2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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BSE
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RBI
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SEBI
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NITI Aayog
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Detailed explanation-1: -The Centre, along with the Reserve Bank of India (RBI), has prepared an action plan for facilitation of special rupee accounts for trade settlements. This includes nudging banks and the Indian Banks’ Association (IBA) to reach out to foreign banks for opening such vostro accounts.
Detailed explanation-2: -On July 11th, 2022, the Reserve Bank of India announced a big decision by allowing trade settlements between India and other countries in Indian Rupees (INR).
Detailed explanation-3: -The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) is as delineated below: Invoicing: All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).
Detailed explanation-4: -Kolkata-based UCO Bank was the first Indian bank to receive the RBI’s approval to open a special Vostro account with Russia’s Gazprombank, which was set up by the world’s largest gas producer and exporter, Gazprom.
Detailed explanation-5: -Dec 16 (Reuters) - India’s rupee trade settlement mechanism, a means of using rupees instead of dollars and other big currencies for international transactions, is attracting interest from more countries.