International Trade in Rupee: Any goods have to be exported abroad or imported from there. It has to depend on the dollar for its payment. It may end soon and you can do foreign trade in rupees only.
Dollar Vs Rupees: India exports many goods from tea to spices. At the same time, it also imports pulses from edible oil. Right now one has to depend on the dollar for the payment of this export and import. But now these days are about to change. Very soon international trade will be paid in rupees. The maximum benefit from this will be to those small and medium traders who do the business of import-export.
Commerce and Industry Minister Piyush Goyal says that very soon the traders of the country will be able to do foreign trade in rupees only. To start this facility, different countries are opening a special vostro account with Indian banks, or entering into an agreement.
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Britain, Singapore, New Zealand are ready
The Reserve Bank of India (RBI) has approved 60 requests for opening Special Rupee Vostro Accounts (SRVA). He has received these applications from 18 countries, including countries like Britain, Singapore and New Zealand.
Piyush Goyal told that RBI is in talks with its counterparts in different countries to start payment in rupees. Significantly, recently India has also started UPI payment facility with Singapore.
FTA with Canada, European Union also soon
Along with this, Piyush Goyal also gave information about the ongoing talks regarding Free Trade Agreement with many countries. He said that apart from Britain, talks of Free Trade Agreement (FTA) with Canada and European Union have reached a very advanced level.
It can be expected that in case of FTA with these countries, payment in rupees can start here also. By the way, let us tell you that apart from Singapore, India’s UPI payment has also become popular in countries like Nepal, Bhutan and United Arab Emirates.