Exclusive: Why The Rupee–Ruble System Is Failing?; “Indian Rupee Isn’t Convertible,” Says Kotwani
In an India Today Exclusive, Geeta Mohan speaks with Sammy Kotwani, President of the Indian Business Alliance, who gives a blunt and rare explanation of the real problem behind the rupee–ruble payment mechanism. Kotwani says the issue is simple but critical: “The Indian rupee is not a convertible currency.” Because Indians cannot walk into a bank and freely buy foreign currency — including the ruble settlement between India and Russia becomes difficult. He stresses that the bottleneck is not Russia, but India’s currency framework, and that the Reserve Bank of India must make key changes for the system to work.
Business Today
Exclusive: Why The Rupee–Ruble System Is Failing?; “Indian Rupee Isn’t Convertible,” Says Kotwani
In an India Today Exclusive, Geeta Mohan speaks with Sammy Kotwani, President of the Indian Business Alliance, who gives a blunt and rare explanation of the real problem behind the rupee–ruble payment mechanism. Kotwani says the issue is simple but critical: “The Indian rupee is not a convertible currency.” Because Indians cannot walk into a bank and freely buy foreign currency — including the ruble settlement between India and Russia becomes difficult. He stresses that the bottleneck is not Russia, but India’s currency framework, and that the Reserve Bank of India must make key changes for the system to work.
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5 days ago | [YT] | 8