency, banks are free to choose any any other widely accepted Reference Rate (Benchmark Rate)
7. Related Master Directions:
1. [Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13156) and
2. [Reserve Bank of India (Commercial Banks – Interest Rates on Advances) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13149)
3. [Master Circular- Rupee / Foreign Currency Export Credit and Customer Service To Exporters](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9852&Mode=0), 2015 *(Withdrawn)*
## Interest Equalization Scheme (IES) - *discontinued*
1. It was announced by the Government of India on Pre and Post Shipment Rupee Export Credit to eligible exporters.
2. It became effective from April 1, 2015.
3. Every exporter eligible under the scheme can opt to avail upfront benefit of interest subvention from the bank
4. Thereafter, amount given as subvention in the interest rate to the exporters is reimbursed to the RBI by Department of Commerce for its onward release to the concerned Scheduled Commercial Banks and Urban Cooperative Banks.
5. RBI issued the operational procedure for banks (scheduled commercial banks and Urban cooperative banks) to claim reimbursements from RBI.
6. It was last [extended](file:///Users/apple/Downloads/Trade%20Notice%20no.%2018.pdf) on September 30, 2024 for 3 months, and so it was discontinued on December 31, 2024
## Trade Settlement in INR
1. FEM [Export of Goods and Services) Regulations, 2015](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10395)
2. [FEM (Manner of Receipt and Payment) Regulations, 2023](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12579&Mode=0), dated December 21, 2023
3. [Master Direction – Import of Goods and Services](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10201)
4. [Master Direction – Export of Goods and Services](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10395)
1. sub-section (vii)-International Trade Settlement in Indian Rupees (INR), section A.3 - Manner of receipt and payment in the [Master Direction](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10395) – Export of Goods and Services, inserted vide [circular](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12358&Mode=0) - International Trade Settlement in Indian Rupees (INR)
5. FAQs - [International Trade Settlement in Indian Rupees (INR)](https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=3373)
6. A short note on [[Deposits and Accounts]]
## Trade Relief Measures
1. November 14, 2025 - RBI took [measures](https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=61626) with a view to mitigate the impact of trade disruptions on exports arising on account of global headwinds.
1. The period for realisation of both pre-shipment and post-shipment export credit was enhanced to 450 days, for disbursals made till March 31, 2026.
2. [Mar 31, 2026](RBI_Press%20Release-20260331_Trade%20Relief%20Measures%20for%20Exporters.pdf) - The export credit period of 450 days for all disbursals till March 31, 2026 was extended to June 30, 2026.
3. Related - [Reserve Bank of India (Trade Relief Measures) Directions, 2025](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12921) dated November 14, 2025
## Export Promotion by Government of India
1. Export Promotion Schemes ^3a66ee
1. Schemes Implemented by [DGFT](https://www.dgft.gov.in/CP/), Ministry of Commerce and Industry, [Department of Commerce](https://www.commerce.gov.in/international-trade/trade-promotion-programmes-and-schemes/trade-promotion-programme-focus-cis/), Government of India.
1. Credit Guarantee Scheme for Exporters (CGSE)
2. Advance Authorisation (AA)
3. Duty Free Import Authorisation (DFIA)
4. Export Promotion Capital Goods (EPGC)
5. Deemed Exports
6. Status Holder Certificate
7. Market Access Initiative (MAI) Scheme
8. Interest Equalization Scheme (IES) - *discontinued on December 31, 2024*
9. Merchandise Exports from India Scheme [(MEIS)](https://www.dgft.gov.in/CP/?opt=meis) replaced by the RoDTEP
10. Software Technology Park Scheme (SEIS) - *discontinued*
2. Schemes Implemented by Department of Revenue
1. Duty Drawback
2. Refund of Duties and Taxes on Exported Products (RoDTEP)
3. Export of Apparel/Garments and made-ups (RosCTL)
3. Schemes Implemented by Other Agencies
1. National Credit Guarantee Trustee Company Limited [(NCGTC)](https://www.ncgtc.in/) - Credit Guarantee Scheme (CGSE) for Exporters is implemented by Department of Financial Services (DFS), Govt. of India, through NCGTC, a wholly owned company of DFS.
2. Export Development & Promotion of Spices
3. Export Promotion- Providing Transit/Freight Assistance for Coffee Exports
4. The Financial Assistance Scheme (FAS)
2. List of all [Export Promotion Councils](https://www.commerce.gov.in/useful-links/export-promotion-councils/) under the Department of Commerce
3. Thus export promotion in India is undertaken by:
1. EXIM Bank
1. It was established on January 1, 1982
2. Export Import Bank of India was established with the objective of providing comprehensive package of financial and allied services to exporters and importers, like credit, guarantees, overseas investment finance, advisory, etc.
2. Export Credit Guarantee Corporation of India [(ECGC)](https://www.ecgc.in/)
1. It covers the risk (export credit risk/buyer’s default risk) of non-payment or short-payment by foreign buyers, and also provides export credit insurance to banks on export credit extended to exporters ^d9f182
3. Ministry of Commerce / DGFT
4. RBI makes procedures, if required, for banks to implement these schemes. It does not formulate export incentive schemes.
## Committees/Technical/Internal Groups/Working Groups
1. Few committees were setup to review and strengthen India's trade policy changes
2. By Ministry of Commerce, Government of India
1. [[GoI_Group-Committee_1963_Report of Study Group on Export Finance.pdf|Study Group on Export Finance (Mathrani Committee Report 1963)]]
2. [[GoI_Group-Committee_1967_Report of the Working Group on Export Credit and Finance.pdf|Working Group on Export Credit and Finance, 1967 (Joshi Committee Report - 1967)]]
3. [[RBI_Report_197801_Committee on Import Export Policies and Procedures_Commerce Secretary P. C. Alexander.pdf|Committee]] on Import Export Policies and Procedures (Chairman: P.C. Alexander, 1978)
4. [[RBI_Report_198412_Committee on Trade Policies (1984)_Abid Hussain.pdf|Committee]] on Trade Policies (Chairman - Abid Hussain, 1984)
5. High Level Committee on Balance of Payments in 1993 (Chairman: Dr. C.Rangarajan)
6. [[GoI_199208_Tax Reforms Committee, August 1992.pdf|Tax Reforms Committee, August 1992]] (Chairman - Professor Raja Cheliah)
7. [High-Level Advisory Group (HLAG)](https://www.commerce.gov.in/wp-content/uploads/2020/02/NTESCL637084602888237192_HLAG-Report-.pdf), September 12, 2019
3. By RBI
1. [[RBI_Group-Committee_198312_Report of the Expert Committee on Exports and Imports 1983.pdf|Expert Committee on Exports and Imports (1983)]], chaired by M.S. Patwardhan, had submitted its report on 22nd December 1983
2. [[RBI_Group-Committee_19861217_Report of the Committee to Study the Structure of Interest Rates for Export Credit in India 1986.pdf|Committee]] to Study the Structure of Interest Rates for Export Credit in India 1986 (Chair person - Dr. (Miss) S.K. Verghese)
3. [[RBI_Group-Committee_19930125_Report of the Committee on Structure of Export Credit 1993.pdf|Committee]] on Structure of Export Credit 1993, June 1993 (Chairman - Dr. G. Sundaram)
4. [[RBI_Group-Committee_20050613_Report of the Working Group to Review Export Credit.pdf|Working Group]] to review a range of issues relating to export credit, June 13, 2005 - [Major recommendations](https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=13198)
5. [Technical Group on Statistics for International Trade in Banking Services, 2007](https://rbi.org.in/scripts/PublicationReportDetails.aspx?fromdate=06/08/07&SecId=22&SubSecId=0) (Chairman - Shri K. S. R. Rao)
6. [Technical Committee]((https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=700)on Services/Facilities to Exporters, May 6, 2013 (Chairman - Shri G. Padmanabhan, Executive Director, RBI)
4. Reports by NIPFP - *to be searched in [Publications](https://www.nipfp.org.in/projects/?page=34&is_completed=True#:~:text=The%20study%20examines%20the%20major,rates%2C%20among%20various%20commodity%20groups.)*
## Act/Rules/Regulations/Master Directions
All Authorised Dealers (AD) are to be [guided](https://rbi.org.in/scripts/Bs_viewcontent.aspx?Id=4629) by the rules (above), and following regulations issued under Foreign Exchange Management Act, 1999 (FEMA) while handling transactions related to **export and import of goods and services**, including merchanting trade transactions.
1. Rules - Import of Good and Services and Export of Goods and Services from India are governed by Section 7 and Section 5 of the FEM Act 1999 (42 of 1999), respectively, read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. FEM (Current Account Transactions) Rules, 2000 and following regulations
2. ==Regulations - Draft - [FEM (Export and Import of Goods and Services) Regulations, 2026](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=13277) *(effective from October 1, 2026)* | [Press Release](RBI_Press%20Release_20260116_Foreign%20Exchange%20Management%20(Export%20and%20Import%20of%20Goods%20and%20Services)%20Regulations,%202026%20and%20Directions%20on%20Export%20and%20Import%20of%20Goods%20and%20Service.pdf)==
1. Draft - [FEM (Export and Import of Goods and Services) Regulations, 2025](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=4628) (April 2025) | [Press Release](RBI_Press%20Release_20250404_Draft%20-%20Foreign%20Exchange%20Management%20(Export%20and%20Import%20of%20Goods%20and%20Services)%20Regulations,%202025.pdf)
2. Draft - [FEM (Export and Import of Goods and Services) Regulations, 2024](https://rbi.org.in/scripts/Bs_viewcontent.aspx?Id=4449) (July 2024) | [Press Release](RBI_Press%20Release_20240702_Date%20-%20Jul%2002,%202024%20Regulation%20of%20Foreign%20Trade%20under%20Foreign%20Exchange%20Management%20Act%20(FEMA),%201999%20–%20DRAFT%20REGULATIONS%20AND%20DIRECTIONS.pdf)
3. [FEM (Export of Goods and Services) Regulations, 2015](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10395) announced on January 12, 2016, and also known as 'Export Regulations'.
4. [FEM (Export of goods and services) Regulations, 2000](https://www.rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=177), dated May 3, 2000, as amended from time to time.
3. Directions - Instructions issued on export and import of goods and services from India have been compiled in the relevant directions
1. ==[Direction - Export and Import of Goods and Services](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13278) (Jan 16, 2026) *(effective from October 1, 2026)* | [Press Release](RBI_Press%20Release_20250404_Draft%20-%20Foreign%20Exchange%20Management%20(Export%20and%20Import%20of%20Goods%20and%20Services)%20Regulations,%202025.pdf)==
1. Draft - [Direction - Export and Import of Goods and Services](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=4629) (April 4, 2025) *(withdrawn)*
2. Draft - [Direction - Export and Import of Goods and Services](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=4448) (July 2024) *(withdrawn)*
2. [Master Direction – Export of Goods and Services](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10395) *(Jan 1, 2016, to be withdrawn from Oct 1, 2026)*
3. [Master Direction – Import of Goods and Services](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=10201) *(Jan 1, 2016, to be withdrawn from Oct 1, 2026)*
4. [FEM (Manner of Receipt and Payment) Regulations, 2023](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12579&Mode=0) (December 21, 2023)
1. [FEM (Manner of Receipt and Payment) Regulations, 2016](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10392&Mode=0), amended up to March 4, 2020. *(WITHDRAWN)*
5. [FEM (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10258&Mode=0), December 29, 2015 as amended from time to time
6. [FEM (Deposit) Regulations, 2016](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10325&Mode=0) with effect from April 1, 2016 superseded and replaced the FEM (Deposit) Regulations, 2000 as amended from time to time.
1. Maintenance of deposits/ accounts between a person resident in India and a person resident outside India is regulated in terms of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Deposit) Regulations, 2016
7. [FEM (Foreign Currency Accounts by a person Resident in India) Regulations](https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12916&Mode=0), 2015 [^1] ([Jan 1, 2016](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10261)) (*effective from Jan 21, 2016*)
1. FEM (Foreign Currency Accounts by a person Resident in India) Regulations, 2000
2. [FAQ](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=357) - Foreign Currency Accounts by Resident Individuals
8. [FEM (Borrowing and Lending) Regulations, 2018](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11441&Mode=0) effective from December 17, 2018
1. [Master Direction](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10191) – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin
9. Guarantee related provisions are covered:
1. [FEM (Guarantees) Regulations, 2026](https://rbi.org.in/scripts/NotificationUser.aspx?Id=13269) ([January 12, 2026](RBI_Notification_20260112_Foreign%20Exchange%20Management%20(Guarantees)%20Regulations,%202026.pdf))
1. [FEM (Guarantees) Regulations, 2000](https://rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=162), dated May 3, 2000 *(withdrawn)*
2. [Master Direction – External Commercial Borrowings, Trade Credits and Structured Obligations](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11510); [Master Directions – Export of Goods and Services](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10395);
3. [Master Direction – Import of Goods and Services](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=10201) *(Jan 1, 2016, to be withdrawn from Oct 1, 2026)*
4. [Master Direction – Other Remittance Facilities](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10193); and
5. [Master Direction – Reporting under Foreign Exchange Management Act, 1999](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10202)
10. FEM (Possession and Retention of Foreign Currency) Regulations, 2015
11. FEM (Foreign Exchange Derivative Contracts) Regulations, 2000
12. **Other Master Directions**
They are issued under the Sections 10(4) and 11(1) of the FEMA, 1999
1. [Master Direction - Other Remittance Facilities](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10193)
2. [Master Direction – Liberalised Remittance Scheme (LRS)](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10192)
3. ==[Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13156)==
1. Chapter XV - Export Credit
3. ==[Reserve Bank of India (Commercial Banks – Interest Rates on Advances) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13149)==
1. Banks shall determine interest rate on rupee export credit (pre-shipment credit and post-shipment credit) as per the policy approved by their Board, subject to the regulatory provisions contained in the Reserve Bank of India (Commercial Banks – Interest Rates on Advances) Directions, 2025
4. [Master Direction on Regulation of Payment Aggregator (PA)](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12896)
1. It has directions for all entities, Authorised Dealer (AD) banks, PAs and PAs-CB (Payment Aggregator-Cross Border (PA-CB)), facilitating cross-border payment transactions for import and export of goods and services (that is involved in processing / settlement of cross-border payment transactions for import and export of goods and services). These entities all come under direct regulation of the RBI.
5. [Master Direction – Risk Management and Inter-Bank Dealings](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10485)
6. [Master Direction – Reporting under Foreign Exchange Management Act, 1999](https://rbi.org.in/Scripts/BS_ViewMasterDirections.aspx?id=10202)
7. [Master Direction – Deposits and Accounts](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198) - Deposits and Accounts
1. [Part II](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198#P1:~:text=2-,Part%20II%20%2D%20Opening%2C%20holding%20and%20maintaining%20accounts%20in%20India%20by%20a%20person%20resident%20outside%20India,-3) - Opening, holding and maintaining accounts (rupee and foreign currency accounts) in India by a person resident outside India
2. [Part III]((https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198#P3)- Provisions pertaining to Vostro Accounts
8. [Reserve Bank of India (Trade Relief Measures) Directions, 2025](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=12921) dated November 14, 2025
13. **Master Circular**
1. [Master Circular on Export Credit Refinance Facility, 2014](https://rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=9047) - *Discontinued since February 7, 2015
2. [Master Circular- Rupee / Foreign Currency Export Credit and Customer Service To Exporters](https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9852&Mode=0), 2015 - *Withdrawn*
1. This has been replaced with ==[Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13156) and [Reserve Bank of India (Commercial Banks – Interest Rates on Advances) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13149)
14. **FAQs**
1. [Miscellaneous forex facilities](https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=829)
2. [Foreign Currency Accounts by Resident Individuals](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=357)
3. [Foreign Exchange (Forex) Transactions](https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=3347)
4. [Money Changing Activities](https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=24)
5. [International Trade Settlement in Indian Rupees (INR)](https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=3373)
6. [Special Rupee Vostro Account (SRVA)]((https://www.rbi.org.in/commonman/English/Scripts/FAQs.aspx?Id=3373) since [July 11, 2022](https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12358&Mode=0).
7. [Special Non-Resident Rupee (SNRR) Accounts](https://www.rbi.org.in/commonman/English/Scripts/FAQs.aspx?Id=3259)
8. [Accounts in India by Non-residents](https://www.rbi.org.in/commonman/English/scripts/FAQs.aspx?Id=3#FQ6)
9. [EEFC Account](https://www.rbi.org.in/commonman/english/scripts/FAQs.aspx?Id=11)
15. An Authorised Dealer shall also:
1. ensure adherence to the extant Foreign Trade Policy as well as guidelines issued by the Government of India, related to export and import transactions and Merchanting Trade Transactions (MTT).
2. helpline/reporting - send all references to the Reserve Bank through [PRAVAAH portal](https://pravaah.rbi.org.in/)
3. doubts - inform any doubtful transaction to the Directorate of Enforcement (DoE).
16. ==More in the note - [Deposits and Accounts](Deposits%20and%20Accounts.md)==
## Speeches
1. Banking and Trade Finance Inaugural Address - Smt. K.J. Udeshi, Deputy Governor, Reserve Bank of India organised by ,International Chamber of Commerce, at New Delhi on December 9, 2003. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=156)
2. Deepak Mohanty. (Jan 30, 2012). Global Capital Flows and the Indian Economy: Opportunities and Challenges - Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, delivered in Techkriti 2012 at the Indian Institute of Technology (IIT), Kanpur on 28th January 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=659)
3. Duvvuri Subbarao. (Nov 20, 2012). G 20 and India - 46th A.D Shroff Memorial Lecture delivered by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at Indian Merchants’ Chamber Mumbai on November 20, 2012. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=753)
4. Harun R Khan. (Oct 07, 2013). Certain Uncertainties, Uncertain Certainties: India in an interconnected world - Inaugural address delivered by Shri Harun R Khan, Deputy Governor, Reserve Bank of India at the 40th Annual Convention of Department of Business Economics, University of Delhi South Campus on October 7, 2013 in New Delhi. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=844)
5. B.P Kanungo. (August 10, 2019). Trade War: Is it a prelude to deglobalisation? - Shri B.P Kanungo, Deputy Governor - August 10, 2019 - Forex Association of India Conference, Singapore. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1083)
6. Michael Debabrata Patra. (Feb 20, 2024). The Relevance of SEACEN in a Turbulent World - Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference, Mumbai. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1420)
## Data Releases
1. [Handbook of Statistics on Indian Economy](https://rbi.org.in/scripts/AnnualPublications.aspx?head=Handbook%20of%20Statistics%20on%20Indian%20Economy)
2. [Handbook of Statistics on Indian States](https://rbi.org.in/scripts/AnnualPublications.aspx?head=Handbook%20of%20Statistics%20on%20Indian%20States)
## Related Notes
1. [[An article on foreign trade]]
2. [Trade Credits](Trade%20Credits.md)
3. [[Deposits and Accounts]]
## References
They are related to foreign trade, and not just exports
### [[Speeches & Media Interactions|Speeches]]
1. K.J. Udeshi. (Dec 9, 2003). ==Banking and Trade Finance Inaugural Address==. A Speech by Smt. K.J. Udeshi, Deputy Governor, Reserve Bank of India organised by International Chamber of Commerce, at New Delhi on December 9, 2003
2. Dec 07, 2012. ==Perspectives on India’s Balance of Payments==. (Speech by Shri Deepak Mohanty, Executive Director, Reserve Bank of India at the School of Management, KIIT University, Bhubaneswar on December 07, 2012). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=757)
3. Harun R Khan (ex-Deputy Governor of RBI). (June 11, 2016). Foreign Exchange Market & Cross-border Transactions: Some Random Reflections. 11th Annual Conference of the Foreign Exchange Dealers Association of India (FEDAI), Hong Kong. RBI. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1008)| [pdf
4. B.P Kanungo. (August 10, 2019). ==Trade War: Is it a prelude to deglobalisation==? - Shri B.P Kanungo, Deputy Governor - August 10, 2019 - Forex Association of India Conference, Singapore. [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1083)
5. Michael Debabrata Patra. (Feb 20, 2024). ==The Relevance of SEACEN in a Turbulent World.== (Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference, Mumbai). [Link](https://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1420)
### [[Publications (Data Releases) & Research#Publications|Publications]]
1. RBI. (Sep 14, 2005). Computer Services Exports from India: 2002-03. Article in RBI Monthly Bulletin-September 2005. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=6911)
2. RBI. (July 15, 2021). Drivers of Indian Pharmaceutical Exports. Article in RBI Monthly Bulletin-July 2021. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=20379)
3. RBI. (December 15, 2021). What Ails India’s Apparel Exports? Article in RBI Monthly Bulletin-December 2021. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=20692)
4. RBI. (April 23, 2024). What Drives India’s Services Exports? . Article in RBI Monthly Bulletin-April 2024. [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=22524)
5. RBI. (April 16, 2021). *Currency-Wise Pattern of Invoicing of India’s Imports and Exports: 1990-91 to 1999-2000.* Article in RBI Monthly Bulletin-April 2001 [Link](https://rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=2571)
### Others
1. [Annual](https://www.dgft.gov.in/CP/?opt=mis-on-export-promotion-schemes) MIS on Export Promotion Schemes by DGFT.
2. Rangarajan, C. (2015, March 13). _Issues in India’s external sector_ (5th Raja Chelliah Memorial Lecture, Raja Chelliah Memorial Lecture Series). National Institute of Public Finance and Policy (An autonomous research institute under the Ministry of Finance). [Link](https://www.nipfp.org.in/cms-index-page/publications/raja-chelliah-lectures/) | [pdf](NIPFP_20150313_Issues%20in%20India’s%20external%20sector_C%20Rangarajan.pdf)
[^1]: [Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=13156)
[^2]: RBI. (June, 2009). Annual Report-2009. [Link](RBI_Annual%20Report_2009.pdf)