The Gem & Jewellery Export Promotion Council (GJEPC) has welcomed the government announcements related to the extension of export realisation period, a number of changes in the Foreign Trade Policy, as well as some other reliefs that will help mitigate the impact of the current Covid-19 pandemic on the export trade.

The organisation said that in an announcement made today, RBI has stated that “in view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from the date of export. The measure will enable the exporters to realise their receipts, especially from COVID-19 affected countries within the extended period and also provide greater flexibility to the exporters to negotiate future export contracts with buyers abroad.”

Similarly, the RBI has also clarified that “the automatic caution listing has been further extended for a period of six months up to September 2020”, the Council said.

It also noted that the Ministry of Finance has brought an Ordinance to give effect to the announcements made by the Union Finance Minister last week with regard to extension of various time limits under the Taxation and Benami Acts and extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts.

Further, GJEPC said that the Union Commerce and Industry Ministry has announced changes in the Foreign Trade Policy (FTP) of Government of India under which relief under various export promotion schemes has been continued by granting extension of the existing Foreign Trade Policy by another one year i.e. up to 31st March, 2021. The validity of RCMC has automatically been extended till Sept 30 and several other relief measures have also been announced to support trade and industry, the Council added.