International Trade In Rupee Currency Soon: Piyush Goyal
Indian traders will soon be able to settle foreign trade in our very own rupee crurren as several bank from different countries are opening special Vostro accounts with Indian banks, said Commerce and Industry Minister Piyush Goyal.
The Reserve Bank of India (RBI) has approved 60 requests to open Special Rupee Vostro Accounts (SRVAs) of correspondent banks from 18 countries, including the UK, Singapore, and New Zealand.
In discussion with the central banks of other countries on this matter, Goyal said, “We will soon start seeing operationalisation of this rupee trading in international trade with several countries.”
He also said that negotiations for FTAs with developed regions like the European Union, the UK, and Canada are in “advanced” stages.
Groups including European Free Trade Association Free Trade Agreement (EFTA), Gulf Cooperation Council (GCC) and Eurasian Economic Union (EAEU) are also keen to start talks for similar pacts with India.
“The whole world wants to have a comprehensive economic partnership agreement with India,” the minister said.
