Banks are being nudged to popularise the settlement of cross-border trade in rupee.
While many businesses – driven by commercial convenience, balance of payments, and terms of global reinsurers – often prefer to deal in hard, convertible currencies, New Delhi is pursuing its aim to internationalise the local currency. The Directorate General of Foreign Trade (DGFT) under the ministry of commerce and industry has asked the banking industry body to advise all banks to “conduct outreach programmes with the international trading community to promote trade in special rupee vostro accounts.”
Source:
Economic Times
