Welcome you to the Thirty Third edition of Devmantra Times for the month of November 2023. The Government's vision of promoting growth of global trade, emphasis on exports from India and to support the increasing interest of global trading community in INR is further powered by additional arrangement for invoicing, payment, and settlement of exports/imports in INR.
Export of services U/s 2(96) of IGST Act, 2017 can be considered to be fulfilled when the Indian exporters, undertaking exports of services, are paid the export proceeds in INR from the balances in the designated Special Vostro Account of the correspondent bank of the partner trading country. This is a promising welcome change and reinforces India's powerful position in global trade.
