India allows settlement of international trade in rupee

India has allowed settlement of its international trade in Indian Rupees (INR) covering invoicing, payment and settlement of exports and imports, the country's Commerce Ministry said today (November 9, 2022).

Necessary changes have been made in the country's foreign trade policy for grant of exports benefits and fulfilment of export obligation under the policy for export realisations in Indian Rupees as per the Reserve Bank of India guidelines of July 11 this year, reports our New Delhi correspondent.

The changes have been notified for imports for exports, realisation of export proceeds under Advance Authorisation (AA) and duty-free import authorisation schemes, the ministry said in a statement.

The statement said that given the rise in interest in internationalisation of Indian Rupee, the policy amendments have been undertaken to facilitate and to bring ease in international trade transactions in Indian Rupees.