New Delhi, Aug. 21 -- India has removed a regulatory hurdle to wider rupee use in international trade by allowing exporters to receive payments in Indian currency while retaining Foreign Trade Policy benefits.

The DGFT amended the FTP 2023 with immediate effect, aligning export payment rules with existing RBI regulations. The move adds the rupee as a payment option alongside freely convertible foreign currencies.

Rupee Receipts to Qualify for FTP Benefits

For countries outside the Asian Clearing Union, exporters can now invoice and receive payments in either Indian rupees or foreign currency, reported Business Standard.

Rupee export proceeds received through authorised banking channels will also qualify for Foreign Trade Policy benefi...