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The Directorate General of Foreign Trade (DGFT) advised the progressions to the approach
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The Ministry of Commerce on Friday revised the Foreign Trade Policy (FTP) to permit worldwide exchange invoicing, payment, and settlement in the Indian rupee, a move pointed toward working with exchange the domestic currency.
The Directorate General of Foreign Trade (DGFT) advised the progressions to the approach. It said that accordingly, settlement of trade transactions in INR may also take place through the Special Rupee Vostro Accounts opened by AD banks in India as permitted under Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, in accordance to the following procedures:
(i) Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier.
(ii) Indian exporters, undertaking exports of goods and services through this mechanism, shall be paid the export proceeds in INR from the balances in the designated Special Vostro account of the correspondent bank of the partner country.
Recently, the Reserve Bank of Imdia and the Finance Ministry had requested top administration from banks and delegate of trade bodies to push commodities and import exchanges in rupee.