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Mechanism for International trade in INR
July 17 , 2022
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- RBI notified new measures to settle down “international trades in rupee”.
- This move will promote global trade and emphasise on exports from India.
- Under this, invoicing, payment, as well as settlement of exports or imports in rupee.
- Thus, all the exports and imports can be denominated and invoiced in rupee.
- However, to make payment in rupees, banks will need to take prior approval from foreign exchange department of RBI.
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