The Reserve Bank of India stated that it has put in place a mechanism to settle international trade in rupees. According to the statement released by the central bank, banks will need to seek prior approval for making international trade settlements in rupee under this new mechanism. The move comes amid increasing pressure on the Indian currency in the wake of Russia's invasion of Ukraine and is aimed at promoting the growth of global trade and supporting increasing global interest in the rupee. Facilitation of trade settlement in rupees could also allow India to bypass certain orders that prevent the use of a global currency such as the US dollar for trade with certain countries. Will there be many takers for this new trade settlement avenue? Is Indian one step closer to becoming a global currency? We discuss on the India Development Debate with Tamal Bandyopadhyay, Author & Senior Journalist. Tune in!
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