Indian Rupee Centre allows international trade settlements in Indian Rupees
New Delhi: The government has amended the Foreign Trade Policy and Handbook of Procedures to allow for International Trade Settlement in Indian Rupees for invoicing, payment, and settlement of exports/imports, the Ministry of Finance said Wednesday.
Accordingly, the Directorate General of Foreign Trade (DGFT) had earlier introduced provisions to permit invoicing, payment and settlements of exports and imports in rupees in sync with RBI’s July 11 circular.
In continuation to the above notification, changes have been introduced in Foreign Trade Policy, for the grant of export benefits/fulfilment of Export Obligation under the Foreign Trade Policy, for export realisations in Indian Rupees as per the RBI guidelines dated 11th July 2022.
Accordingly, benefits/fulfilment of Export Obligation under the Foreign Trade Policy has been extended for realisations in Indian Rupees as per the RBI guidelines dated 11th July 2022.
Given the rise in interest in internationalisation of Indian Rupee, the given Policy amendments have been undertaken to facilitate and to bring ease in international trade transactions in Indian Rupees, the ministry said.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
