International trade in rupee currency soon: Piyush Goyal


PTI, Apr 22, 2023, 7:21 PM IST

Rajkot: Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders will soon be able to settle foreign trade in the rupee currency as several banks from different countries are opening special Vostro accounts with Indian banks.

The Reserve Bank of India (RBI) has approved 60 requests to open Special Rupee Vostro Accounts (SRVAs) of correspondent banks from 18 countries, including the UK, Singapore, and New Zealand. The central bank, he said, is in discussion with its counterparts in different nations on this.

”We will soon start seeing operationalisation of this rupee trading in international trade with several countries,” Goyal told reporters here. He also said that negotiations for free trade agreements (FTAs) with developed regions like the European Union, the UK, and Canada are in ”advanced” stages.

Groups including European Free Trade Association Free Trade Agreement (EFTA), Gulf Cooperation Council (GCC) and Eurasian Economic Union (EAEU) are also keen to start talks for similar pacts with India.

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

On the second phase of the production-linked incentive scheme for the textiles sector, he said that extensive stakeholder discussions have happened on the subject. ”I am quite confident that very soon we will be able to finalise the contours of the scheme and take it up for approval at the highest level,” he added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

My name not mentioned anywhere, says Ex-Andhra CM Jagan on Adani bribe controversy

Three women missing in dense Kerala forest; Search operation underway

Heavy rain forecast: Pondy govt declares holiday for educational institutions on Nov 29, 30

CM Vijayan opens Huddle Global; Says Kerala will be key player in India’s deep tech ambitions

Bengaluru to host Aero India 2025 from Feb 10-14

Karnataka cabinet decides to reopen graft case against Ex-CM Yediyurappa and family

Man attacks nurse inside hospital, caught on camera

Related Articles More

Achieved significant success against terrorism, left-wing extremism, insurgency, narcotics: Amit Shah

My name not mentioned anywhere, says Ex-Andhra CM Jagan on Adani bribe controversy

Three women missing in dense Kerala forest; Search operation underway

Heavy rain forecast: Pondy govt declares holiday for educational institutions on Nov 29, 30

CM Vijayan opens Huddle Global; Says Kerala will be key player in India’s deep tech ambitions

MUST WATCH

Grafting

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing


Latest Additions

Achieved significant success against terrorism, left-wing extremism, insurgency, narcotics: Amit Shah

My name not mentioned anywhere, says Ex-Andhra CM Jagan on Adani bribe controversy

Three women missing in dense Kerala forest; Search operation underway

Heavy rain forecast: Pondy govt declares holiday for educational institutions on Nov 29, 30

CM Vijayan opens Huddle Global; Says Kerala will be key player in India’s deep tech ambitions

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.