Russia, Iran and UAE agreed to pay in Indian rupees

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Mumbai: Importers from the United Arab Emirates (UAE), Russia and Iran who buy tea from India are said to be ready to pay Indian exporters for their goods in rupees. Thus, it can be said that the Indian government's plan to internationalize the rupee is gaining strength.

Buyers from the above-mentioned countries are willing to pay in rupees against tea from India, sources in MT Association of India said. Foreign trade with Russia is set to start soon in rupees while with other countries it may take some time, he said.

With the recent revision of the foreign trade policy by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, financial transactions under international trade in India can now be done in Indian rupees. The Reserve Bank has prepared a special mechanism to pave the way for doing foreign trade in rupees.

The rupee transaction is an encouraging sign in the international trade of tea, but it remains to be seen how much this will increase the value of the rupee, the letter sources added. is

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