Sep 10, 2022
Today’s edition of our Current Affairs will comprise a discussion on Why Indian Govt is Pushing for International Trade in Rupee. Read further to upgrade your UPSC CSE knowledge and also understand the topic’s relevance to the UPSC syllabus.
For Prelims: International Trade Settlement in Indian Rupees, International trade, SWIFT, RBI, Exchange rate, Vostro account.
For Mains: India- Russia trade relation, trade settlements between countries.
What steps could be taken to promote international trade in rupee?
The Finance Ministry wants stakeholders including banks and the Ministries of External Affairs and Commerce to discuss ways to promote international trade in rupee instead of the United States dollar.
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SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, which is the world's international payment network used by banks and other financial systems to quickly, accurately, and securely send and receive information, such as money transfer instruction.
A Vostro account is an account that a correspondent bank holds on behalf of another bank — for example, HSBC Vostro account is held by SBI in India.
Also watch a detailed video on Cryptocurrency by Vivek Singh:
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