HENCY R SHAH AND ASSOCIATES

₹ to use as foreign trade currency   Use of rupee in foreign trade:  In order to facilitate international trade, Sri Lanka has agreed to utilize ₹. It occurs shortly after the Indian government announced it was looking into ways to include nations who are particularly short on dollars in the Indian rupee trade settlement process. Notably, the Indian government has been attempting to entice nations with dollar shortages to use its rupee settlement system since July of this year. The Indian rupee trade settlement system allows for the use of the Indian rupee in place of dollars and other major currencies in all international transactions. The RBI announced the creation of a system to conduct foreign trade in Indian rupees on July 11. While the market determines the exchange rate between the trading partners, the method will allow all exports and imports to be denominated and billed in Indian rupees. In order to educate stakeholders on the rupee trade, the Indian Fina...

Digital Rupee is the future of money Almost nine months after the Finance Minister, Nirmala Sitharaman first spoke about the digital currency in parliament, the digital rupee was launched in India. The pilot project launched by the RBI is for wholesale transactions in the bond market. The retail phase for the customers, however, will be launched sometime later. Digital Rupee or CBDC is a new digital form of money issued by central banks. The digital rupee rollout is a big step ahead in India’s digital transformation. It will be an excellent opportunity for India since it will potentially increase the ease of doing business, as well as improve resilience and security of the entire payments infrastructure. The Reserve Bank of India (RBI) has announced that the first pilot in Digital Rupee - Retail segment is planned for launch within a month in select locations. The central bank said that nine banks -- State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank,...