New Delhi, Nov 9 (FN Agency) The Centre on Wednesday said that it has made suitable amendments in the foreign trade policy to allow international trade settlement in Indian rupees for export promotion schemes. Accordingly, the Directorate General of Foreign Trade (DGFT) had earlier introduced amendments to permit invoicing, payment and settlements exports and imports in Indian rupees in sync with RBI’s circular dated July 11, 2022, a statement from the Ministry of Commerce said.
”In continuation to the above notification, changes have been introduced under Para 2.53 of the Foreign Trade Policy, for grant of exports benefits, incentives, fulfilment of Export Obligation under the Foreign Trade Policy, for export realisations in Indian rupees as per the RBI guidelines,” the statement said. ”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 statement added. To help ease forex pressure on the country, the Reserve Bank of India (RBI) in July this year had allowed invoicing and payments for international trade in Indian rupees.