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RBI Introduces Mechanism for International Trade Settlements in Rupees

The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said.

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Mumbai: The Reserve Bank of India (RBI) is putting into place a mechanism for international trade settlements in rupees, which banks will need seek prior approval to use, it said in a release on Monday, July 11.

The order takes immediate effect and the mechanism is designed to “promote growth of global trade with emphasis on exports,” the RBI said.

(Reuters)