E-commerce Exports in India - Relaxation in Rules & Regulations to achieve Growth #ecommerce

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A significant development for e-commerce exporters is underway, with discussions between the DGFT (Directorate General of Foreign Trade) and RBI (Reserve Bank of India) aimed at providing certain relaxations in FEMA rules (Foreign Exchange Management Act).

DGFT Shri Santosh Kumar Sarangi has suggested that the minimum time for e-commerce exporters to receive foreign payments may be extended under FEMA rules compared to normal B2B export transactions.

Additionally, DGFT, along with the Department of Revenue and the Department of Post, is working to simplify e-commerce exports by implementing measures such as creating designated zones, accelerating clearance times, and ensuring sufficient warehousing both within India and abroad.

Currently, India's e-commerce exports range between 8 to 10 billion dollars, while China's e-commerce exports are roughly around 300 billion dollars. This indicates significant growth potential and the need for expansion in India. According to DGFT, while major rules in India are tailored for B2B shipments, modifications are necessary to tap into India's e-commerce export potential.

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