the Indian government having a discussion with smaller countries to establish a bilateral trade through the Rupee account. Additionally, the Indian government wants to internationalize indigenous payment methods.
This decision is taken just to establish a new payment method and control the domination of US Dollars in the global trade market.
This is just a small step but in the upcoming time, it goes to the next level and becomes the official payment method throughout the world.
According to the Exim Trade Data, The countries that are considered in this bilateral trade are Djibouti, Zimbabwe, Malawi, Ethiopia, Sudan, etc.
the Reserve bank of India (RBI), the National Payments Corporation of India (NPCI), and the Finance Ministry of India did not react on this issue.
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”.
Enough for now, stay tuned with Exim Trade Data
