India Is Planning To Increase Its Bilateral Trade Through Rupee Account

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India Is Planning To Increase Its Bilateral Trade Through Rupee Account

The Indian government is in talks with small countries to start up bilateral trade using the Rupee account. Furthermore, the Indian government intends to internationalize the Indian payment systems.

The sole purpose of taking this decision is to establish a new payment method in the global commerce market and put some stoppage in the US Dollar domination. 

This is simply the first step, but it will soon take the place of the US Dollar as the accepted payment method throughout the globe. 

According to the Exim Trade Data, small countries like Djibouti, Zimbabwe, Malawi, Ethiopia, Sudan, etc are included in the Bilateral trade with India.  

Based on the latest India Import-export data, The National Payments Corporation of India (NPCI), the Reserve Bank of India (RBI), and the Indian Finance Ministry all remained silent on this matter.

The president of (IEOT) Mr. Asif Iqbal said that “We are dealing with a group of smaller countries who may be interested in doing bilateral trade through a dedicated rupee account”

He also said that “We are helping to initiate bilateral talks after which we will make a proposal for UPI payment system including NPCI. Such small steps will help the rupee gain international influence gradually through non-dollar bilateral trade”.

Sufficient for now, if want to know more about the Indian trade then visit our official website Exim Trade Data. 

 

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