Centre eases rules for exporters to receive overseas payments in rupees

•The Indian government has eased rules for exporters to receive payments in rupees, allowing them to set contracts and invoices in either rupees or foreign currency.

•Exporters can now receive payments in rupees and still qualify for Foreign Trade Policy (FTP) benefits, aligning with Reserve Bank of India's existing foreign exchange regulations.

•The change aims to promote rupee internationalisation, reducing reliance on US dollar and making trade with countries facing dollar shortages easier.

•The move follows RBI's 2022 order introducing Special Rupee Vostro Accounts (SRVAs) for invoicing and settlement of trade in rupees.