The Reserve Bank of India (RBI) on March 17, 2025, updated the Master Direction - Export of Goods and Services.
It is stated that instructions issued on export of goods and services from India have been compiled in this Master Direction. The list of underlying circulars/notifications which form the basis of this Master Direction is furnished in the Appendix.
The following amendment has been stated:
• In A.3 Manner of receipt and payment, under point (iv) Settlement System under ACU Mechanism, clause ‘h’ has been substituted:
“h) In the wake of signing of Memorandum of Understanding (MoU) between RBI and Maldives Monetary Authority in November 2024 for establishing a framework to promote the use of local currencies i.e., Indian Rupee (INR) and Maldivian Rufiyaa (MVR) for bilateral transactions, vide A.P. (DIR) Circular No 22 dated March 17, 2025, it has been decided that India’s bilateral trade transactions with Maldives may also be settled in INR and/or MVR in addition to the ACU mechanism, as hitherto.”
It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. The Master Direction issued herewith shall be amended suitably simultaneously.
[Notification No. RBI/FED/2015-16/11 FED Master Direction No. 16/2015-16]
