Government Tweaks Export Revenue Repatriation Rules

The government on Wednesday again adjusted rules for the repatriation of non-oil export revenues that has long become a bone of contention. 
Approved by the ‘Headquarters for Economic Coordination of the Cabinet’, exporters can use their export earnings for importing goods, raw materials and machinery either for their own needs or a third party, ISNA reported. 
The so-called “import in exchange for export” or the “currency barter between exporters and importers”, was one of the options for exporters to fulfill their financial commitments in the policy package announced by the CBI in the fiscal 2018-19 and 2019-20. But the regulator has scrapped that rule for the current fiscal year (ends March 2021).