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
CEC Appointment: Congress opposes the appointment of a new Chief Election Commissioner, saying- this decision is anti-constitutional
Congress has opposed the appointment of the new Chief Election Commissioner of the country. Congress described the appointment as against the spirit of the Constitution and destroying the election
The reason for the separation of Tamannaah Bhatia and Vijay Verma is known, is the actress going to get married soon?
Recently, news came that Tamannaah Bhatia and Vijay Verma have broken up. Since then, fans were worried about what happened due to which the two actors are separating.
India Canada Row: No entry of Canadian citizens into the country, another action against Canada; India suspended visa service
India has taken another big action against Canada. India has suspended visa services for Canadians. Visa service for Canadian citizens has been suspended. According to the information, services have
Weather Update: Rain alert from Delhi to UP-Bihar, snowfall in Uttarakhand affected Char Dham Yatra
As soon as the month of May begins, the weather has become pleasant due to rain in many states of the country. It rained on Monday in many states of the country including Delhi-Uttar Pradesh. Due to
'If you stay here for three days, you will get infected', why did Nitin Gadkari say this about Delhi?
Union Minister Nitin Gadkari on Monday expressed deep concern over Delhi's pollution. He said that the level of pollution in the national capital is so high that staying in the city for three days can
Vijayakanth Demise: DMDK founder Vijayakanth died of Corona, and was admitted to the hospital after difficulty in breathing.
DMDK President Vijakanth Corona positive. Corona cases are increasing across the country. Meanwhile, Corona has also entered the politics of Tamil Nadu. DMDK (Desia Murpokku Dravida Kazhagam) founder
'If Aurangzeb's grave is not removed then...' Police on alert on VHP and Bajrang Dal's warning; Heavy force deployed outside the tomb
Aurangzeb's tomb in Sambhajinagar district of Maharashtra is in danger. Bajrang Dal and Vishwa Hindu Parishad (VHP) have intensified the demand to remove Aurangzeb's tomb.
Gyanvapi Case: Order will come on the demand of giving the survey report of Gyanvapi complex to the parties, the Hindu side's lawyer said - today is an important day.
An order will come today (Wednesday) on the demand to hand over the report of the Archaeological Survey of India (ASI) survey in the Gyanvapi complex to the parties. Along with this, many applications
Air India: 'Looking closely at the situation, know why America said this about the Air India plane that landed in Russia
Air India flight AI173 from Delhi to San Francisco had a technical glitch in one of its engines on Tuesday. The pilot immediately contacted the nearby Magadan airport in Russia and sought permission
Why is the new sub-variant of COVID-19 NB.1.8.1 in the news? WHO is also keeping an eye on it
The new sub-variant of COVID-19, NB.1.8.1, is in the news these days. It is believed that it can infect people on a large scale very quickly. Like the other recent strains, it also belongs to the
