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 said with global trade outlook for 2022-23 overcast, greater intra-regional trade in the South Asian region can enhance opportunities for growth and employment. Rupee settlement of cross-border trade and CBDC, where the RBI has already started moving forward, can also be areas of greater cooperation in future," Mr. Das said.

Policy Growth Trade South Asia Settlement Region Asian South Asian South Countries Rbi Das Rupee This Region Upi Cbdc South Asian Countries Rupee Settlement  policy  countries  asian  rbi  trade  das  shaktikanta  region  discussion  settlement  rupee  growth  crossborder  mr  south

History of this topic

India should reconsider its rejection of the RCEP trade bloc
1 month, 1 week ago

India should reconsider its rejection of the RCEP trade bloc

Live Mint  

Five years ago, on a November morning in Bangkok, just on the verge of signing the Regional Comprehensive Economic Partnership agreement, India abruptly walked out of it. India’s RCEP participation should be based on a broad set of metrics—not merely the trade deficit, but also investment inflows, employment creation and participation in new regional value chains. A 2022 assessment by …

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential
2 months, 1 week ago

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential

Live Mint  

World Bank economist Franziska Ohnsorge urges India to reduce tariffs and ease foreign direct investment restrictions to unlock its full potential. She highlights India's small market share but emphasizes that it can still capitalize on opportunities due to its proximity to global supply chains. The World Bank expects South Asia to remain the fastest growing among emerging market and developing …

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 …

India-ASEAN trade deal ill conceived: Goyal
1 year, 4 months ago

India-ASEAN trade deal ill conceived: Goyal

Live Mint  

India-ASEAN trade deal signed under the UPA era is one of the most ill-conceived deals, commerce minister Piyush Goyal said on Thursday at an industry event. India mostly imports capital goods, raw materials and intermediates from Asean, the tariff concessions under the free trade agreements have also been advantageous to many sectors and adversely impacted domestic companies, especially chemicals and …

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 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 …

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 …

Trading more within Asia makes economic sense
1 year, 10 months ago

Trading more within Asia makes economic sense

The Hindu  

South Asia should now have a re-look at regional trade across Asia after the warning by the International Monetary Fund on January 31, 2023, that global trade would slow down from 5.4% in 2022 to 2.4% in 2023. A recently published paper in an IMF book, “South Asia’s Path to Resilient Growth”, argues that a strong base exists for South …

RBI, Govt In Discussions With South Asian Countries For Cross-Border Trade In Rupee: Shaktikanta Das
1 year, 11 months ago

RBI, Govt In Discussions With South Asian Countries For Cross-Border Trade In Rupee: Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Friday said the government and the RBI are in discussions with South Asian countries to have a cross-border trade in the rupee. South Asian nations need to undertake deep reforms to raise productivity, Das said while addressing the IMF Conference on South Asia’s path to resilient growth. Taming inflation, containing external vulnerabilities, raising productivity, strengthening …

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 …

Discover Related