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of <h1>India Introduces INR-Based Trade Settlement System to Reduce Hard Currency Dependence Under FEMA Effective December 1, 2022.</h1> The new arrangement for international trade settlement in Indian Rupees (INR) complements the existing system that relies on freely convertible currencies. This initiative aims to reduce dependence on hard currencies, providing an alternative mechanism for trade settlements under the Foreign Exchange Management Act (FEMA) as of December 1, 2022.
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