RBI forms arrangement for settling trade payments in rupees

It has been decided to put in place an additional arrangement for invoicing, payment & settlement of exports/imports in INR, says RBI

In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, Reserve Bank of Bank on Monday said it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Before putting in place this mechanism, all Category-I Authorised Dealer (AD) banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai.

The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999