Business

Trade Settlement Between India and Malaysia is Now Possible In Indian Rupee

Trade in Indian Rupee: Besides the existing methods of settlement in other currencies, trade between India and Malaysia can now be settled in Indian Rupee (INR). The decision comes after the Reserve Bank of India decided on July 22 to allow the settlement of foreign trade in the Indian Rupee (INR). This initiative by the RBI aims to support the interests of the international trading community in the Indian Rupee in addition to facilitating the progress of global trade.

Notably, India imports a sizable amount of palm oil and its derivatives from Malaysia to meet its enormous local demand for edible oil.

Also Read: ChatGPT Faces Ban in Italy Over Privacy Risks

“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,” the Ministry of External Affairs said on Saturday.

On the other hand, India on Friday revealed its new Foreign Trade Policy (FTP) 2023, which aims to increase exports to USD 2 trillion by 2030. Additionally, it particularly emphasizes rupee-based international trade settlement. The Indian government has been working towards making Indian Rupee a global currency for quite some time. Now, this new trade agreement with Malaysia will aid in achieving this goal.

Also Read: SBI Fines 23 Entities For Disregarding Trading Norms For Rs 1.55 Crore

 

 

Malika Sahni

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

4 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

5 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

5 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

5 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

8 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

9 hours ago