Business

Foreign Trade In Indian Currency Soon, Says Commerce Minister Piyush Goyal

By
OB Bureau

Rajkot: Union Commerce & Industry Minister Piyush Goyal has expressed hope that traders will soon be able to settle foreign trade in Indian rupee currency.

A number of banks from different countries are in the process of opening special Vostro accounts with Indian banks.

Reserve Bank of India (RBI) has already approved 60 requests to open Special Rupee Vostro Accounts (SRVAs) of banks from 18 countries, including the UK, Singapore and New Zealand.

Goyal said RBI is in discussion with its counterparts in different nations.

“We will soon start seeing operationalisation of this rupee trading in international trade with several countries,” Goyal told newspersons on Saturday.

He informed that negotiations for free trade agreements (FTAs) with developed regions like the European Union, the UK and Canada are in an “advanced” stage.

Groups like European Free Trade Association Free Trade Agreement (EFTA), Gulf Cooperation Council (GCC) and Eurasian Economic Union (EAEU) are also keen on similar pacts with India.

“The whole world wants to have a comprehensive economic partnership agreement with India,” the minister said.

OB Bureau

Recent Posts

IPL Auction: Shreyas Iyer Becomes Most Expensive Player Ever At Rs 26.75 Crore

Mumbai: Shreyas Iyer may be out of the Indian team currently. But the dashing right-handed…

November 24, 2024

What Did PM Narendra Modi Take From Odisha As Gift During 3-Nation Visit?

Bhubaneswar: A rare and exquisitely crafted Filigree boat made of pure silver from Odisha were…

November 24, 2024

PM Narendra Modi Tweets His Excitement Over Attending ‘Odisha Parba 2024’ Today

New Delhi/Bhubaneswar: Prime Minister Narendra Modi will participate in the ‘Odisha Parba 2024’ programme on…

November 24, 2024

SEBI In Dock As Bribery Case Involving Gautam Adani, His Officials Reaches Supreme Court

New Delhi: A fresh application was filed before the Supreme Court on Sunday urging the…

November 24, 2024

[Watch] Odisha CM Disburses Subhadra Assistance To Over 20 Lakh Beneficiaries In 3rd Phase

Bhubaneswar: Chief Minister Mohan Majhi disbursed the first instalment of Rs 5,000 under Subhadra Yojana…

November 24, 2024

Low Pressure Over Bay Of Bengal Becomes Well Marked; Will It Intensify Into Cyclone?

Bhubaneswar: The low-pressure over east Equatorial Indian Ocean (EIO) and adjoining southeast Bay of Bengal…

November 24, 2024

Here’s Why Rishabh Pant Gifted Scooters To Two Factory Workers

New Delhi: Cricket fans were left gasping for breath in December 2022 when Indian wicketkeeper-batter…

November 24, 2024

ASI To Submit Schedule For Ratna Bhandar Repair Work Today: Odisha Minister

Puri: Repair work of Shree Jagannath temple's Ratna Bhandar in pilgrim town of Puri will…

November 24, 2024