The Reserve Bank of India (RBI) released draft regulations recently in an effort to streamline laws governing export and import transactions. This is intended to increase ease of doing business, particularly for small exporters and importers.
The draft operating guidelines for the export and import of goods and services, announced on July 2, will replace 61 notifications for exports and 62 for imports. This measure is viewed as an important step towards streamlining trade procedures.
The Federation of Indian Export Organizations (FIEO) Director General, Ajay Sahai, complimented the RBI's efforts. He stated that the new standards would simplify and streamline the export-import process.
"However, FIEO suggested that the draft notification should align with the new Foreign Trade Policy to allow all goods under merchanting trade," according to him.
Source: The Hindu Business Line
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