Malaysia is working towards accepting India s UPI system and RuPay payment service to boost commerce. The two countries are also exploring trade settlement in domestic currencies. Additionally, they are looking to enhance defence and security cooperation, including collaboration between defence industries and joint military exercises. Malaysia also thanked India for supplying rice during a recent shortage. | Latest News India
Countries accumulating surplus in INR to be able to invest in G Secs through Rupee Accounts thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
India is among the nations seeking to lessen their dependence on the US dollar in trade and cross-border transactions, launching initiatives to boost the rupee’s position as an internationally recognized reserve and payment currency. The rupee has room for more progress, but India has made great strides in raising its international status.
Now, as the full implementation of T+1 settlement across all scrips is rolled out wholly by October 1, 2023, the SEBI Chairperson has communicated about an intended move towards real-time settlement. In her press briefing in the month of July earlier this year, she mentioned that “One of the things that we think is not very far off is an instantaneous settlement on the stock exchanges.