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International Trade Settlement in Indian Rupees (INR) - Resolution of transactional Issues
 

 

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PXL/HO/Cir-080/2022-23                                                                            Date: 21.12.2022

Hyderabad

 

Dear Sir, 

 

Subject: International Trade Settlement in Indian Rupees (INR) - Resolution of transactional Issues

 

Greetings from Pharmexcil! 

 

In continuation to our circulars dt: 12th July 2022, & 7th December 2022, The Reserve Bank of India (RBI) was been brought to the notice that Exporters are still facing issues to clear their payments which goes against the purpose of  the circular issues by RBI,  to Authorized Dealer Banks (AD Banks) for an additional arrangement for invoicing, payment, and settlement of exports/imports in INR. 

 

In this regard Executive Director of Reserve Bank of India Dr. Deepak Kumar has agreed to reach out to exporters who are facing issues in receiving payments in INR. He has directed interested exporters who wish to interact with him to send an email with details of transactions stuck especially in Russia, Ukraine and Sri Lanka. 

 

Dr. Deepak can be contacted by sending an email to eddk@rbi.org.in. He will be available today to take up the issues at 6:30PM, the details of which will be intimidated later as soon as RBI receives the payment issue today.

 

Regards,

 

Udaya Bhaskar

Director General

 

 

Encl: RBI Circular