Finance minister Nirmala Sitharaman said that around 22 countries were negotiating and exploring bilateral trade with India in rupees. She further said that it is also because many of those countries are running short of dollar.
"About 22 countries are negotiating and approaching us to see if bilateral trade can be held (in rupees). It is also because many of... those countries are running short of dollar," Sitharaman said during an interview.
India of late has taken a few measures to encourage the utilisation of the Indian rupee for executing international transactions. The South Asian country has established special rupee vostro accounts (SVRAs) within domestic banks, thus facilitating the exchange of national currencies, through collaborations with banks from 22 different countries.
The Reserve Bank of India has granted permission for banks from 18 countries to open SVRAs for the purpose of settling payments in Rupee, the Central government told the Rajya Sabha.
Following the BRICS summit in Johannesburg, Foreign Secretary Vinay Kwatra expressed that discussions regarding trade settlements in national currencies have been notably positive within the BRICS framework.
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