National Affairs

International Trade In Rupee Soon: Piyush Goyal

Commerce and Industry Piyush Goyal expressed hope on Saturday that businessmen would soon be able to settle foreign trade in rupees. 

He said that many banks of different countries are opening special Vostro accounts with Indian banks. The Reserve Bank of India (RBI) has approved 60 requests to open Special Rupee Vostro Accounts (SRVA) with respective banks from 18 countries including UK, Singapore and New Zealand.

Piyush Goyal said that the central bank is discussing the issue with its counterparts in various countries.

Goyal told reporters here, ‘We will soon see international trade  in rupee with many countries. The talks are in “advanced” stages.’

“The whole world wants to sign a Comprehensive Economic Partnership Agreement with India,” the minister said.

Talking about the second phase of the production-linked incentive scheme for the textile sector, he said that the outline of the scheme would be finalized very soon . .

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