vostroaccounts
By Mohammed Kudrati A viral message, exaggerating the extent to which the Indian rupee is being internationalised and being accepted abroad, is false. While the content of the message does draw on recent developments with respect to foreign countries opening a 'vostro' account to trade with India in the Indian rupee, several of its statements are conjecture or untrue. The message attributed several statements to the New York Times to add credence to itself. However, BOOM did not find any article published by NYT stating that 30 countries had accepted the Indian Rupee. Public data available wit...
BOOM Live
By Mohammed Kudrati In a fillip to the Reserve Bank of India's (RBI) efforts towards the gradual internationalisation of the Indian rupee, a Sri Lankan bank has opened special rupee "vostro" accounts in India to facilitate trade in the Indian rupee. These accounts build on the framework spelt out by the RBI for facilitating international trade in the Indian rupee that it laid out in July. The Bank of Ceylon, a Sri Lankan bank, has opened a vostro account with the State Bank of India through the former's branch in Chennai. Reports in Sri Lankan media suggests that this may be the first of many ...
BOOM Live
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