The Reserve Bank of India (RBI) on Monday announced a mechanism to settle payments for international trade in rupees, which will help boost India's global ..
Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank.
Indian exporters shall be paid the export proceeds in rupees from the balances in the designated Special Vostro account of the correspondent bank of the partner country, RBI stated.
MIL-OSI Banking: International Trade Settlement in Indian Rupees (INR) foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
RBI sets up mechanism to settle international trade payments in rupees webindia123.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from webindia123.com Daily Mail and Mail on Sunday newspapers.