The countries are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.

SVRAs could be set up by the banks by approaching the authorised dealer banks in India and it may then get permission from the RBI after completion of the due process.

Russia has been vocal in using the Indian rupee for trade and for ‘de-dollarisation’, Karad added.

Fibre2Fashion News Desk (DS)