The latest report says that as more nations try to de-dollarize international trade, the Indian rupee is getting closer to becoming a recognised currency.
RBI has allowed banks from 18 countries to trade in rupee - Banks from 18 countries have been authorised by the Reserve Bank of India (RBI) to open Special Vostro Rupee Accounts (SVRAs) for settling.
The South African Reserve Bank (SARB) may no longer be a visible part of the process to cease residency in South Africa. However, when it comes to moving money out of the country during or after emigration, the Reserve Bank is still very much involved. This is especially true for amounts above R10-million. "Currently, we're not only seeing people leave the country for better prospects abroad but also a rise in those moving funds over R10-million offshore," says Lovemore Ndlovu, Head of SARB Engagement and Expatriate Compliance at Financial Emigration, a division of Tax Consulting South Africa.