At present, the rupee is not an international currency because it is not fully convertible on capital accounts, and unrestricted cross-border transfer of funds in this currency is not permitted under Indian rules
The Reserve Bank of India’s Inter-Departmental Group (IDG) has drawn up measures to make the Indian rupee a global currency.
The IDG, headed by the Reserve Bank’s Executive Director Radha Shyam Ratho, wants invoicing and settling of international trade transactions in the Indian currency to increase its international presence and acceptance.
Indians in the Gulf keep their rupee assets in banks within India in various types of NRI accounts
In a recommendation that will impact non-resident Indians (NRIs), who heavily populate the Gulf region, the IDG has recommended the opening of rupee accounts for NRIs both in India and abroad.
Currently, Indians in the Gulf keep their rupee assets in banks within India in various types of NRI accounts, reported zawya.com.
At present, the rupee is not an international currency because it is not fully convertible on capital accounts, and unrestricted cross-border transfer of funds in this currency is not permitted under Indian rules.
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