Centre allows trade settlement for export promotion schemes in Indian rupee

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)