RBI Eases Export Norms to Boost Trade via Bharat Mart UAE

The Reserve Bank of India has relaxed export norms to facilitate Indian businesses through Bharat Mart, a UAE-based logistics network, enabling better access to global markets. Banks are allowed to repatriate full export value within nine months and support warehouse setups without pre-conditions.

The Reserve Bank of India (RBI) announced on Wednesday a relaxation of export norms aimed at promoting trade via Bharat Mart, a multimodal logistics marketplace based in the United Arab Emirates. This development opens up channels for Indian traders, exporters, and manufacturers to access international markets more effectively.

According to an RBI circular, banks are now authorized to permit exporters to realize and repatriate the full export value of goods sold at Bharat Mart within a nine-month period from the date of warehouse sale. This move is expected to streamline trade processes and boost export activities.

Additionally, the RBI's guidelines allow Indian exporters to open or hire warehouses within Bharat Mart without any prior conditions, provided they possess a valid importer-exporter code and the arrangement is deemed reasonable. These new provisions also cover remittances for startup and recurring expenses related to business operations on foreign soil.

(With inputs from agencies.)