“No more dollar transactions in international settlements, as RBI introduced rupee settlement mechanism”
What FACTLY found
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
Their words, from the summary they publish with the rating.
In short
This claim spread on social media around 12 July 2022. FACTLY (India) looked into it and published its finding on 13 July 2022, 1 day later. Its rating was “MISLEADING”.
Where the claim appeared
- Instagram posthttps://www.instagram.com/p/Cf5flXDJRRk/?utm_source=ig_embed&utm_campaign=embed_video_wat…
Links recorded by FACTLY. Some posts may have been deleted since.
This check was done by FACTLY, not by DoesItStand. We list it so you can find it. Their full evidence and reasoning are in their article.