Export of Imported Goods against Payment in Rupees - Iran Notified
AS per Para 2.35(a) of the Foreign Trade Policy, goods imported may be exported in same or substantially same form. If the goods were imported against freely convertible currency, the export was also permitted against freely convertible currency under para 2.35(b). Recently, by Notification No. 16 dated 06.06.2013, Government amended this para 2.35(b) to allow export of goods imported against payment in freely convertible currency where export proceeds will be realized in rupees. This dispensation is applicable to such countries as would be notified by DGFT from time to time. They also have to achieve 15% value addition.
Now the Government has notified Iran as an eligible country.
DGFT Notification No.17 (Re 2013)/2009-2014, Dated: June 10 2013