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Last updated: 27 Sep, 2014  

FIEO-logoTHMB 'Raised limit for online transaction will boost exports'

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SME Times News Bureau | 13 Jun, 2013
With an aim to arrest the Rupee volitality, the Reserve Bank of India (RBI) has recently raised the limit for online value of per export transaction upto USD 10,000, this will boost exports through e-commerce by 30 percent, the apex exporters body, Federation of Indian Export Organisation (FIEO) Wednesday said in a press statement.

"This move will help boost India's exports through the e-commerce route to grow by over 30 percent from the current level of USD 1 billion," President, FIEO, M Rafeeque Ahmed said, while welcoming the enhancement of limit per export transaction from USD 3,000 to USD 10,000 by RBI, through the online payment gateways.

"It has now been decided to increase the value per transaction from USD 3,000 to USD 10,000 for export related remittances received through OPGSPS (Online Payment Gateway Service Providers)," a RBI notification said, reports media. And made it mandatory for units in Special Economic Zones to repatriate full value of exports within 12 months.

Ahmed added that the sectors which will benefit most are like Gems and Jewellery, Healthcare, lab and life sciences, Antiques, collectibles and toys, Maritime equipments, Handicrafts, Carpets and Furnitures.

He said that despite growing opportunities the earlier limit of USD 3000 constrained the Indian exporters from exporting necklace sets, bridal jewellery, High end gem stones, diamonds, diagnostic equipments, dental chairs, surgical operating microscopes, industrial items, spare parts, paintings, high valued carpets, furnitures etc.

"The enhanced limit will also boost lot sales of items like apparels, semi precious jewelleries etc.," he added.

However, President FIEO suggested that exports through e-Commerce should be recognized as merchandise exports so that all applicable benefits are extended to such transactions making them competitive.
 
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