Trade agreement between India, Malaysia now possible in ‘Indian Rupee’ | DEETS Latest updates

By Jason Junior On Apr 1, 2023

Why You Need a Separate Phone Line for Your Business

Oct 9, 2023

F&O Ban Today: F&O Ban: Delta Corp, Balrampur…

Apr 17, 2023

Image Source : PIXABAY.COM (REPRESENTATIONAL) Trade agreement between India, Malaysia now possible in ‘Indian Rupee’ | DEETS

India Malaysia trade agreement: Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR).

This initiative by RBI aims to facilitate the growth of global trade and to support the interests of the global trading community in the Indian Rupee. Notably, India, among others, imports a large amount of palm oil and its derivatives from Malaysia to fulfill its huge domestic edible oil demand.

“India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalised this mechanism by opening a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India,” an official statement said by the Ministry of External Affairs said on Saturday.

Know about India Malaysia trade settlement:

More details about the trade settlement can be accessed on its website (www.Indiainternationalbank.com.my)Meanwhile, India on Friday ( March 31) unveiled India’s new Foreign Trade Policy (FTP) 2023, which seeks to boost the country’s exports to USD 2 trillion by the year 2030 and especially focuses on international trade settlement in rupees.

The government has been working towards making the Indian Rupee a global currency and allowing international trade settlement. This mechanism will help in internationalizing the Indian currency in the long run.

A currency can be termed international if it is widely accepted worldwide as a medium of exchange. So far India has been able to do rupee-denominated trade with a few countries and is in close coordination with several others to fructify it.

(With ANI inputs)

ALSO READ: India to push for rupee trade agenda during G20 meetings: Official

ALSO READ: RBI has allowed banks from 18 countries to open rupee accounts for trade: Govt

Latest Business News

Read original article here

Denial of responsibility! TechnoCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.