Yet, he continued, India has been promoting the idea of trade in local currency primarily to increase exports. Out of the 18 nations, the minister added, Russia has been vocal in promoting local currency transactions as part of the larger 'de-dollarization' movement. ( Also Read: This LIC Scheme Ending On March 31: Check Return Calculator, Other Details) ( Also Read: On World Sleep Day, This Bengaluru Firm Gives 'Gift Of Sleep' To Its Employees)Īccording to records, India's Reserve Bank of India (RBI) had given permission to 'domestic and foreign AD (Authorised Dealer) banks in 60 cases for opening SRVAs of banks from 18 nations' for the purpose of settling payments in Indian rupees, according to Bhagwat Karad, India's Minister of State for Finance.

The opening of 60 special rupee vostro accounts in 18 countries, including Russia and Sri Lanka, has been authorised by India's central bank, the RBI, in order to facilitate the smooth operation of international trade in INR. The latest report says that as more nations try to de-dollarize international trade, the Indian rupee is getting closer to becoming a recognised currency. internationalization of the rupee is a process that involves increasing use of the local currency in cross-border transactions and promoting the rupee for import and export trade thereby. But, the latest report suggests that India has made tremendous progress towards giving the rupee this status. Nowadays, currencies like the US dollar, Euro, Japanese yen, British pound, and to a lesser extent, the Chinese yuan, can claim to be a global reserve currency. New Delhi: India has been attempting to internationalise the rupee for a long.

Rupees in other countries