MoS Finance highlights RBI’s framework for invoicing & payments for Trade in Rupee

NEW DELHI: The Reserve Bank of India (RBI) has allowed invoicing and payments for international trade inIndianRupeevideA.P(DIRSeries) Circular No. 10 RBI/2022-2023/90 dated 11.07.2022 on “International Trade Settlement in Indian Rupees (INR)”. This was stated by the Union Minister of State for Finance, Dr Bhagwat Kisanrao Karad, in a writtenreplyinLokSabha.

Giving more information, the Minister stated that the Circular lays down that all exports and imports under the arrangement may be denominated and invoiced in

Rupee (INR) and the settlement of trade transactions under the arrangement shall take place in INR. RBIhasputinplacethearrangement topromotegrowthofglobaltradewith emphasis on exports from India and to support the increasing interest of globaltradingcommunityinINR.The framework put in place by RBI is applicable for any partner Country seeking to undertake trade with India in INR in terms of RBI’s Circular dated11.07.2022,theMinisteradded. Further, the Minister stated, the Directorate General of Foreign Trade (DGFT) has introduced a provision in the Foreign Trade Policy vide Notification No. 33/2015-20 dated 16.09.2022, to allow for International Trade Settlement in INR i.e., invoicing, payment, and settlement of exports / imports in Indian Rupees in sync with RBI’s Circular dated 11.07.2022. Further changes have been introduced in the Foreign Trade Policy vide DGFT’s Notification 43/2015-20dated09.11.2022andPublic Notice 35/2015-20 dated 09.11.2022 for grant of exports benefits and fulfilment of Export Obligation for export realisations in INR as per RBI guidelines,theMinisterstated.

Railways earns Rs 135387 Crores from Freight loading in this financial year till January 2023

NEW DELHI: On mission mode, Indian Railways' Freight loading for first ten months of this financial year 2022-23 crossed last year’s loading and earnings for the same period.

On cumulative basis from AprilJanuary 23, freight loading of 1243.46 MT was achieved against last year’s loading of 1159.08 MT, animprovementof7%.Railwayshave earned Rs 135387 crore against Rs117212croreoverlastyearwhichis an improvement of 16% as compared tothesameperiodoflastyear.

During the month of January’23, Originating freight loading of 134.07 MT has been achieved against loading of 129.12 MT in January’22, which is an improvement of 4 % over last year. Freight revenue of Rs. 14907 crore have been achieved against Rs 13172 crore freight earnings in January'22, thereby an improvementof13%overlastyear.

Following the Mantra, “Hungry

ÄFor Cargo”, IR has made sustained efforts to improve the ease of doing business as well as improve the service delivery at competitive prices which has resulted in new traffic coming to railways from both conventional and non conventional commodity streams. The customer centric approach and work of Business Development Units backed up by agile policy making helped Railways towards this landmark achievement.