Payment in Indian Rupees for Imports & Exports

Introduction

The day of Monday 11th July, 2022 is “Red Letter Day” in Fiscal Management of country. It is on this day that the Reserve Bank of India issued Circular No. 10 (A.P. DIR Series). The objective behind this move of R.B.I. is to promote growth of country’s global trade with emphasis on exports from India and to support the increasing interest on Global Trading Community in INR.

When fully operational the “International Trade Settlement in Indian Rupees (INR)” mechanism will be a big boon for Indian Exporters, Importers to and will enable them to expand their global business.

Course Objective

The objective of this program is to acquaint the participants with latest measures of R.B.I. & its impact on business prospects of Indian exporters & importers.

• Key Knowledge Areas
• Concepts
• Vostro Account
• Nostro Account
• Fre e Foreign Exchange
• Net Foreign Exchange
• Freely Convertible Currencies
• Current Account
• Capital Account
• Swift
• Currencies
• G-10, R.B.I. Circular No. 10 dated 11th July, 2022.
• Rupee Trade & Business with Russia
• Compliances by Banks to Implement the system
• Post announcement Developments
• Negotiations between Banks in India and Russian Banks
• Other Interested Countries –
  • Cuba
  • Saudi Arabia &
  • African Countries
• List of Banks under Negotiation
• Rupee Trade & Foreign Trade Policy, latest amendments
• The unanswered questions w.r.t. Customs Compliances
• Miscellaneous
• Questions & Answers.