The Reserve Bank of India (RBI) is set to release comprehensive guidelines for banks to address certain challenges faced by exporters during rupee trade with other countries. Acknowledging the initial hurdles in the rupee trading mechanism, an RBI official stated that transactions have commenced in many areas, but some exporters have encountered issues with generating the electronic bank realization certificate (e-BRC). To streamline the process, the RBI, in collaboration with the commerce ministry, is finalizing a detailed Standard Operating Procedure (SOP) that will facilitate smooth e-BRC generation. The SOP, vetted by relevant authorities, is expected to be issued within the next 2-3 days.
The RBI official further highlighted that rupee trade, while having its limitations as a barter currency, has presented opportunities for countries like Russia, which have accumulated significant rupee reserves due to defense sector trade. Addressing the issue, the official clarified that there are no restrictions on making payments in other currencies such as the euro, dirham, yuan, or dollars. However, the government is actively encouraging rupee trade with partner countries to reduce dependence on the dollar and diversify international transactions.
The forthcoming RBI guidelines aim to streamline and simplify rupee trade processes, ensuring exporters can conduct business smoothly and efficiently. By addressing concerns related to e-BRC generation and exploring opportunities for expanding rupee trade with various nations, the RBI’s proactive measures are set to enhance exporters’ confidence and contribute to India’s broader economic objectives.
