Introduction
Amid the Indian rupee touching a record low against the dollar, the Reserve Bank of India announced an arrangement for the country’s traders to settle imports and exports in rupees.
This move to allow rupee settlements would help India promote exports and facilitate trade with Russia, Sri Lanka and countries under sanction.
Under this mechanism, exporters and importers can use a special vostro account linked to the correspondent bank of the partner country for receipts and payments denominated in rupees.
This workshop will cover the guidelines for documentation and settlement.
- Overview of Rupee trade settlement (Russia/Sri Lanka/Sanction countries)
- Impact of the Rupee trade settlement
- Mechanism of trade settlement in Indian Rupees
- Process flow of settlement
- Regulatory guideline
- Application of Exchange rate
- Vostro Account – process and arrangement
- ACU Mechanism and settlement
- Guidelines for documentation and Letter of credi t
- Impact on the future of trade INR Vs USD