The Reserve Bank of India (RBI) has issued a circular (RBI/2025-26/30) dated April 23, 2025, to all Authorised Dealer Category-I banks regarding relaxations for exports through warehouses in ‘Bharat Mart’ in the UAE. This initiative aims to facilitate Indian traders, exporters, and manufacturers’ access to global markets via this multimodal logistics hub. The RBI now permits AD banks to allow exporters up to nine months from the date of sale to realise and repatriate the full export value of goods shipped to ‘Bharat Mart’. Additionally, AD banks can approve, without prior conditions (upon verifying reasonableness), the opening or hiring of warehouses in ‘Bharat Mart’ by Indian exporters holding a valid Importer Exporter Code, as well as remittances for both initial and recurring operational expenses. These instructions take immediate effect and are issued under the Foreign Exchange Management Act (FEMA), 1999.
Reserve Bank of India
RBI/2025-26/30
A.P. (DIR Series) Circular No. 03
April 23, 2025
To,
All Authorised Dealer Category-I banks
Madam / Sir,
Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations
Attention of Authorised Dealer Category – I banks (AD banks) is invited to Clause (a) of Sub regulation 1 of Regulation 9 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 {Notification No. FEMA 23(R)/2015-RB} and Para C.6 and C.13 of Master Direction – Export of Goods & Services.
2. To facilitate export through warehouses in ‘Bharat Mart’, a multimodal logistics network based marketplace in United Arab Emirates (UAE) that will provide Indian traders, exporters, and manufacturers access to the markets in UAE as well as worldwide, it has been decided to provide the following relaxations:
a) AD banks may allow exporters to realise and repatriate full export value of goods exported to ‘Bharat Mart’ within nine months from the date of sale of the goods from the warehouse.
b) AD banks may allow the following without any pre-conditions, after verifying the reasonableness of the same:
i. Opening/hiring of a warehouse in ‘Bharat Mart’ by an Indian exporter with a valid Importer Exporter Code.
ii. Remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.
3. The above instructions shall come into force with immediate effect. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.
4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(N. Senthil Kumar)
Chief General Manager
