RBI PERMITTED THE USE OF INDIAN RUPEES FOR FOREIGN COMMERCE INVOICE AND PAYMENTS

Invoicing and payments for foreign trade in Indian Rupee are now permitted by the Reserve Bank of India. Banks from partner nations may approach Authorised Dealer (AD) banks in India for permission to open Special INR Vostro accounts. The AD banks may then approach the RBI for permission along with the specifics of the agreement. The AD bank managing the Special INR Vostro Account must make sure that the correspondent bank is not from one of the nations or regions listed in the most recent FATF Public Statement on High Risk & Non-Cooperative Jurisdictions, where FATF has called for countermeasures.

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