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India to iron out rupee trade problems amid stranded Russian assets
Mint Mumbai
|September 28, 2023
India is working with Russia to sort out lingering problems with the rupee trade mechanism, including challenges with the exchange rate mechanism and fund repatriation, two government officials said
"Though issues with the special Rupee Vostro account system haven't yet been resolved, both sides are working on the teething issues," one of the officials said.
A Vostro account is a bank account, generally in a foreign currency, which is held by one bank on behalf of another. By utilizing the respondent bank's local banking infrastructure, it enables the bank to offer services to its clients in overseas markets.
In July 2022, amid western sanctions on Russia, the Reserve Bank of India (RBI) announced this mechanism to allow local traders to settle imports and exports in rupees.
This story is from the September 28, 2023 edition of Mint Mumbai.
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