Government Amends Foreign Trade Policy to Enable Rupee Export Payments
· Business · Zee News, Hindustan Times
The Indian government has amended the Foreign Trade Policy 2023 to facilitate export payments in Indian rupees. This move aligns the policy with existing foreign-exchange regulations issued by the Reserve Bank of India. The updated provisions were notified with immediate effect to streamline international trade transactions. The policy change aims to simplify the payment process for exporters using the local currency.
Why it matters
This policy shift reduces reliance on foreign currencies for trade, potentially lowering transaction costs and currency risk for Indian exporters.
Read the original report — Zee News
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