JNPT planning to accept port fees in US dollars

JNPT is planning to accept vessel-related charges in US dollars, to help earn foreign currency and thus add to India’s foreign exchange reserves. Currently, ships pay in rupee equivalent. Under the new system, JNPT will receive direct dollar payments, which will help eliminate exchange rate risks. It will also help the port raise funds at a cheaper rate through the ECB route. The port is planning to approach the Tariff Authority for Major Ports for approval of collection of vessel-related charges in dollars. The foreign currency may also be used to fund the port-road connectivity projects undertaken by the port.