The central government on Wednesday allowed international trade agreements in Indian currency for export promotion schemes under the foreign trade policy. A statement issued by the government said that the Government of India has made suitable amendments to the Handbook of Foreign Trade Policy and Procedures to allow the settlement of international trade in rupees.
In a statement, the Ministry of Commerce and Industry said, “Because of the increasing interest in internationalizing the Indian Rupee, it has been decided to allow settlement of international trade in Rupees. This has been done to facilitate and ease transactions in international trade.
The ministry said the new changes have been made for imports for exports, export performance for recognition as status holders, recovery of export proceeds under Advance Authorization and Duty-Free Import Authorization schemes, and recovery of export proceeds under Export Promotion Capital Goods Scheme. notified for.
Meanwhile, the rupee today edged higher by 45 paise at 81.47 (provisional) against the US dollar amid a fall in crude oil prices, weakness in the dollar, and continued foreign fund inflows. In the interbank foreign exchange market, the local unit opened at Rs 81.43 against the dollar and was seen trading between an intra-day high of Rs 81.23 and a low of Rs 81.62 during the session.
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