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The Reserve Bank of India (RBI) on Monday announced certain measures to settle international trades in rupee, in order to promote global trade with emphasis on exports from India, The Times of India reported.

In an official release, the RBI said: "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in rupee, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in rupee."

In other words, all exports and imports under this arrangement may be denominated and invoiced in rupee.

However, for putting this mechanism in place, banks will require prior approval from the foreign exchange department of RBI, the circular said.

The new mechanism will also address issues related to invoicing, exchange rate as well as settlement.

Besides, the exchange rate between 2 currencies may be determined by the market.

For settlement of trade transactions, the concerned banks will require Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country.

The circular further noted that, the rupee surplus balance held can be used for permissible capital and current account transactions in accordance with mutual agreement.

The balance in special vostro accounts can be used for payments for projects and investments; export/import advance flow management; and investment in government bonds, it added, according to The Times of India.

Exporters, undertaking overseas shipments of goods and services through this mechanism, will be paid the export proceeds in Indian rupees from the balances in the designated Special Vostro account.

It may also enable Indian exporters to receive advance payment against exports from overseas importers in rupees.

However, before allowing such receipt of advance payment against exports, banks shall ensure that available funds in these accounts are first used towards payment obligations arising out of already executed export orders/export payments in the pipeline.

"Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier," it said.

CPN (Unified Socialist) Chairman Madhav Nepal said that they are clear on Tibetan and Taiwan issues.

During a meeting with Chief of the International Liaison Department of the Communist Party of China Liu Jianchao at the Baneshwor-based Hotel Everest on Tuesday, Nepal said that they are clear on One-China policy.

“We have clearly stated our policy towards China. Nepal is committed to One-China policy. Nepal is not in favor of interfering in the internal affairs of China,” he said, adding, “We have said that the issues of Tibet and Taiwan are the internal matters of China.”

He said that the meeting dwelt on strengthening ties between the two countries and further expanding the relations between the two parties.

Saying that Nepal and China have good relations, he said that China wanted to make relations stronger with various political parties.

He said that China has kept Nepal in the top priority.

The Chinese leader said that all the Nepalis should work together for the development of the country.

The Ministry of Home Affairs reshuffled Chief District Officers (CDOs) of three districts.

Hari Prasad Ghimire has been transferred to Bhojpur, Surya Sedhai to Khotang and Gopal Aryal Kanchanpur.

According to the Home Ministry, the CDO of Bhojpur Basu Koirala has been transferred to the Tribhuvan International Airport-based Immigration Office and CDO of Khotang Phanindra to the Home Ministry.

Ram Prasad Pandey of Kanchanpur has been removed from the Home Ministry. He was transferred to the Ministry of General Administration.

The Home Ministry has decided to transfer the CDOs on Friday. The Ministry implemented the decision on Sunday.

The CPN (Unified Socialist) leaders have reached Baneshwor-based Hotel Everest to meet head of the International Liaison Department of the Communist Party of China Liu Jianchao on Tuesday.

Party Chairman Madhav Nepal, senior leader Jhalanath Khanal and Deputy General Secretary Ganga Tuladhar among others leaders reached Hotel Everest this afternoon. 

The Chinese leader, who arrived in Kathmandu on a three-day visit to Nepal on Sunday, held separate meetings with Prime Minister Sher Bahadur Deuba and Foreign Minister Narayan Khadka the same day.

Earlier on Monday, he called on CPN (Maoist Centre) Chairman Pushpa Kamal Dahal.

During the meeting, leader Liu expressed his concern over the growing anti-China activities in Nepal and communist unity.

In response, Dahal said that the Nepali political parties and the Nepalis are committed to One-China policy.

Earlier this morning, he reached Balkot to meet CPN-UML Chairman KP Sharma Oli.

During the meeting that lasted for four hours, the Chinese leader expressed his concern over the growing anti-China activities in Nepal.

Oli, in response, said that he had not allowed such activities during his tenure.

The Nepal Stock Exchange (NEPSE) gained 11. 68 points to close at 1,927.28 points on Tuesday.

Similarly, the sensitive index plunged by 2. 09 points to close at 368.95 points.

Meanwhile, a total of 4,967,561 unit shares of 226 companies were traded for Rs 1. 70 billion.

In today’s market, all sub-indices saw green. Non Life Insurance topped the chart with 74. 47 points.

Meanwhile, Saptakoshi Development Bank Limited was the top gainer today, with its price surging by 9. 35 percent. Naya Sarathi Laghubitta Bittiya Sanstha Limited was the top loser as its price fell by 4. 65 percent.

At the end of the day, total market capitalisation stood at Rs 2. 74 trillion.

Former Prime Minister and CPN (Maoist Centre) Chairman Pushpa Kamal has expressed his commitment to take initiatives to resolve the citizenship-related problem of Non-Resident Nepalis.

He said so during a meeting with the representatives of the Non-Resident Nepali Association.

"We have been raising our voices about the problems of Non-Resident Nepalis," he said, adding, "We are committed to resolve the problem by endorsing the Citizenship-related Bill which was tabled in the Parliament on our initiative."

Thanking Dahal for taking initiatives on behalf of the CPN (Maoist Centre) to bring Citizenship Bill by incorporating various issues, the representatives urged Dahal to take initiatives to ensure the rights of Non-Resident Nepalis.

Party senior leader Narayan Kaji Shrestha, founder President of NRNA Upendra Mahato, President duo Kul Acharya and Badri KC, Vice-President Mahesh Shrestha, Regional Coordinator of Europe Chintamani Sapkota and Ramesh Kafle among others were present in the meeting.

Nepal reported 177 new Covid-19 cases on Tuesday.

According to the Ministry of Health and Population, 1, 805 swab samples were tested in the RT-PCR method, of which 144 returned positive. Likewise, 1, 321 people underwent antigen tests, of which 33 were tested positive.

The Ministry said that no one died of virus in the last 24 hours. The Ministry said that 41 infected people recovered from the disease.

As of today, there are 873 active cases in the country.

A 17-year-old girl has been raped inside a tipper in Thankot, Kathmandu on Friday.

Driver Gyan Bahadur Nepali (32) of Gaurishankar Rural Municipality-8, Dolakha, who had been absconding after the heinous crime, was nabbed from Kalanki, Kathmandu-14 on Saturday.

Police said that they are looking into the case.