Centre has allowed International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy.
According to the Ministry of Commerce and Industry the decision was taken to facilitate and ease international trade transactions in Indian Rupees.
The Ministry said, suitable amendments have been made in the Foreign Trade Policy(FTP) and Handbook of Procedures to allow International Trade Settlement in Indian Rupees including, invoicing, payment, and settlement of exports and imports in Indian Rupees.
It said that the changes have been introduced for grant of exports benefits , incentives, fulfilment of export obligation under FTP for export realisations in Indian Rupees as per the RBI guidelines.
The Ministry informed, 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.
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