India's rupee export receipts now earn trade perks, settling beyond ACU bloc
India's DGFT quietly rewrote the Foreign Trade Policy so exporters can now denominate and settle contracts with non-ACU countries in rupees, not just hard currency. Rupee export receipts become eligible for trade-policy benefits and count toward exporters' obligations. That clears a real barrier to rupee internationalisation. Still, analysts warn permission alone won't ignite rupee trade while foreign banks lack easy access to the currency.