The Narendra Modi government has made this the first beginning that international trade in Indian rupees has gained more and more acceptance and India’s dependence on crores has come down. In such a situation, in the last few years, the Government of India has also taken the initiative to start business in Indian rupee by talking about this with many countries and making agreements. At present, payments have been made for this work with about 18 countries. Commerce and Industry Minister Piyush Goyal has said that doing international trade in domestic currency will help industries reduce costs and many are talking to the Reserve Bank of India (RBI) in this regard.
The filing and finance ministry had in previous years asked the top management of SAIT and industry chambers to charge the imports and charges in Rs. They want to link Indian banks with their counterparts abroad to open the first Vostro account to start cross-border trade in Indian currency instead of dollars.
Goyal said that today many countries are realizing that currency conversion is required for trade and this involves conversion cost, which also increases the expenditure cost.
He told the unemployed, “We can solve these former with a trade system in rupees.”
The minister said that several countries are in talks with each other in this regard. Several banks, including Docu Bank and UCO Bank, have opened special Vostro accounts for doing international trade in rupees. Russia’s largest bank Sberbank and second largest bank VTB Bank became the first foreign banks to seek its approval after the RBI issued instructions on international trade in rupees in July last year.
Another Russian bank, Gazprom, has opened a Vostro account with Kolkata-based UCO Bank. Gazprom does not have any units in India.