Government of India’s big decision under export promotion, now transactions will be done in rupees too – न्यूज़लीड India

Government of India’s big decision under export promotion, now transactions will be done in rupees too


Business

oi-Ashutosh Tiwari

,

Updated: Wednesday, November 9, 2022, 21:15 [IST]

Google Oneindia News

Amidst the strengthening of the dollar, the central government took an important decision on Wednesday. In which, under the foreign trade policy, the settlement of international trade was allowed in rupees. For this, necessary amendments have also been made in the foreign trade policy and procedures, so that transactions become convenient and easy. Also, do not violate the rules.

Rupees

In the matter, the Ministry of Commerce and Industry issued an official statement saying that there is increasing interest in the internationalization of the Indian rupee, in such a situation, the government has decided to pay the trade from abroad in rupees. Apart from this new changes have been notified for import of exports, recognition as status holders.

At the same time, on July 11, 2022, RBI had prepared a mechanism for global transactions of rupee. Based on this, the Directorate General of Foreign Trade (DGFT) has changed its rules. In simple language, till now if India used to send its goods to another country, then it was paid in dollars, but according to the new rule, it can be paid in rupees. At the same time, for such business transactions, Indian banks will have to open a special Vostro account where they want to do business. According to RBI, UCO and Yes Bank have tied up with Russian banks for this.

Reasons for increasing India's mutual trade with 'aggressive' Russia in the eyes of the worldReasons for increasing India’s mutual trade with ‘aggressive’ Russia in the eyes of the world

What is the condition of Rs.
At the same time, amid this announcement, the rupee saw a rise on Wednesday, which closed at 81.47 with a gain of 45 paise. Rupee was 81.23 at the start of trading, after that it reached 81.62. On the other hand, on Monday, the Indian rupee had closed at 81.92 per dollar.

english summary

Center allows International Trade Settlements in Indian Rupees

A note to our visitors

By continuing to use this site, you are agreeing to our updated privacy policy.