India’s forex reserves have reached a new lifetime high of $621.5 billion.

India’s forex reserves have reached a new lifetime high of $621.5 billion.

According to RBI data released on Friday, the country’s foreign exchange reserves grew by $889 million to a lifetime high of $621.464 billion in the week ending August 6, 2021. The reserves increased by $9.427 billion to $620.576 billion in the week ending July 30, 2021.

According to Reserve Bank of India weekly data, the increase in the forex kitty was owing to a growth in foreign currency assets (FCAs), a major component of overall reserves, in the reporting week (RBI).

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In the reporting week, FCAs increased by $1.508 billion to $577.732 billion.

The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.

The data indicated that gold reserves fell by $588 million to $37.057 billion in the reporting week.

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The International Monetary Fund’s (IMF) special drawing rights (SDRs) fell by $1 million to $1.551 billion.

The country’s reserve position with the International Monetary Fund (IMF) has also decreased by $31.

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Foreign Trade Policy 2015-2020 along with the procedures is extended for the year 2020-21

1. All the export incentives including MEIS, SEIS, EPCG and other benefits stand extended for the period 2020-21

2. The due date for filing SEIS application for FY 2018-19 is extended up to 31 December 2020

3. Eligible services for SEIS incentive for FY 2019-20 shall be notified

4. The decision on the continuation of SEIS incentive against the exports made from 2020-21 to be taken subsequently

5. Exemption of IGST on imports against Advance Authorization is further extended up to 31 March 2021

6. The validity of Duty-Free Import Authorization (DFIA) is extended by 6 months where the validity for import is expiring between 01 February 2020 and 31 July 2020

7. Exemption of IGST and Compensation cess on Capital goods imported under EPCG scheme is further extended up to 31 March 2021

8. The validity of EPCG authorization is extended by 6 months where the validity for import is expiring between 01 February 2020 and 31 July 2020

9. Against the exports made (LEO date) between 01 February 2019 and 31 May 2019, the application for MEIS incentive is to be filed within 15 months of the LEO date (earlier it was 12 months)

10. The validity of Advance Authorization expiring between 01 February 2020 and 31 July 2020, the validity shall be extended by 6 months from the date of expiry

11. Export Obligation period expiring between 01 February 2020 and 31 July 2020, the validity shall be extended by 6 months from the date of expiry

12. Certificate for installation of Capital Goods imported under the EPCG scheme is extended by 6 months from the original due date where the due date expires during 01 February 2020 and 31 July 2020

13. Extension of due date for discharge of Block Wise Export Obligation expiring during 01 February 2020 and 31 July 2020

14. Extension of LOP/LOI whose validity is expiring on or after 01 March 2020 shall be deemed to be valid up to 31 December 2020

15. Extension of due date for TED Refund/ Drawback – where the date of filing is falling on or after 01 March 2020, the date of filing application is extended upto 30 September 2020

16. Extension of due date for Transport and Marketing Assistance incentive – application for claim of incentive for quarter ending 31 March 2019 & 30 June 2020 may be filed before 30 September 2020

17. Late Cut – Last date of submission of application for the purpose of Late cut would be taken as 31 December 2020

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