PTI | , Posted by way of Singh Rahul Sunilkumar
Commerce and Industry Minister Piyush Goyal on Saturday expressed hope that investors will quickly have the ability to settle international business within the rupee foreign money as a number of banks from other international locations are opening particular Vostro accounts with Indian banks.
The Reserve Bank of India (RBI) has licensed 60 requests to open Special Rupee Vostro Accounts (SRVAs) of correspondent banks from 18 international locations, together with the United Kingdom, Singapore, and New Zealand.
The central financial institution, he stated, is in dialogue with its opposite numbers in numerous international locations in this.
“We will soon start seeing operationalization of this rupee trading in international trade with several countries,” Goyal informed journalists right here.
He additionally stated that negotiations without spending a dime business agreements (FTAs) with evolved areas just like the European Union, the United Kingdom, and Canada are in “advanced” levels.
Groups together with European Free Trade Association Free Trade Agreement (EFTA), Gulf Cooperation Council (GCC) and Eurasian Economic Union (EAEU) also are prepared to begin talks for identical pacts with India.
“The whole world wants to have a comprehensive economic partnership agreement with India,” the minister stated.
On the second one segment of the production-linked incentive scheme for the textiles sector, he stated that in depth stakeholder discussions have took place at the matter.
“I am quite confident that very soon we will be able to finalize the contours of the scheme and take it up for approval at the highest level,” he added.