MUMBAI: The recent announcement by the Reserve Bank of India (RBI) to allow cross border trade transactions in rupee is a timely move and a step towards internationalisation of the currency, according to experts.
Earlier this month, RBI had asked banks to put in place additional arrangements for invoicing, payment, and settlement of exports/ imports in rupee, a step aimed at promoting growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the domestic currency.
