Apr 15, 2022
Today we will talk about the Rupee-Rouble Mechanism in our daily edition of the Current Affairs Dialog box. Navigate through the blog to enhance your UPSC Exam Preparation and also get an idea of the topic’s relevance to the CSE syllabus.
Prelims: Current Events of National and International Importance.
Mains: Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests.
Click here to read yesterday’s edition of the Current Affairs
India is considering reviving the Rupee-Rouble mechanism with Russia to facilitate trade in the wake of ongoing Russia-Ukraine Conflict.
The revival of the Rupee-Rouble mechanism with Russia is fraught with challenges.
Upgrade your UPSC CSE preparation with our PrepLadder’s Prelims Booster series. Watch a detailed video on Bad Banks by Prem Sodhani Sir, our Current Affairs faculty:
Indo-Soviet Agreement: Under Article VI of the Indo-Soviet agreement which entails: All payments between India and the then Soviet Republic USSR may be made in Indian Rupees. For this purpose, the State Bank of the USSR. will maintain one or more accounts with one or more commercial banks in India authorised to deal in foreign exchange. In addition, the State Bank of the USSR will, if that Bank considers necessary, maintain another account with the Reserve Bank of India. All commercial transactions to be financed in Rupees will take place through the commercial bank accounts while the account with the Reserve Bank of India will be used only for replenishing the balances with the commercial banks when necessary. |
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