RBI to issue guidelines to banks for resolution of certain rupee trade issues: Report

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RBI official as saying. The official added that some exporters had approached the commerce ministry saying there are some issues with the generation of e-BRC (electronic bank realization certificate). ALSO READ: RBI cancels registration of four NBFCs, 11 surrender certificates "So we have taken this issue with the RBI.

So the RBI is in the process of issuing a detailed SOP (standard operating procedure) to all the banks so that e-BRC generation becomes smooth. That SOP has been vetted by us and the RBI should be releasing it in the next 2-3 days," the official said. Apart from this, the official said that the limitation with rupee trade is that it can only work as a barter currency.

Russia has accumulated a lot of rupee reserves, due to trade in the defense sector. "With Russia, because we have a difference in trade, a lot of rupees have got accumulated in Russia," the official said. Though he said that there is no bar on making payments in euro or dirham or yuan or dollars.