Now other countries are also taking interest in the mechanism of settlement of international trade in the Indian Rupee. Tajikistan, Cuba, Luxembourg, and Sudan have started talking to India to use the mechanism. This is being claimed in media reports by quoting official documents. Russia has already started using this mechanism after sanctions were imposed on Moscow after the war with Ukraine.
The Reserve Bank of India (RBI) in July had set up a mechanism to settle international trade in rupees instead of dollars. A government official and a source familiar with the development have said that the government is trying to bring into the system those countries which are short of dollars. The sources declined to be named because the matter is top secret. Media reports based on documents say that four countries have shown interest in opening special rupee accounts, called Vostro accounts. However, the participating banks in India have not yet provided these facilities. Opening these accounts requires approval from the Reserve Bank of India.
Documents show that Mauritius and Sri Lanka have also shown interest in settling international trade in Indian rupees and have seen their special Vostro accounts approved by the RBI. According to the document, India's central bank has approved banks to open 12 vostro accounts for trading in rupees with Russia. Six other accounts have been authorized, including five for trade with Sri Lanka and one for trade with Mauritius, according to the documents. However, till now nothing has been officially said in this matter by the Federal Ministry of Finance, Ministry of Commerce, and RBI.
According to media reports, India is in talks with major trading partners, including major oil suppliers Saudi Arabia and the United Arab Emirates, to settle international trade in rupees instead of dollars.
Also Read: Industry: Worst performance of Indian industry, industrial production down to 26-month low
IND vs IRE: What Kohli and Rishabh Pant could not do, Jasprit Bumrah did it; These records made in the first T20
India started with a win in the T20 series against Ireland. He defeated the hosts by two runs based on the Duckworth-Lewis method in the rain-affected first match played in Dublin on Friday (August
Jammu & Kashmir: Operation going on in Kokernag for 70 hours, drone bombing, two terrorists killed today, know what has happened in Anantnag so far
Operation Gadul of security forces against terrorists in Anantnag of South Kashmir continues for the fourth day on Saturday. The operation is going on amidst the dense forest and mountains of Gadul in
Salman Khan: Fear of KKBKKJ being a flop was troubling Salman Khan, said- If the picture doesn't work then...
The trailer of Salman Khan's most awaited film 'Kisi Ka Bhai, Kisi Ki Jaan' has been released. This trailer has received a very good response from the audience. After Shah Rukh Khan's film Pathan, now
International Nelson Mandela Day 2023: Today is International Nelson Mandela Day, know the theme, history, and interesting facts
The way father of the nation, Mahatma Gandhi, is respected all over the world, in the same way, Nelson Mandela, the first black president of South Africa, has also been respected. Hence today, his
Maharashtra: Political equations of the opposition are complicated, not unity, priority to save the party
Ajit Pawar's rebellion in Maharashtra has disturbed the political equations of the opposition. While this incident has dealt a blow to the campaign of opposition unity, it has also provided an
Salaar: The teaser of 'Salaar' created a ruckus on the internet, breaking the records of 'Adipurush' and 'KGF 2' and becoming number one
Bahubali star Prabhas' film 'Adipurush' may not have been successful at the box office, yet the craze of Prabhas has not diminished among the audience. This can be gauged from the teaser of his film
Mysterious object hovering in the sky over Canada border, shot down by American fighter jet
For the past several days, many suspicious objects are being seen in the sky of America. Apart from America, this object has now been seen in Canada and California. Let us tell you that another
Israel-Hamas War: Why did Israel agree to a ceasefire with Hamas, who is behind this deal? 10 big updates
Israel-Hamas War: Ceasefire has been announced for the first time amid the Israel-Hamas war. Qatar has confirmed a four-day ceasefire. The commencement of the ceasefire will be announced within a
Weather Update: Heavy rain in 21 states including Delhi-UP, railway line caved in, Badrinath Highway closed due to landslides
Amidst the G-20 summit, the weather patterns changed in 21 states including the national capital. Heavy to very heavy rain occurred from west to east and from north to south in India including Delhi,
X: X to release a new subscription model! Users may now have to pay a price for like-repost
Elon Musk took command of the social media platform First of all, the name of this platform was changed from Twitter to X and now a new subscription model can be released. Under this, an annual fee of