RBI/2025-26/30
A.P. (DIR Series) Circular No. 03 April 23, 2025 To, All Authorised Dealer Category-I banks Madam / Sir, Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations Attention of Authorised Dealer Category – I banks (AD banks) is invited to Clause (a) of Sub regulation 1 of Regulation 9 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 {Notification No. FEMA 23(R)/2015-RB} and Para C.6 and C.13 of Master Direction – Export of Goods & Services. 2. To facilitate export through warehouses in ‘Bharat Mart’, a multimodal logistics network based marketplace in United Arab Emirates (UAE) that will provide Indian traders, exporters, and manufacturers access to the markets in UAE as well as worldwide, it has been decided to provide the following relaxations: a) AD banks may allow exporters to realise and repatriate full export value of goods exported to ‘Bharat Mart’ within nine months from the date of sale of the goods from the warehouse. b) AD banks may allow the following without any pre-conditions, after verifying the reasonableness of the same:
- Opening/hiring of a warehouse in ‘Bharat Mart’ by an Indian exporter with a valid Importer Exporter Code.
- Remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.
3. The above instructions shall come into force with immediate effect. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned. 4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (N. Senthil Kumar)
Chief General Manager |