This is to apprise you that in July 2022, the Reserve Bank of India, vide. A.P.(DIR Series) Circular No.10 dated July 11, 2022, permitted the invoicing, payment and settlement of exports and imports in Indian Rupee.
Now, the Directorate General of Foreign Trade (‘DGFT’) vide Notification No. 33/2015-2020 dated September 16, 2022, too has allowed the same for the purposes of FTP.
Source Gaba & Co
