{"id":40604,"date":"2023-01-31T15:09:11","date_gmt":"2023-01-31T09:39:11","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=40604"},"modified":"2024-05-31T14:08:35","modified_gmt":"2024-05-31T08:38:35","slug":"international-trade-settlement-in-indian-rupee","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/international-trade-settlement-in-indian-rupee\/","title":{"rendered":"International Trade Settlement in Indian Rupee (INR)"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-40607 size-full\" title=\"International Trade Settlement in Indian Rupee\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2.png\" alt=\"International Trade Settlement in Indian Rupee\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/01\/All-you-need-to-know-about-Export-Promotion-Capital-Goods-Scheme-2-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\">The introduction of an International Trade Settlement Mechanism in the Indian Rupee (INR) will expand India\u2019s trade with countries facing shortage of the American dollar. It can also arrest the slide in the value of the INR against the United States dollar and pave the way for the INR\u2019s acceptance as a global currency. The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.10, dated 11 July 2022 has allowed International Settlement of Trade in INR for export or import of goods and services as an additional arrangement for Invoicing, Payment, and Settlement of Exports \/ Imports in INR.<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><strong>Table of Contents<\/strong><\/p>\n<ul>\n<li><a href=\"#introduction\">Introduction<\/a><\/li>\n<li><a href=\"#objective\">Objective<\/a><\/li>\n<li><a href=\"#features\">Salient Features of RBI Circular<\/a><\/li>\n<li><a href=\"#amendments\">Amendments Carried out by DGFT in reference to the RBI Circular<\/a><\/li>\n<li><a href=\"#conclusion\">Conclusion <\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><strong>Overview of International Trade Settlement in Indian Rupee (INR)<\/strong><\/h2>\n<p style=\"text-align: justify;\">The Reserve Bank of India (RBI) has recently announced an international trade settlement mechanism in the Indian Rupee (INR). The mechanism will enable the invoicing of exports and imports in the INR. It will involve setting up the INR Vostro accounts by authorised Indian banks and their corresponding banks in partner countries. Indian importers will pay for imports in the INR that will then be credited into these accounts. Indian exporters, on the other hand, will receive payments from these accounts. The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.10, dated 11 July 2022 has allowed International Settlement of Trade in INR for export or import of goods and services as an additional arrangement for Invoicing, Payment, and Settlement of Exports \/ Imports in INR.<\/p>\n<h2><strong>Objective of the RBI Circular <\/strong><\/h2>\n<p style=\"text-align: justify;\">The core objective of the mechanism is to reduce the invoicing of trade in United States (US) dollar by shifting to the INR. Such shifting will make it much easier for Indian exporters and importers to trade with countries facing difficulties in invoicing trade in the US dollar. These include countries like Russia and Iran. Due to prevailing Western sanctions, traders from these countries find it tough to mobilise the US dollar for invoicing exports and imports. An arrangement enabling the pricing of trade in the INR will overcome these difficulties and accelerate their trade with India.<\/p>\n<h2><strong>Salient Features of RBI Circular<\/strong><\/h2>\n<p>The following are the salient feature of RBI Circular:<\/p>\n<ul>\n<li style=\"text-align: justify;\">Difficulties in mobilising the US dollar are affecting the trade prospects of several countries which face acute foreign exchange shortages. Traders from several parts of Africa, South America and Asia are unable to mobilise the US dollar for invoicing. The problem of mobilising the US dollar affects trades between these countries and the rest of the world. If these countries are willing to invoice exports and imports trade in the INR, it will brighten the prospects of their bilateral trade with India.<\/li>\n<li style=\"text-align: justify;\">All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).<\/li>\n<li style=\"text-align: justify;\">Exchange rate between the currencies of the two trading partner countries may be market determined.<\/li>\n<li style=\"text-align: justify;\">The settlement of trade transactions under this arrangement shall take place in INR.<\/li>\n<li style=\"text-align: justify;\">An authorized bank would require an approval from the RBI to implement this arrangement.<\/li>\n<li style=\"text-align: justify;\">Indian banks will be permitted to open a Special Vostro Account (SV Account) of the correspondent bank of the trading country.<\/li>\n<\/ul>\n<h2><strong>Amendments Carried out by DGFT in reference to the RBI Circular <\/strong><\/h2>\n<p style=\"text-align: justify;\">DGFT Notified vide Notification No. 33\/2015-2020, Dated: 16th September, 2022 by inserting the Para 2.52(d), to permit Invoicing, payment and settlement of exports and imports in INR in sync with RBI\u2019s A.P. (DIR Series) Circular No. 10 dated 11th July, 2022.<\/p>\n<p style=\"text-align: justify;\">Furthermore, DGFT vide Notification No. 43\/2015 -2020-DGFT, date\u00a0 9th November, 2022, made Amendments under FTP, to permit exports benefits \/ fulfilment of ExJport Obligations for Invoicing, payment and settlement of <a href=\"https:\/\/www.cagmc.com\/import-export-code\/\" target=\"_blank\" rel=\"noopener\">exports and imports<\/a> in INR, as per RBI\u2019s A.P. (DIR Series) Circular No. 10 dated 11th July, 2022. Accordingly, amendments in FTP were made in para 46 (Import for export.<\/p>\n<p style=\"text-align: justify;\">Vide Public Notice No. 35\/2015-20-DGFT; Dated 9th November, 2022, Amendment made to permit the Invoicing, payment and settlement of exports and imports in INR for Export Proceeds under EPCG Scheme<\/p>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p style=\"text-align: justify;\">A transparent and efficient framework for conducting international trade transactions in the INR will also pave the way for the INR\u2019s acceptance as a global currency. India\u2019s new free trade agreements (<a href=\"https:\/\/www.trade.gov\/free-trade-agreement-overview\" target=\"_blank\" rel=\"noopener\">FTA<\/a>) \u2013 both concluded (United Arab Emirates and Australia) and upcoming (Canada, European Union and the United Kingdom) \u2013 should comprehensively increase its varied economic engagement with the FTA partner markets. A pre-existing international settlement mechanism for the INR will facilitate this engagement. Indian banks and their foreign counterparts can be prepared to settle trade transactions in the INR by the time the FTAs pick up momentum.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The introduction of an International Trade Settlement Mechanism in the Indian Rupee (INR) will expand India\u2019s trade with countries facing [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":40607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[76],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - 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