7 Countries Including Saudi, Russia will take Indian Rupee are Ready

Indian rupee to go international for trade: Government of India has started the process of internationalization of rupee. Under this, a notification was issued last week by the Directorate General of Foreign Trade (DGFT) regarding import-export in rupee.

Now all the restrictions on the rupee are over

With this, all the obstacles coming in the way of foreign trade in rupee have been removed accordingly. According to sources, the government wants to establish the rupee as an international currency by 2047, so that before 100 years of independence, the Indian currency will not be less valuable than any other currency.

Rupee will start running in Russia soon

Recently, in a meeting held between the senior officials of the Ministry of Finance and the Ministry of Commerce and Industry, discussions were held to prepare a mechanism to establish the rupee in the global currency. 

Currently, more than 40 percent of global trade is done in US dollars. Federation of Indian Organizations (FIEO) Export CEO and Director General Ajay Sahai says that trading with Russia can start soon in rupees.

Rupee business will also be done in Saudi Arabia, Sri Lanka, Bangladesh, Mexico, Brazil

After this there is a similar possibility with Saudi Arabia. This will certainly be a significant step towards internationalization of the rupee. Former FIEO President Sharad Kumar Saraf said that countries like Sri Lanka, Bangladesh, Mexico, Brazil can also trade with India in rupees. Exporters said that countries facing dollar crunch would be ready to do business in rupee. According to foreign trade experts, trade in rupee with countries like Russia and Saudi Arabia will provide relief in the import bill.

Will get benefit

  • Imported things will be cheaper
  • The price of oil, petrol, diesel and gas will come down
  • People will not have much effect on the currency rate due to the decrease in the dollar
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