India Imported goods worth USD 3,520.83 million from Egypt, USD 1,004.24 million from Algeria and USD 2,725.08 million from Angola in the last financial year.
As far as Bangladesh is concerned, imports from the neighboring country last year stood at USD 1,977.93 million, according to data provided by the . Business Ministry.
Presently the rupee trade arrangement with Russia, Mauritius and Sri Lanka is through the Special Rupee Vostro Account (SRVA). Indian banks have already opened SRVAs with banks in these three countries, thereby operating the rupee trading arrangement.
recently, State Bank Of India Mauritius Limited and Peoples corner Opened an SRVA with Sri Lanka State Bank of India (State Bank of India). In addition, Bank of Ceylon opened an account with its Indian subsidiary in Chennai.
Union Bank of India Has opened a special Rupee account with Rosbank Russia, based in Chennai Indian Bank Three Sri Lankan banks have opened such accounts, including Colombo-based NDB Bank and Ceylan Bank.
A total of 18 such special rupee accounts have been opened by 11 banks, including two from Russia and one from Sri Lanka, after approval from the Reserve Bank of India (RBI). reserve Bank of India Issued detailed guidelines on cross border trade transactions in domestic currency in July.
In a recent review meeting with stakeholders, sources said finance Ministry asks stakeholders to explore more countries and set up this mechanism as part of its plans to expand bilateral trade through SVRA and undertake indigenous internationalization the payment mode.
After the Russia-Ukraine war and sanctions imposed by the West, India has been trying to boost rupee trade.
Since July, two major Russian banks Sberbank and VTB Bank The lender is the first to receive the approval after the RBI announced the guidelines.
RBI decided to put in place an additional mechanism for invoicing, payment and settlement of exports/imports in rupees, as per the guidelines.
Another Russian bank Gazprombank, which does not have a branch in India, has also opened this account with the Kolkata-based bank. UCO Bank,
The move to open the special Vostro account cleared the decks for settlement of payments in rupees for trade between India and Russia, thereby enabling cross-border trade in the Indian currency, which the RBI seeks to promote.
The Reserve Bank of India has allowed special Vostro accounts to invest surplus balance in Government of India securities to help popularize the new system.
“Indian importers importing through this mechanism shall make payment in INR (Indian Rupees), which shall be credited to the special Vostro account of the correspondent bank of the partner country, against the invoice supply of goods or services from a foreign seller/supplier,” the RBI had said.