Written by RBI ANNOUNCES MECHANISM FOR INTERNATIONAL TRADE SETTLEMENTS IN RUPEES
The Reserve Bank of India (RBI) on Monday announced an additional framework for invoicing, payment, and settlement of exports/imports in Indian rupees. According to the RBI, the authorised dealer banks should get the prior approval from its Foreign Exchange Department. The central bank said the measure is taken to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the Indian rupee…………………READ MORE
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