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Indian currency heading to replace dollar, 18 countries give nod to trade in Rupees

New Delhi: Indian currency is heading toward becoming an international currency with more and more countries looking to replace dollars for international trade. Several nations have shown interest to use Indian Currency (INR) to do cross-border trade and to ease the process, the Reserve Bank of India (RBI) has given its nod to open 60 […]

Edited By : Aditya Pratap Singh | Updated: Mar 16, 2023 10:52 IST
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New Delhi: Indian currency is heading toward becoming an international currency with more and more countries looking to replace dollars for international trade. Several nations have shown interest to use Indian Currency (INR) to do cross-border trade and to ease the process, the Reserve Bank of India (RBI) has given its nod to open 60 special rupees Vostro accounts in 18 countries including Russia and Sri Lanka. 

In a reply to a question, India’s Minister of State Finance Bhagwat Karad informed parliament that to facilitate payment in Indian rupees, RBI had approved 60 cases of domestic and foreign authorised dealers (Banks) for the opening of Vostro accounts in 18 nations. 

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Bhagwat Karad said, out of the 18 countries, Russia has been more active in initiating a trade in local currency for the overall ‘de-dollarisation’ process.

Indians, however, are taking all the necessary steps to implement the idea of trade in local currency, the minister added.

These are the 18 countries takes steps to trade in Indian rupees

Russia, Singapore, Sri Lanka, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Seychelles, Tanzania, Uganda, and the United Kingdom.

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Last year in July RBI issued detailed guidelines on international trade transactions in the Indian currency (Rupees). 

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First published on: Mar 15, 2023 06:49 PM IST

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