'Banks refusing to share key documents for rupee trade'

Banks are refusing to share key documents for rupee trade transactions, rendering trade in the domestic currency "ineffective", Indian exporters have told the parliament's standing committee on commerce, a person aware of the development said.

- Ravi Dutta Mishra

The Reserve Bank of India (RBI) last year allowed invoicing and payments for international trade in rupees to bringing down India's massive oil import bill by purchasing Russian oil in the domestic currency.

"Streamlining of the INR trade mechanism is of utmost importance. There should be a bank-to-bank agreement. Sensitization of the banking industry regarding this scheme is also very important," the person cited above stated.