Dedollarisation: 22 countries exploring bilateral trade with India in rupees, says Nirmala Sitharaman
1 year, 3 months ago

Dedollarisation: 22 countries exploring bilateral trade with India in rupees, says Nirmala Sitharaman

Firstpost  

Union Finance Minister Nirmala Sitharaman said these 22 countries are willing to settle bilateral trade in Indian rupee, ‘because many of… those are running short of dollar’ As many as 22 countries approached India to explore bilateral trade in rupees, Union Finance Minister Nirmala Sitharaman said, adding that negotiations with them are underway. Sitharaman said that these countries are willing to settle bilateral trade in the Indian rupee, “because many of… those countries are running short of dollar.” In July last year, the Reserve Bank of India issued guidelines on cross-border trade transactions in INR. ‘India’s DPI earned praises from global leaders’ Speaking on India’s Digital Payments Infrastructure, Sitharaman said, “There’s a lot of interest in DPI. The way India has used digital infrastructure has earned praise from global leaders, including the World Bank.” ‘Credit the success of G20 Summit to PM Modi’ Sitharaman said she would give complete credit for the G20 Summit’s success to Prime Minister Narendra Modi.

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History of this topic

Trump’s threat of 100% tariffs unrealistic; India should focus on local currency trading:GTRI
3 weeks, 1 day ago

Trump’s threat of 100% tariffs unrealistic; India should focus on local currency trading:GTRI

Live Mint  

New Delhi, Dec 1 The warning of US President-elect Donald Trump to BRICS countries to impose 100 per cent customs duties if the BRICS group would replace the US dollar is unrealistic, and India should focus on developing a workable local currency trading system, think tank GTRI said on Sunday. "Trump's threat to impose 100 per cent tariffs on countries …

India-UK FTA talks: Both sides seek to bridge gaps to close deal expeditiously
1 month ago

India-UK FTA talks: Both sides seek to bridge gaps to close deal expeditiously

Live Mint  

New Delhi, Nov 20 India and the UK would seek to bridge the differences for expeditious conclusion of the proposed free trade agreement as Britain has announced resuming the negotiations early next year, an official statement said on Wednesday. British Prime Minister Keir Starmer has announced that trade talks with India will relaunch in the new year, following his bilateral …

Non-tariff barriers, regulatory impediments must be addressed: EAM on India-Russia trade
1 month, 1 week ago

Non-tariff barriers, regulatory impediments must be addressed: EAM on India-Russia trade

Hindustan Times  

The imbalance in India-Russia trade needs to be addressed urgently, including steps to remove non-tariff barriers and regulatory impediments and facilitate the settlement of trade in national currencies, external affairs minister S Jaishankar said on Monday. Jaishankar’s remarks, made while addressing the India-Russia Business Forum in Mumbai alongside Russia’s first deputy prime minister Denis Manturov, came against the backdrop of …

Piyush Goyal: Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India
9 months, 1 week ago

Piyush Goyal: Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India

The Hindu  

New Delhi Many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses, Commerce and Industry Minister Piyush Goyal has said. Mr. Goyal said that it is now picking up traction and a lot of countries have come …

Indian official delegation heads for London for FTA talks
10 months ago

Indian official delegation heads for London for FTA talks

Hindustan Times  

The chief negotiators of both the countries would hold negotiations on different issues such as goods, services, and rules of origin. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other hand, the UK is seeking …

India-China bilateral trade hit a new record in 2023: Envoy
10 months, 2 weeks ago

India-China bilateral trade hit a new record in 2023: Envoy

The Hindu  

India and China trade reached record levels in 2023, said the Chinese envoy to India, indicating that bilateral trade had surpassed 2022 figures despite a slowdown mid-year. Speaking at an event in Delhi celebrating the Chinese New Year, the envoy, Charge D’Affaires Ma Jia said that the growth in trade, to US $136.2 billion went along with other areas of …

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies
1 year, 1 month ago

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies

Live Mint  

Emphasising on the importance of bilateral agreements between the countries, Indian finance minister Nirmala Sitharaman on Thursday said that the global multilateral treaties are now receding. Speaking at the India-Sri Lanka Business Summit in Colombo, Sitharaman said: “Global multilateral treaties are now receding. In her speech, Sitharaman stressed on the importance of bilateral pacts between the countries and said that …

India, Tanzania discuss trade in local currencies
1 year, 2 months ago

India, Tanzania discuss trade in local currencies

Firstpost  

Tanzanian cashew nuts, pigeon peas, spices, avocados, and other agricultural products continue to be sent to India in large quantities. Both parties decided to intensify their current level of collaboration in this area According to Dammu Ravi, Secretary for Economic Relations in the Ministry of External Affairs, during a press conference on Monday, India is looking into trading local currencies …

‘Hope we can get it done’: Rishi Sunak on UK-India trade deal
1 year, 2 months ago

‘Hope we can get it done’: Rishi Sunak on UK-India trade deal

Live Mint  

British Prime Minister Rishi Sunak has reiterated his commitment to closer India-UK ties across different sectors, including a free trade agreement between the two countries. Addressing a reception by the diaspora group Conservative Friends of India on the sidelines of the ongoing Conservative Party conference in Manchester on Monday evening, the British Indian leader began by reflecting upon his “successful” …

Confident of striking a modern, forward-looking free trade agreement: British PM Rishi Sunak on trade ties with India
1 year, 3 months ago

Confident of striking a modern, forward-looking free trade agreement: British PM Rishi Sunak on trade ties with India

The Hindu  

British Prime Minister Rishi Sunak on September 6 said there was “still some way to go” for a free trade pact with India to be finalised, but appeared confident that the final outcome will be a "forward-looking" and "modern" deal that would benefit both sides and facilitate shared ambition of doubling trade by 2030. In an exclusive interview to PTI, …

G20 Presidency helping India deepen trade ties with member nations: Experts
1 year, 3 months ago

G20 Presidency helping India deepen trade ties with member nations: Experts

India TV News  

According to experts, G20 Presidency is helping India deepen trade ties with other member nations and provides an opportunity to attract investments from those countries in sectors like infrastructure. The largest trade block of G20, the EU, will set in motion the carbon border adjustment mechanism from October 1 this year, making exports expensive from countries like India. Mumbai-based exporter …

Centre has started trade with neighbouring countries in INR, says Anupriya Patel
1 year, 4 months ago

Centre has started trade with neighbouring countries in INR, says Anupriya Patel

Firstpost  

All bilateral trade activities with Bhutan are entirely conducted in INR, the minister said. The minister also noted that all bilateral trade activities with Bhutan are entirely conducted in INR. As of July 2, RBI has approved 34 applications from different Russian banks for opening SRVA in 14 Indian commercial banks,” the minister said in a written reply. “To formally …

Dedollarisation: Rupee continues global march as India, Indonesia in talks to settle trade in domestic currency
1 year, 5 months ago

Dedollarisation: Rupee continues global march as India, Indonesia in talks to settle trade in domestic currency

Firstpost  

Indonesia, which is among the largest economies in Asia, and is said to be the largest trading partner of India in the ASEAN region India and Indonesia are expected to soon seal a deal for settling bilateral trade in domestic currency, shunning the US dollar. India and Indonesia trade was of around $39 billion last year, it was India’s sixth …

India and UAE set to use rupee, dirham for trade
1 year, 5 months ago

India and UAE set to use rupee, dirham for trade

The Hindu  

India on Saturday moved a step closer to increasing circulation of the rupee in the Gulf region with the signing of two memoranda of understanding between the Reserve Bank of India and the Central Bank of the United Arab Emirates. The first agreement between the RBI and the UAE Central Bank will establish a framework to “promote the use of …

Why internationalising the rupee is fraught with challenges
1 year, 5 months ago

Why internationalising the rupee is fraught with challenges

India Today  

The Reserve Bank of India has once again brought to the fore the issue of internationalisation of the rupee, i.e. In July last year, the RBI had put in place a mechanism to settle international trade in rupees in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of the …

India's Campaign To Boost Rupee In Cross-Border Payments Gets Off To A Tepid Start: Report
1 year, 5 months ago

India's Campaign To Boost Rupee In Cross-Border Payments Gets Off To A Tepid Start: Report

ABP News  

In cross-border payments, India’s year-old campaign to boost the role of rupee has made little progress, citing people privy to the development news agency Bloomberg reported on Friday. The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters such as the …

Internationalising the rupee without the ‘coin tossing’
1 year, 5 months ago

Internationalising the rupee without the ‘coin tossing’

The Hindu  

The government’s announcement of a long-term road map for further internationalisation of the rupee can turn out to be a positive exercise. Very little international demand The rupee is far from being internationalised — the daily average share for the rupee in the global foreign exchange market hovers around ~1.6%, while India’s share of global goods trade is ~2%. Ongoing …

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch
1 year, 5 months ago

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch

Hindustan Times  

Jaishankar Makes Big Comment on BRICS Currency Plans Amid De-Dollarisation Push | Watch India has made a big declaration amid speculation of a new BRICS currency. India's external affairs minister, S. Jaishankar, said there are no plans for a new BRICS currency and that the focus is on strengthening the national currency. Some reports state that 41 countries, including Bangladesh, …

India, UK still far apart on free trade deal: Report
1 year, 7 months ago

India, UK still far apart on free trade deal: Report

Live Mint  

India and Britain are struggling to make progress in free trade talks due to differences on some key tariff lines and investment protection rules, making a deal unlikely during Prime Minister Narendra Modi's second term ending next year, Indian sources said. Besides tariffs, Britain is also pushing India to agree on strong investment-protection provisions either as part of the deal …

US Says Committed to Advancing Economic Growth with India
1 year, 8 months ago

US Says Committed to Advancing Economic Growth with India

News 18  

The Biden administration is committed to working together with India in groups like the Quad to advance economic growth and expand bilateral cooperation, the White House has said. “The United States and India have a strong bilateral relationship and that’s including trade as well, trade relationship,” White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on …

Several countries willing to settle trade in Indian Rupee as it cuts transaction cost: Commerce Min Piyush Goyal
1 year, 8 months ago

Several countries willing to settle trade in Indian Rupee as it cuts transaction cost: Commerce Min Piyush Goyal

Firstpost  

Till now, 18 countries have opened Special Vostro Rupee Accounts to settle trade in INR New Delhi: Several countries are in talks with India’s central bank, RBI, to facilitate overseas trade in Indian rupee as it helps cut transaction cost, said Commerce and Industry Minister Piyush Goyal. So far, 18 countries have opened Special Vostro Rupee Accounts to settle trade …

Rupee trade arrangement to help cut transaction cost: Piyush Goyal
1 year, 8 months ago

Rupee trade arrangement to help cut transaction cost: Piyush Goyal

The Hindu  

International trade in the domestic currency will help reduce transaction cost for the industry and several countries are in discussion with the RBI on this, Commerce and Industry Minister Piyush Goyal said on Thursday. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather …

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman
1 year, 8 months ago

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman has said India’s G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. She also said G20 is trying to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka …

India, Russia trade hit record high in 2022, settled in INR, ruble
1 year, 8 months ago

India, Russia trade hit record high in 2022, settled in INR, ruble

Firstpost  

President of Russian Chamber of Commerce and Industry Serget Katyrin said India and Russia have been working in various options & are close to resolve the issue of payments between eachother New Delhi: Trade between India and Russia touched a record high of $35.3 billion at the end of 2022, about 2.5 times more than that in 2021, President of …

Trade agreement between India, Malaysia now possible in 'Indian Rupee' | DEETS
1 year, 8 months ago

Trade agreement between India, Malaysia now possible in 'Indian Rupee' | DEETS

India TV News  

India Malaysia trade agreement: Trade between India and Malaysia can now be settled in Indian Rupee in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee. Know about India Malaysia trade settlement: More details about …

India to trade in rupee with countries with currency failure
1 year, 8 months ago

India to trade in rupee with countries with currency failure

Deccan Chronicle  

Chennai: As the Foreign Trade Policy sought internationalisation of rupee, Commerce Secretary Sunil Barthwal said India is ready to trade in Indian rupee with countries facing currency failure or having dollar shortage. The decision to elevate the rupee’s status as an international trade settlement currency comes at the right time when several economies are rattled by currency fluctuations and dollar …

India ready for rupee trade with countries facing currency crises: Commerce Secretary
1 year, 8 months ago

India ready for rupee trade with countries facing currency crises: Commerce Secretary

The Hindu  

Commerce Secretary Sunil Barthwal on March 31 said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy 2023 which seeks to increase India's exports to $2 trillion by 2030, the Secretary also said the government is focusing on strengthening the rupee payment …

India to push for rupee trade agenda during G20 meetings: Official
1 year, 8 months ago

India to push for rupee trade agenda during G20 meetings: Official

India TV News  

India will be looking to push the rupee trade agenda with foreign countries during the G-20 meetings it is going to organise as part of its ongoing presidency of the forum, a senior bureaucrat said. The bureaucrat was responding to a question about whether India will be looking at the upcoming G-20 meeting of the trade and investment group as …

RBI has allowed banks from 18 countries to trade in rupee: government in Rajya Sabha
1 year, 9 months ago

RBI has allowed banks from 18 countries to trade in rupee: government in Rajya Sabha

The Hindu  

March 14, 2023 09:36 pm | Updated March 15, 2023 09:14 am IST - NEW DELHI Banks from 18 countries have been permitted by the Reserve Bank of India to open Special Vostro Rupee Accounts for settling payments in Indian rupees, the government told the Rajya Sabha on Tuesday. In response to a question from BJP’s Sushil Kumar Modi, Union …

India to soon trade in rupee with UAE, Malaysia and Nigeria
1 year, 10 months ago

India to soon trade in rupee with UAE, Malaysia and Nigeria

Firstpost  

Officials from Reserve Bank of India are in discussion with their counterparts in UAE, Nigeria and Russia over the last few months to work out on rupee trade mechanism with the local currencies of the countries New Delhi: After Russia, trade settlement in Indian rupee will soon be possible with the UAE, Malaysia and Nigeria. A report by Business Standard …

Finance Minister Nirmala Sitharaman exhorts exporters to 'foresee' impact of global slowdown, engage with govt
1 year, 10 months ago

Finance Minister Nirmala Sitharaman exhorts exporters to 'foresee' impact of global slowdown, engage with govt

Firstpost  

Nirmala Sitharaman further said that customs authorities at the borders are keeping a tab on both exports and imports New Delhi: Finance minister Nirmala Sitharaman on Wednesday exhorted exporters to be receptive and ‘foresee’ how the recession or slowing economy abroad will pan out for them, while asking them to constantly engage with the government. With regard to imports, she …

Crypto Regulation: Nirmala Sitharaman Says India Discussing SoP Development For Assets With G-20 Nations
1 year, 10 months ago

Crypto Regulation: Nirmala Sitharaman Says India Discussing SoP Development For Assets With G-20 Nations

ABP News  

Finance Minister Nirmala Sitharaman on Monday said India is discussing with the G-20 member countries the need to develop a standard operating protocol for regulating crypto assets. She said crypto assets and web3 are relatively new and evolving sectors, and require significant international collaboration for any specific legislation on these sectors to be fully effective. In reply to a separate …

Government, RBI in discussion with South Asian countries for cross-border rupee trade: Shaktikanta Das
1 year, 11 months ago

Government, RBI in discussion with South Asian countries for cross-border rupee trade: Shaktikanta Das

The Hindu  

RBI Governor Shaktikanta Das on January 6, 2023 said the government and the central bank are in discussion with South Asian countries to have cross-border trade in rupee. We are already in discussion with some of the countries in this region and to facilitate rupee settlement of cross border trade in the South Asian region," Mr. Das said. Mr. Das …

Indian rupee going global? After Russia, 35 countries show interest in INR trade settlement mechanism
1 year, 11 months ago

Indian rupee going global? After Russia, 35 countries show interest in INR trade settlement mechanism

Firstpost  

India’s rupee trade settlement mechanism is a method of using INR instead of dollars and other big currencies for international transactions New Delhi: Days after sanctions-hit Russia became the first overseas country to start foreign trade in Indian rupee, about 35 nations have expressed interest in better understanding the rupee trade mechanism. The India’s central bank - Reserve Bank of …

India, UAE in talks to trade in rupee, partner on defence tech: UAE envoy
2 years ago

India, UAE in talks to trade in rupee, partner on defence tech: UAE envoy

Live Mint  

India and UAE are discussing using the rupee settlement mechanism for trade, UAE’s ambassador to India Abdulnasser Alshaali said. UAE is India’s third-largest trade partner after the US and China. In an interview, Alshaali said the GCC-India free trade agreement, negotiations for which is expected to begin next year, could have certain aspects of the India-UAE FTA, and that both …

Indian rupee goes global, the likes of Cuba, Sudan want to follow suit
2 years ago

Indian rupee goes global, the likes of Cuba, Sudan want to follow suit

Firstpost  

The Reserve Bank of India announced the setting up of a mechanism to carry out international trade in Indian rupees. The Indian government is looking at ways to bring countries that are particularly short of dollars into the ambit of the mechanism India’s rupee trade settlement has attracted other nations to adopt a similar mechanism. The Indian rupee trade settlement …

India, UAE central banks discuss rupee, dirham trade
2 years ago

India, UAE central banks discuss rupee, dirham trade

The Hindu  

The Central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday. India and the UAE had already signed a free trade agreement in February to give a fillip to bilateral trade and economic ties. The free trade agreement …

India out of US’ Currency Monitoring List: What is it and why is the removal good news?
2 years, 1 month ago

India out of US’ Currency Monitoring List: What is it and why is the removal good news?

Firstpost  

Through the Currency Monitoring List, the Department of Treasury keeps an eye on the major US trading partners’ currency practices and macroeconomic policies. With India no longer on the list, an expert says it is ‘good news’ as the country is no longer considered a potential ‘currency manipulator’ The United States dropped India and four other countries from its Currency …

India-U.K. trade pact talks moving in right direction: Commerce Secretary
2 years, 2 months ago

India-U.K. trade pact talks moving in right direction: Commerce Secretary

The Hindu  

Negotiations for the proposed trade pact between India and the United Kingdom are moving in the right direction, and both sides are expected to reach an agreement soon, a top government official said on Thursday, October 20, 2022. In January, both countries formally launched talks for a free trade agreement to boost bilateral trade and investments. In such pacts, two …

Using a rupee route to get around a dominating dollar
2 years, 4 months ago

Using a rupee route to get around a dominating dollar

The Hindu  

A number of countries, including India, are now considering the use of other currencies to avoid the U.S. dollar and its hegemonic role in settling international transactions. The present scenario In recent times, India has been taking an active interest in having the rupee used for trade and the settlement of payments with other countries, which include Russia, now facing …

RBI’s gameplan for conducting international trade settlements in rupees
2 years, 5 months ago

RBI’s gameplan for conducting international trade settlements in rupees

Live Mint  

As the rupee falls against the US dollar due to global uncertainties, the Reserve Bank of India on Monday introduced a rupee settlement system for international trade. “In order to promote the growth of global trade with an emphasis on exports from India and to support the increasing interest of the global trading community in INR, it has been decided …

India goes for global trade payments in rupees: What it means & challenges ahead
2 years, 5 months ago

India goes for global trade payments in rupees: What it means & challenges ahead

India Today  

The Reserve Bank of India has announced that it is putting into place a mechanism for international trade settlements in rupees. The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said. "In order to promote growth of global trade with emphasis on exports from India and to …

RBI's Decision On Cross-Border Trade in Rupee: What Is The New System, How Will It Help?
2 years, 5 months ago

RBI's Decision On Cross-Border Trade in Rupee: What Is The New System, How Will It Help?

News 18  

The Reserve Bank of India‘s latest decision to allow rupee transactions in international trade will help in subsiding price pressures and strengthen India’s presence in the global market. It added that for settlement of trade transactions with any country, authorised dealer banks in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. According to …

RBI introduces mechanism for international trade settlement in rupees
2 years, 5 months ago

RBI introduces mechanism for international trade settlement in rupees

India Today  

The Reserve Bank of India is putting into place a mechanism for international trade settlements in rupees, which banks will need to seek prior approval to use, it said in a release on Monday. The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said. "In order to …

RBI sets up system to settle trade in rupees
2 years, 5 months ago

RBI sets up system to settle trade in rupees

The Hindu  

The Reserve Bank of India has put in place a mechanism to facilitate international trade in rupees, with immediate effect. “In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, …

India has unique role in addressing 'global challenges': IMF chief Kristalina Georgieva
2 years, 8 months ago

India has unique role in addressing 'global challenges': IMF chief Kristalina Georgieva

India TV News  

Highlights Ind has role to play to overcome global challenges by reaching out to different parts of world: IMF India is using its long tradition of being inclusive and open to collaborate with all countries: IMF IMF MD Kristalina Georgieva made the remarks at a joint news conference with Nadia Calviño As the chair of the powerful grouping of G-20 …

This is India’s moment of reckoning
2 years, 8 months ago

This is India’s moment of reckoning

The Hindu  

I have been deeply saddened by recent global developments of conflict and violence in Ukraine. India’s trade is dependent on both these power blocs and on the current global economic structures of free trade, established reserve currency and transaction systems. While one may reasonably quibble about this new doctrine, India, as the largest peace-loving democracy, stands to gain enormously from …

India Must Push Rupee as International Trade Currency, Benefits Far Outweigh Losses
2 years, 8 months ago

India Must Push Rupee as International Trade Currency, Benefits Far Outweigh Losses

News 18  

India operates a huge trade deficit in excess of $150 billion. But this, as per the RBI, “makes the simultaneous pursuit of exchange rate stability and a domestically oriented monetary policy more challenging, unless supported by large and deep domestic financial markets that could effectively absorb external shocks.” Lessons from History In early 1960s, the Rupee was the unit of …

India an important trade and strategic partner: US Trade Representative
2 years, 8 months ago

India an important trade and strategic partner: US Trade Representative

The Hindu  

India is an important trading and strategic partner of the US, a top Biden administration official has told American lawmakers, asserting that despite some sharp differences, the two countries have agreed to work together on various issues, including the market access commitments. It was very important for us as the USTR and for me personally to go to Delhi to …

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