The Reserve Bank of India issued directions to Authorised Dealer Category-I banks providing foreign exchange relaxations to facilitate exports routed through warehouses in ‘Bharat Mart’, a UAE-based marketplace and logistics network. Under the relaxations, AD banks may allow exporters to realise and repatriate the full export value of goods exported to Bharat Mart within nine months from the date the goods are sold from the warehouse. AD banks may also permit, without pre-conditions and after verifying reasonableness, Indian exporters with a valid Importer Exporter Code to open or hire a warehouse in Bharat Mart and to remit funds for initial and recurring expenses for set-up and ongoing business operations of their offices. The instructions apply with immediate effect.
Reserve Bank of India 2025-04-23
Reserve Bank of India grants nine-month repatriation window and remittance flexibilities for exports via Bharat Mart warehouses in the UAE
The Reserve Bank of India has issued directions to Authorised Dealer Category-I banks to provide foreign exchange relaxations for exports through Bharat Mart, a UAE-based marketplace. These relaxations allow exporters to realise and repatriate the full export value within nine months and permit the opening or hiring of warehouses in Bharat Mart. The instructions are effective immediately.