2 years ago
Indian rupee goes global, the likes of Cuba, Sudan want to follow suit
FirstpostThe 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 mechanism is a means of using the currency in all international transactions instead of dollars and other big currencies. Also, four countries have shown interest in opening a special rupee account called ‘Vostro accounts.’ However, the documents showed that partner banks in India have not yet provided facilities or means to open such accounts.
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