Home
|
Sitemap
|
FAQs
|
Contact Us
Product
Country
Menu
About Agri Exchange
Introduction
Apeda Agri Exchange
The Vision
Benefits / Facilities
To Exporters
To Buyers
Product Profile
Floriculture
Floriculture
Fruits & Vegetables Seeds
Fresh fruits & Vegetables
Fresh Onion
Other Fresh Vegetables
Walnuts
Fresh Mangoes
Fresh Grapes
Other Fresh Fruits
Others (Betel Leaves & Nuts)
Processed Fruits & Vegetables
Cucumber and Gherkins (Prepd. & Presvd.)
Processed Vegetables
Mango Pulp
Processed Fruits,Juices & Nuts
Pulses
Animal Products
Buffalo Meat
Sheep/ Goat Meat
Other Meat
Processed Meat
Animal Casing
Poultry Products
Dairy Products
Natural Honey
Caseins
Albumin (Eggs & Milk)
Other Processed Foods
Groundnuts
Guar Gum
Jaggery & confectionery
Cocoa Products
Cereal Preparation
Milled Products
Alcoholic Beverages
Miscellaneous Preperations
Cereals
Basmati Rice
Non Basmati Rice
Wheat
Maize
Other Cereals
Country Profile
United Arab Emirates
Saudi Arabia
Malaysia
Bangladesh
United States
Vietnam
Kuwait
Iran
United Kingdom
Indonesia
...View more country profiles
FTA's
Analytical Report on FTAs
Tariff Concession under FTAs
Statistics
International Trade
India's Export
India's Import
Production
International Production
India Production
Market Intelligence
e-Bulletin
Global Analytical Report
India's Export Analytical Report
Comparative Report On APEDA Products
Comparative Report On Principal Commodities
Import Tariffs
Import Regulations
SPS Notifications
DGFT : Public Notice, Notifications, Circular and Trade Notice
India Food Safety & Standards
Market Reports
Foreign Trade Policy 2023
Chapter 01 - Legal Framework and Trade Facilitation
Chapter 02 - General Provisions Regarding Imports and Exports
Chapter 03 - Developing Districts as Export Hubs
Chapter 04 - Duty Exemption Remission Schemes
Chapter 05 - Export Promotion Capital Goods (EPCG) Scheme
Chapter 06 - Export Oriented Units (EOUs), Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs)
Chapter 07 - Deemed Exports
Chapter 08 - Quality Complaints and Trade Disputes
Chapter 09 - Promoting Cross Border Trade in Digital Economy
Chapter 10 - Scomet: Special Chemicals, Organisms, Materials, Equipment and Technologies
Chapter 11 - Definitions
Newsletters
Latest News
Latest Newsletter
Archives
Directory
Exporters
Service Providers
Logistics
Trade Leads
Submit New lead
Buy Leads
Sell Leads
Indian Mission Login
Market News
India-Indonesia to have real-time settlement, trading in local currencies.
Jul 17, 2023
India and Indonesia are soon going to have real-time settlement and trading in local currencies, senior government officials said on Sunday on the sideline of G20 Finance Minister Central Bank Governors’ (FMCBG) meeting under India’s presidency. Once this happens, it will be the second country after UAE to have this kind of arrangement.
Another important development is that a synthesis paper on crypto regulation is likely to be taken up during the G20 Leadership Summit under India’s Presidency, scheduled to take place this September in New Delhi.
On Indonesia, the official said talks are currently on for trading and real time settlement in local currencies. 'It will get done soon,' the official said. Earlier in the day, India and Indonesia launched the 'Economic and Financial Dialogue' (EFD Dialogue).
Embarrassing digital tech
On this occasion, Indonesia Finance Minister Sri Mulyani Indrawati said that both countries would discuss the possibility of co-operation in digital technology, payment systems under central banks and using more local currency.
On Saturday, the Reserve Bank of India and the Central Bank of UAE (CBUAE) signed two memorandum of understandings (MoUs) for establishing a framework to promote the use of local currencies viz. the Indian rupee and the UAE Dirham for cross-border transactions and cooperation for interlinking their payment and messaging systems.
Issues for FMCBG meeting
The official also informed that that G20 meetings under India’s presidency is trying to evolve a framework for crypto regulation through inputs from one and all. Earlier after Bengaluru meeting, it was decided that Financial Stability Board (FSB) will finalise its high-level recommendations on the regulation, supervision and oversight of global stablecoins, crypto-asset markets and activities. International Monetary Fund (IMF) has already come out with a discussion paper. Now 'a synthesis paper will be circulated among member countries before leadership summit. The paper will be combination of reports by IMF and FSBs along with note from the Presidency,' the official said.
Crypto is one of four key issues of G20 meetings under India’s presidency. Other three includes Multilateral Development Bank (MDB) reforms, Debt & Sustainability Framework and Digital Public Infrastructure. All these four will be deliberated during FMCBG meeting starting on Monday.
Talking about MDB reforms, the official clarified that the effort is not to disturb the present arrangement of MDB such as the World Bank and IMF but to see if 'they are ready for the 21st century.' Keeping this in mind, an expert group under the chairmanship of former Indian bureaucrat N K Singh and Professor Emeritus of Harvard University, Lawrence Summers was formed and it has submitted the report which will be taken up for discussion here.
On debt and sustainability framework, the official said that agreement has been reached for settling debt distress of Zambia but same mechanism cannot be applied for all. 'One size cannot fit for middle income countries or low-income countries,' the official added. Further, India’s role in creating digital public infrastructure has widely been appreciated on G20 platform and this is likely to get further push.
When asked about the issuance of a communique post-FMCBG meeting here, the official was non-committal. The expression on the Russia-Ukraine war could not bring consensus on the communique at the Bengaluru edition of FMCBG which finally ended with the issuance of just chair summary.
thehindubusinessline.com
Archive