India allows international trade settlements in rupees for export promotion schemes

FILE PHOTO: A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad

NEW DELHI (Reuters) - The Indian government on Wednesday allowed international trade settlements in Indian rupees for export promotion schemes under foreign trade policy.

"The government of India has made suitable amendments in the Foreign Trade Policy and Handbook of Procedures to allow for international trade settlement in Indian rupees," the statement said.

(Reporting by Aftab Ahmed, Editing by Louise Heavens)