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of <h1>India Amends Foreign Trade Policy: Export and Import Transactions Now in INR via Special Rupee Vostro Accounts.</h1> The Government of India has amended the Foreign Trade Policy 2015-2020 by adding Para 2.52(d) to align with the Reserve Bank of India's Circular No.10 dated 11th July 2022. This amendment allows the invoicing, payment, and settlement of export and import transactions in Indian Rupees (INR) through Special Rupee Vostro Accounts. Indian importers will pay in INR, credited to the correspondent bank's Vostro account, while Indian exporters will receive payments in INR from these accounts. This change is effective immediately and aims to facilitate trade transactions in INR.
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