New Delhi: Indian currency is becoming an international currency, more and more countries are looking to the dollar in international trade. Several countries have shown interest in using the Indian currency (INR) for cross-border trade and facilitating the process. The Reserve Bank of India (RBI) has opened special Rs 60 Vostro accounts in 18 countries including Russia and Sri. Lanka.
In response to a question, Indian Finance Minister Bhagwat Karad informed the Parliament that to facilitate payment in Indian rupees, RBI has approved opening of Vostro accounts for 60 domestic and foreign authorized dealers (banks) in 18 countries.
Bhagwat Karad said that among the 18 countries, Russia has more actively initiated trade in local currency for the overall “de-dollarization” process.
At the same time, Indians are taking all necessary steps to implement the idea of trading in the local currency, the minister added.
These are the 18 countries taking steps to trade with the Indian rupee
Russia, Singapore, Sri Lanka, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Seychelles, Tanzania, Uganda and the United Kingdom.
In July last year, the RBI issued detailed guidelines for international trade transactions in Indian currency (rupees).