Claim: No more dollar transactions in international settlements, as RBI introduced rupee settlement mechanism.
Fact-check: RBI did not discontinue the existing dollar/euro payment mechanisms for international trade - FACTLY
Verdict: rbi through a notification has asked the authorised banks to setup an additional mechanism to settle international trade in rupees. however, the existing mechanism of settling trade in dollar/other currency is still in place and the new mechanism is just an additional setup to the existing payment mechanisms. there are no reports of rbi discontinuing with the existing dollar/euro payment mechanisms. hence the claim made in the post is misleading.
Organisation: FACTLY
Author: Chaitanya
Date published: 2022-07-13T11:25:13