Forex rules relaxed to help export, import processing

MUMBAI: The Reserve Bank of India (RBI) on Wednesday relaxed foreign exchange management rules to provide exporters and importers more flexibility amid rising global trade uncertainties. Merchanting traders will now get six months, up from four, to manage foreign exchange outlays, though the overall transaction timeline remains capped at nine months.

In another relief, RBI has simplified the closure of small-value transactions. The earlier relaxation for exporters under the Export Data Processing and Management System (EDPMS) has now been extended to importers through the Import Data Processing and Management System (IDPMS).