Rupee will be international currency by 2047, all the obstacles of foreign trade are ended
After the notification of DGFT, all import-export barriers in rupee have been removed. With many countries like Russia, Saudi Arabia, Iran, business can start soon in rupees. The government is trying to remove all the obstacles that come in the way.
Abhilasha 
The government has started the process of internationalization of Rs. Under this, a notification was issued last week by the Directorate General of Foreign Trade (DGFT) regarding import-export in rupee. With this all the obstacles coming in the way of foreign trade in rupee have been removed.
According to sources, the government wants to establish the rupee as an international currency by 2047, so that before 100 years of independence, the Indian currency is not less valuable than any other currency. Recently, in a meeting held between the senior officials of the Ministry of Finance and the Ministry of Commerce and Industry, discussions were held to prepare a mechanism to establish the rupee in the global currency
Business can start with these countries soon
Currently, more than 40 percent of global trade is done in US dollars. Ajay Sahai, CEO and Director General of Federation of Indian Export Organizations (FIEO), says that trading with Russia can start soon in rupees. After this there is a similar possibility with Saudi Arabia. This will certainly be a significant step towards internationalization of the rupee. Former FIEO President Sharad Kumar Saraf said that countries like Sri Lanka, Bangladesh, Mexico, Brazil can also trade with India in rupees.
Relief in import bill
Exporters said that countries facing dollar crunch would be ready to do business in rupee. According to foreign trade experts, starting of business in rupee with countries like Russia and Saudi Arabia will bring relief in the country's import bill. India's imports from both the countries are increasing continuously.
Status of imports from potential countries
Country Import Hike
Saudi Arabia $ 2,723 million 110 percent
Russia $ 1,666 million 290 percent
Brazil $ 3769 million 50.73 percent
Mexico $ 2323 million 25.49 percent
Iran $ 3614 million 35.33 percent
(Source: Ministry of Commerce)
