Quick Summary
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 the Union Minister of State for Finance, Dr
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FAQ :
The RBI has established a framework allowing international trade transactions, including invoicing and payments, to be conducted in Indian Rupees (INR).
The framework was laid out in RBI's A.P (DIR Series) Circular No. 10 dated 11.07.2022.
The primary goal is to promote the growth of global trade, with a particular emphasis on increasing India's exports, and to support the global trading community's interest in the Indian Rupee.
The framework is applicable to any partner country that wishes to conduct trade with India in INR, as per the RBI's circular.
Yes, the Directorate General of Foreign Trade (DGFT) has introduced provisions in the Foreign Trade Policy to allow for international trade settlement in INR, aligning with the RBI's circular.
Changes have been made to grant export benefits and fulfil export obligations for realisations made in INR, in line with RBI guidelines.
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