Скачать или смотреть International Trade Settlement in Indian Rupee

Trade Promotion Council of India is organising a Capacity Building Session on International Trade Settlement in Indian Rupee, on November 9 at 3:30 pm India time.

The session is in context of the announcement made by RBI on 11th July, 2022 that was approved by DGFT as per their notification dated 16th September, 2022, thereby making Indian Rupee as an international receivable/payment settlement instrument for all commercial trading activities. Until now, for all international trades, the settlements, invoicing and payments were done in the respective foreign currencies (US dollar, euro, British pound, Australian dollar, Canadian dollar, Singapore dollar, etc). Henceforth, such international trade transactions can be traded and settled in the Indian Rupees as well.

The framework of FEMA, 1999 Act has been modified to permit AD (authorized dealer) banks in India to open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. Such accounts can be used for the settlements of international trade transactions with any country. Prior to setting up of the rupee settlement mechanism, the AD bank shall require an approval from the Foreign Exchange Department of the Reserve Bank of India, Central Office at Mumbai.

The speaker for the session will be Mr. Priyetu Shekhar, Country Head - Trade Solutions, Myforexeye, who has over 18 Years of collective experience in the forex/working capital management. The topic will be moderated by Virat Bahri, Deputy Director, Trade Promotion Council of India.