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RBI announces more measures to deal with economic fallout of covid19

PTI
Published : Apr 1, 2020, 1:05 pm IST
Updated : Apr 1, 2020, 1:05 pm IST

It also increased ways and means advances limit by 30 per cent from existing limit for all states and union territories

 The Reserve Bank of India. (Photo- PTI)
  The Reserve Bank of India. (Photo- PTI)

New Delhi: The Reserve Bank of India (RBI) on Wednesday announced more measures, including extension of period for realisation and repatriation of export proceeds, to deal with the economic fallout of Covid-19 pandemic.

It also increased ways and means advances (WMA) limit by 30 per cent from existing limit for all states and union territories.

In a statement, the RBI said presently value of goods or software exports made by the exporters is required to be realised fully and repatriated to the country within a period of 9 months from the date of exports.

"In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from the date of export," it said.

Tags: reserve bank of india (rbi), economic crisis, coronavirus pandemic, coronavirus impact, covid 19, ways and means advances, wma
Location: India, Delhi, New Delhi
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