In a bid to facilitate and ease international trade in Indian rupees, the government of India on Wednesday allowed trade settlement in the Indian currency for export promotion schemes. With the amendment to the Foreign Trade Policy, invoicing, payment, and settlement of trade can now take place in Indian rupee.
"The Government of India has made suitable amendments in the Foreign Trade Policy and Handbook of Procedures to allow for International Trade Settlement in Indian Rupees (INR) i.e., invoicing, payment, and settlement of exports/imports in Indian Rupees. Accordingly, the Directorate General of Foreign Trade (DGFT) had earlier introduced Para 2.52(d) vide Notification No. 33/2015-20 dated 16.09.2022 to permit invoicing, payment and settlements exports and imports in INR in sync with