Indian Rupee: Soon 'rupee' will become international currency, RBI made this master plan

The Reserve Bank of India (RBI) has suggested several short-term and long-term measures to internationalize the Indian currency Rupee.
This measure has been given by the committee appointed by RBI which also includes efforts to include the Indian currency in the Special Drawing Rights (SDR) basket of the IMF.
The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. It is a potential claim on the freely usable currencies of IMF members.
SDR can provide liquidity to a country. SDRs include currencies such as the US dollar, euro, Chinese yuan, Japanese yen, and British pound.
In its report, the Inter-Departmental Group (IDG), headed by RBI Executive Director RS Ratho, said that internationalization is a process rather than an event, with continuous efforts being made to take forward all the initiatives taken in the past. Are.
Suggesting short-term measures, the panel said, to examine proposals on bilateral and multilateral trade arrangements for invoicing, settlement, and payments in INR and local currencies and to facilitate non-residents (Nostro of foreign banks) both in India and outside India accounts) there is a need to develop a template and adopt a standardized approach to encourage the opening of INR accounts.
It has also recommended integrating Indian payment systems with other countries for cross-border transactions and strengthening financial markets by promoting a global 24x5 INR market and promoting India as a hub for INR transactions and price discovery.
The objective of the Inter-Departmental Group (IDG) was to review the current status of the Indian Rupee as an international currency and prepare a road map for the internationalization of the Indian Rupee. The IDG has since submitted its report which contains a final set of recommendations.