Page 17 - Craftcil Mar 2024

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Question : How would the exchange rate between INR and the currency of the trading partner country be determined
in the absence of a direct exchange rate between the two currencies?
Answer : The exchange rate for most currencies are determined in the Forex markets, typically against global currencies
like the US$, Euro, JPY etc. In the transition phase, when there is no market with direct exchange rates
between two currencies (say INR and AED), the exchange rate between the currencies of two trading
partner countries, each of which has markets against global currencies, would be derived as a cross currency
rate.
Question : Which bank will be responsible for reporting cross-border transactions? Whether it will be the AD bank
in India or the correspondent bank?
Answer : The AD bank in India shall be responsible for the reporting of transactions taking place in the Special Rupee
Vostro Account of the correspondent bank of the trading partner country.

Question : Whether the overseas supplier having balances in the Special Rupee Vostro Account can ask for
repatriation of the balance?

Answer : The balance in the Special Rupee Vostro Account (SRVA) can be repatriated in freely convertible currency
and/or currency of the beneficiary trading partner country depending on the underlying transaction i.e.
for which the account was credited. For example, for import payments through SRVA like any Rupee Vostro
account the fund can be remitted to overseas exporters either in freely convertible currency or in domestic
currency of the overseas exporter.

Renewal of Annual Membership Subscription

For the Year 2024 -25

The Renewal of Annual Membership subscription for the year 2024-25 is due on 1st April 2024. The
Renewal of Annual Membership fee of Rs.5000/- + 18% GST is due with effect from 01-04-2024.

The Council, therefore, requests its members to renew their Membership for the year 2024-25 by remitting the
amount of Rs.5,900/- (Rs. Five Thousand Nine Hundred Only) including GST 18% by Online payment on DGFT portal
in favor of “Export Promotion Council for Handicrafts” payable at New Delhi.
Members are requested to refer to Trade Notice No.35/2021-22 dated 24-02-2022 issued by DGFT regarding
Mandatory filing / issuance of Registration cum Membership Certificate (RCMC) / Registration Certificate (RC) through
the DGFT common digital platform from 01-04-2022.
For the Renewal of Annual Membership subscription, it is mandatory for the exporter to login DGFT portal
www.dgft.gov.in by using User id (e-mail registered with DGFT) & Password.
Link for the DGFT Registration: URL: https://www.dgft.gov.in/CP/?opt=e-rcmc

A Link below is for necessary documents required for Renewal of RCMC / Annual subscription:
www.epch.in: https://epchonlineportal.in/addapplicants/renewalInstruction

We look forward to your continued Membership with EPCH. If any query about Membership, please contact
Mrs. Sreekumary - Ph: 011-26135256 ext. 122, Email: membership@epch.com.

Click here to Download Circular

CRAFTCIL • March 2024 17

https://epch.in/circulars/renewalfees2024.pdf.