RBI allows domestic companies to make payments in SEZ in foreign currency
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The Reserve Bank of India has allowed domestic companies to make payments to units in special economic zones in foreign currency for the services delivered by them. Earlier, this facility was allowed only for payments made for goods. The move assumes significance as the tax-free zones are losing sheen because of withdrawal of some tax incentives. To attract investments, the Commerce Ministry is expected to soon announce some more incentives for Special Economic Zones to be set up in backward areas of the country.
RBI has also simplified the procedure for exporting goods and services by all Software Technology Parks of India to promote software exports. To ensure larger flow of credit to trade and industry in Jammu and Kashmir, RBI has extended credit relaxations to borrowers in the state until March 31, 2014.
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