INR Internationalisation: A Process and Not an Event 1

India's external sector has grown significantly through economic liberalisation reforms, resulting in increased trade and capital flow linkages with the world. The Inter-Departmental Group (IDG) of the Reserve Bank of India was formed to discuss the internationalisation of INR. The group submit...

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Bibliographic Details
Published in:Vinimaya (Pune) 2023-07, Vol.44 (2), p.31-43
Main Author: Sanati, Gargi
Format: Article
Language:English
Subjects:
Bank reserves
Capital movement
Central banks
Currency
Globalization
International finance
International trade
Liberalization
Macroeconomics
Nonresidents
Payment systems
Rupees
Securities markets
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Summary:India's external sector has grown significantly through economic liberalisation reforms, resulting in increased trade and capital flow linkages with the world. The Inter-Departmental Group (IDG) of the Reserve Bank of India was formed to discuss the internationalisation of INR. The group submitted its report in October 2222, which was released by the RBI on July 5,2023. The report suggested time-bound steps to accelerate the progress towards INR internationalisation. The process of internationalisation involves capital account convertibility, with robust financial markets being crucial for success. Positive steps have been taken towards promoting the use of INR in international trade transactions, and past initiatives should be built upon to achieve further success.
ISSN:0970-8456