New Delhi: Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that traders would soon be able to settle foreign trade in 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 from correspondent banks from 18 countries including the UK, Singapore and New Zealand to open Special Rupee Vostro Accounts (SRVA). ,Also read: Will Rupee replace Dollar? Indian currency inching closer to becoming an international currency – Check out the list of countries that have agreed to trade in INR,
He said the central bank is discussing this with its counterparts in various countries. “We will soon see this rupee trading in international trade with many countries,” Goyal told reporters here. ,ALSO READ: The next generation of business tycoons: Meet the children of India’s richest families who are set to lead an empire,
He also said that negotiations for free trade agreements (FTAs) with developed regions such as the European Union, the UK and Canada are in “advanced” stages.
Groupings including the European Free Trade Association Free Trade Agreement (EFTA), the Gulf Cooperation Council (GCC) and the Eurasian Economic Union (EAEU) are also keen to initiate talks for a similar agreement with India.
“The whole world wants a Comprehensive Economic Partnership Agreement with India,” the minister said. Regarding the second phase of the production linked incentive scheme for the textile sector, he said that there has been a wide stakeholder discussion on the subject.
“I am sure that very soon we will be able to finalize the outline of the plan and take it for approval at the highest level,” he said.