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RBI allows global trade settlements in Rupees

Published on July 12, 2022
Current Context: Reserve Bank of India announced an arrangement for domestic traders to settle imports and exports in rupees.
RBI allows global trade settlements in Rupees
  • According to RBI, this will promote global trade growth with an emphasis on exports from India and support the increasing interest of the global trading community in the Indian Rupee.
  • This move will accelerate transactions between the two countries.
  • Under existing provisions of the foreign exchange management act, final settlements must be in free foreign exchange except for Nepal and Bhutan.
  • The move is to help to curb demand for forex and support the Indian economy.
  • Static knowledge:
    • RBI governor - Shaktikanta Das
    • RBI headquarters - Mumbai
    • RBI was formed - on 1 April 1935
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