Foreign Trade Policy Changes To Boost Rupee Internationalisation, Add Flexibility For Exporters: CII's Budhia

The amendment in certain provisions of the Foreign Trade Policy to make it easier for exporters to invoice overseas sales and receive payments in Indian rupees will promote rupee internationalisation in trade settlement while providing exporters greater flexibility and certainty, CII said on Friday.

Sanjay Budhia, Chairman of the CII National Committee on EXIM and MD - Patton International, said Indian industry remains committed to working closely with the government to build on this momentum and further deepen India's global trade competitiveness.

The notification by the directorate general of foreign trade (DGFT) has made it easier for exporters to invoice overseas transactions and receive payments in Indian rupees.

He said that Indian industry welcomes the government's continued efforts to simplify and modernise India's foreign trade framework, further easing the ecosystem for exporters.

Rupee export proceeds, other than for Nepal and Bhutan, routed through approved banking channels will now qualify for FTP benefits and count toward fulfilment of Export Obligations, at par with foreign-currency realisations, he said.

"This marks a further step in the government's push for wider international use of the rupee. This move strengthens the push for rupee internationalisation in trade settlement while giving exporters greater flexibility and certainty," Budhia added.