The Government of India has made appropriate changes in the Foreign Trade Policy and Manual of Procedures to enable settlement of international trade in Indian Rupees (INR), i.e. invoicing, payments and settlement of exports / imports in Indian Rupees. Accordingly, Directorate General of Foreign Trade (DGFT) had earlier introduced para 2.52(d) vide Notification No. 33/2015-20 dated 16.09.2022 to enable invoicing, payment and settlement of exports and imports in INR in sync with A.P. RBI ( DIR Series) Circular No. 10 dated 11 July 2022.
Pursuant to the above notification, amendments have been introduced under Para 2.53 of the Foreign Trade Policy for providing export benefits / fulfillment of export obligations under the Foreign Trade Policy for realization of exports in Indian Rupees as per RBI instructions dated 11th July 2022.
Updated provisions for realization of exports in Indian rupees, imports for export (para 2.46 FTP), export performances for recognition as status holders (para 3.20 FTP), realization of export proceeds on the basis of advance authorization (AA) and duty free Import Schemes have been notified permit (DFIA) (section 4.21 FTP) and realization of export proceeds under the Export Promotion Capital Goods (EPCG) program (section 5.11 HBP). Accordingly, the benefits / fulfillment of export obligations under the foreign trade policy have been extended to realizations in Indian rupees as per RBI instructions dated 11th July 2022. In view of the increase in interest in the internationalization of Indian rupees, the given policy changes have been made to facilitate and facilitate international trade transactions in Indian Rupees.
