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Check Business Breaking News Live on Zee Business Twitter and Facebook. Get Latest Business News, Stock Market Updates and Videos Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Official information on actual trades done so far has not been released in public, but it is evident from the initiatives of the central bank and the concerned departments that policymakers are taking all possible measures to encourage greater internationalization of the Rupee. In July 2022, the Reserve Bank of India set the rules and regulations to start invoicing, payment and settlement of exports and imports in rupees via special Rupee Vostro accounts with overseas banks. Sunil Mehta also shared that the Ministry Of Commerce is working effectively to start conducting foreign trade in Rupees. The export model is likely to follow the model of B2C business. He further stressed on the fact that the e-commerce platforms will also get export benefits once full-fledged bilateral trade begins in Indian currency. “Small traders will also be able to export and import with other countries in rupees,” the IBA chief added.

Rupees in other countries