Business Standard

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

SL banks must open nostro accounts with Indian banks

Indian rupee

Photo: Bloomberg

Manojit Saha Mumbai
Sri Lankans can now hold $10,000 worth of the Indian rupee (INR) in physical form, though the INR would not be legal tender in the island nation, after India approved a Sri Lankan request to designate the INR as a foreign currency.
This will provide the island nation much needed liquidity support to help it tide over its economic crisis amid inadequate dollar liquidity.
The decision is also in sync with the Indian government’s efforts to popularise the INR among Asian nations and reduce dollar dependence. Sri Lankans will now be able to convert the INR into another currency.
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First Published: Nov 28 2022 | 6:26 PM IST

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