https://sputnikglobe.com/20220711/indias-central-bank-announces-international-trade-settlement-in-rupees-1097188567.html
India's Central Bank Announces International Trade Settlement in Rupees
India's Central Bank Announces International Trade Settlement in Rupees
Sputnik International
The Central Bank explained that the decision had been made in order to promote the growth of global trade with an emphasis on exports from India. 11.07.2022, Sputnik International
2022-07-11T12:32+0000
2022-07-11T12:32+0000
2022-07-19T10:44+0000
rupee
bank
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The Reserve Bank of India (RBI) – the country’s central bank – said on Monday that it has decided to put in place an additional arrangement for invoicing, payment, and the settlement of exports and imports in rupees.RBI stressed that the decision aims to promote the growth of global trade with an emphasis on exports from India and to support the increasing interest of the global trading community in Indian rupees.According to RBI, Indian importers undertaking imports through the mechanism should make payments in rupees, which would be credited into the special vostro account of the relevant bank of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier.RBI added that the exchange rate between the currencies of the two trading partner countries might be determined by market conditions.Want to know more? Check out our Koo & Telegram accounts!Koo: https://www.kooapp.com/profile/sputniknewsSputnik India: https://t.me/sputniknewsindia
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rupee, bank, trade
India's Central Bank Announces International Trade Settlement in Rupees
12:32 GMT 11.07.2022 (Updated: 10:44 GMT 19.07.2022) The Central Bank explained that the decision had been made in order to promote the growth of global trade with an emphasis on exports from India.
The Reserve Bank of India (RBI) – the country’s central bank – said on Monday that it has decided to put in place an additional arrangement for invoicing, payment, and the settlement of exports and imports in rupees.
RBI stressed that the decision aims to promote the growth of global trade with an emphasis on exports from India and to support the increasing interest of the global trading community in Indian rupees.
The bank added that “before putting in place this mechanism, authorised dealer (AD) banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India”.
According to RBI, Indian importers undertaking imports through the mechanism should make payments in rupees, which would be credited into the special vostro account of the relevant bank of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier.
RBI added that the exchange rate between the currencies of the two trading partner countries might be determined by market conditions.
Want to know more? Check out our Koo & Telegram accounts!
