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The Reserve Bank of India (RBI) has allowed invoicing and payments for international trade in Indian Rupee vide A.P (DIR Series) Circular No. 10 RBI/2022-2023/90 dated 11.07.2022 on International Trade Settlement in Indian Rupees (INR). This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today. Giving more information, the Minister stated that in terms of Para 10 of the Circular, the approval process is that for
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FAQ :
The Reserve Bank of India has allowed invoicing and payments for international trade to be conducted in Indian Rupees.
These accounts allow banks of partner countries to conduct international trade settlements in Indian Rupees.
Banks of partner countries may approach Authorised Dealer (AD) banks in India, which then seek approval from the RBI.
The AD bank maintaining the Special INR Vostro Account must ensure the correspondent bank is not from a country or jurisdiction on the FATF's Public Statement on High Risk & Non Co-operative Jurisdictions.
The circular regarding International Trade Settlement in Indian Rupees was issued on July 11, 2022.
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