Piyush Goyal: Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India
The HinduNew 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 forward for this arrangement and are talking to India for that as they would also like to initiate direct transactions between their local currency and the rupee. The rupee trade mechanism has been initiated to facilitate trade in national currency with Russia, while Sri Lanka has included the rupee in its list of designated foreign currencies. Several banks, including HDFC Bank and UCO Bank, have opened special Vostro accounts to facilitate overseas trade in the rupee and many countries have expressed interest to have this arrangement for the local currency trade.