Menu
BW CFO World
Community for Finance Professionals, Consultants and allied businesses
  • Home
  • News
  • Videos
  • Articles
    • Credit & Capital
    • Economic Trends
    • Financial Compliance
    • Financial Leadership
    • Financial Management
    • Financial Reporting
    • Financial Strategy
    • Risk Management
    • Taxation
  • Featured
  • Nominate for Awards
Close Menu
September 7, 2022

Finance Ministry To Promote Internationalisation Of Rupee

Urvi Srivastava Financial Reporting commerceministry, Finance Ministry, IBA, RBI, Rupee

nirmala sitharaman 3

The meeting will be chaired by financial services secretary Sanjay Malhotra, and will witness attendees from the Reserve Bank of India, IBA and other industry bodies

The finance ministry is set to hold a meeting with all stakeholders, including banks, and officials of external affairs, and commerce ministries. The agenda of the meeting is to discuss ways to promote cross-border trade in India’s currency, the Rupee instead of the US dollar. The meeting will be chaired by financial services secretary Sanjay Malhotra, and will witness attendees from the Reserve Bank of India, IBA and other industry bodies.

As per sources, banks would be asked to promote this move by the government by asking exporters to negotiate on rupee based trade. RBI in July issued a detailed circular asking banks to make required arrangements for trade transactions in Indian rupees. This move by the Reserve Bank of India (RBI) is a step towards internationalisation of the Indian Rupee. Presently, a large chunk of mutual trade between India and Russia is getting settled in rupee. This is primarily due to sanctions imposed by the US and Europe following Russia-Ukraine conflict. The RBI had said for settlement of trade transactions, the concerned banks will require Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country.

Avatar

Urvi Shrivastav

→ Urvi Shrivastav

Brazil Asks Apple To Stop IPhone Sales Without Charger Ashwini Parolkar Joins As COO Of Blacksof

Related Posts

ss

Financial Reporting, Ratings

FTSE Russel Will Not Include India In Govt Bond Index

oo

Financial Reporting

India’s Entry Into GBI May Bring $10 Bn Of Flows: ICICI Bank

Sridhar Kalyanasundaram

Financial Reporting

‘Unethical Conduct’:  Independent  Director  Of  Dhanlaxmi  Bank  Quits  Board

Selected Stories

  • saugata guptaSaugata Gupta Appointed As ASCI Chairman

    Read more

  • RBIWeighted Average Lending Rate Of SCB Increases By 3-Bps In August: RBI

    Read more

  • CFO Template (1)VideoVerse Appoints Hemant Agarwal As CFO To Spearhead Financial Strategies

    Read more

  • ssFTSE Russel Will Not Include India In Govt Bond Index

    Read more

  • MCXMCX Sheds 6% After Sebi Finds Glitches In TCS Supported New Platform

    Read more

Movements

  • saugata guptaSaugata Gupta Appointed As ASCI Chairman
  • CFO Template (1)VideoVerse Appoints Hemant Agarwal As CFO To Spearhead Financial Strategies
  • Jio cinemaJioCinema Likely To Name Kiran Mani As Next CEO: Reports
  • jatin Dalal CognizantCognizant Appoints Jatin Dalal As New CFO
  • PatroHMD Appoints Tanuj Patro As New CFO

Categories

  • Accounting
  • CFO Stance
  • Credit & Capital
  • Economic Trends
  • Economy
  • Featured
  • Financial Compliance
  • Financial Leadership
  • Financial Management
  • Financial Reporting
  • Financial Strategy
  • Financial Technologies
  • Global News
  • Interview
  • Movements
  • Ratings
  • Risk Management
  • Taxation

Recent Comments

    Back To Top
    BW CFO World
    • Home
    • News
    • Videos
    • Articles
      • Credit & Capital
      • Economic Trends
      • Financial Compliance
      • Financial Leadership
      • Financial Management
      • Financial Reporting
      • Financial Strategy
      • Risk Management
      • Taxation
    • Featured
    • Nominate for Awards
    © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.