SEZ Exports

Rule 1.1 of the FEDAI Rules, 2019 says that the normal working hours of ADs for foreign currency to Indian rupee transactions for clients is 9 a.m. to 5 p.m. on all days, except Saturdays, Sundays

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

The move is expected to create employment opportunities in small cities and increase the export of services

Move to benefit RIL, ONGC and Oil India

It has also discussed ways for implementation of the remaining recommendations of Baba Kalyani report on SEZ to facilitate ease of doing business in the present global market scenario

Outbound trade fell by 6.57 per cent in September, to a three-month low with the trade decline plaguing major foreign exchange earners

Exports grew about 12% to Rs 5.24 lakh cr in 2016-17 as against Rs 4.67 lakh cr in the previous financial year