India has made amendments in the Foreign Trade Policy to allow international trade settlements in Indian rupees (INR) to facilitate ease in transactions in INR. The Directorate General of Foreign Trade (DGFT) had earlier permitted invoicing, payment and settlements exports and imports in INR in sync with a circular by the Reserve Bank of India in July.The updated provisions for export realisation in INR have been notified for imports for exports, export performance for recognition as status holders, exports under advance authorisation and duty-free import authorisation schemes and exports under the Export Promotion Capital Goods scheme, an official release said.
India has made amendments in the Foreign Trade Policy to allow international trade settlement in Indian rupees (INR) to facilitate ease in transactions in INR. The Directorate General of Foreign Trade had earlier permitted invoicing, payment and settlements exports and imports in INR in sync with a circular by the Reserve Bank of India in July.
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