"Bangladesh and Sri Lanka are already negotiating with us and want us to start this (trade in rupees) immediately. Other countries in the Gulf region are considering it. I think it will take some time for people to see the benefits. And then more and more developed countries and Far Eastern countries will join the list. Singapore has already joined in to some extent," he told PTI.
This initiative, aimed at reducing transaction costs, is hailed by Piyush Goyal as a potential "game changer" in international trade.
"There is a growing realisation that converting all remittances in both directions into a third currency will significantly increase transaction costs," Goyal said.
According to India's Ministry of Commerce and Industry, India can convert 16.38% of its total trade with Russia and neighbouring countries, excluding Pakistan, into rupees.