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.
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