New Delhi: Centre has allowed International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy. According to the Ministry of Commerce and Industry, the decision was taken to facilitate and ease international trade transactions in the rupee. Certain amendments have been made to the Foreign Trade Policy (FTP) and Handbook of Procedures to allow International Trade Settlement in rupees including, invoicing, payment, and settlement of exports and imports in rupees. While the move is seen to benefit trading primarily with Russia, it is also likely to help check dollar outflow and slow rupee depreciation to a ‘very limited extent’.

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