After the sanctions hitted the Russia and crushing the global market, multiple independent countries are considering for India's rupee trade settlement mechansim instead of dollar. Russia and Sri lanka are expected to began transactions using INR. Sri lanka after being scraped out of dollar considering to use Indian domination as trade settlement mechanism. With Russia and Sri Lanka, other 35 countries considering to use Indian Rupee trade settlement mechanism. 

These sanctions has came out as a gift for India as INR could became a global dominance replacing dollar. But for this to happen India needs group of nations who can run surplus and deficits in order to make trade transactions in global market. As per the recent data of IMF on global holdings shows that 60% is held in dollar, 18-20% in euro, 5% in yen and pound and 3% in yuan. 

SWIFT (society for worldwide interbank financial telecommunications) has banned payments to Russia, which holds the major payments route making it hard to deal with Russia. Reserve bank of India is working on to set up India rupee tade settlement mechansim so it could attract more interest from countries. 

This will benefit India as INR is not fully convertable, which makes it difficult to get buyers and trade. If trade begins to start with rupees RBI will then not be required to find buyers to trade in dollar. It will lead to increase the demand of INR in global market bringing ample of savings from not the conversion process. 

Four nations have shown interest in opening Vostro accounts and waiting for partner banks to open Nostro accounts for making the INR a trade settlement in system. With 35 countries considering to make INR global currency for trade are Nepal, Myanmar, Tajiskistan, Cuba, Luxembourg, Sudan, Mauritius and Sri Lanka who has shown interest towards the replacing of dollar with INR in international trade. And with this the latest move made by RBI in trade settlement is a right decision to permit international trade settlements in the rupee. 

India is looking for the countries who are short in dollar to involve them into the India trade Mechanism. The importing and exporting of goods and services between countries use payment method in foreign currency basically in dollar as it is the world's reserve currency and most transactions are setlled in using dollars. 
 

Medical student took four injections of anesthesia, the reason is shocking

Gadkari inspects progress of Bangalore-Chennai Expressway

J&K: Now a befitting reply will be given to terrorism, 1800 CRPF personnel sent to border