Govt constitutes task force on currency swap arrangements and trade

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In wake of the rising trade deficit and consequent current account deficit, Ministry of Commerce & Industry has decided to form a task force to examine the role of currency swap arrangement/agreements in order to suggest a possible mechanism to address the issue.

"It has been decided to constitute a task force on currency swap arrangements/agreements which may submit its recommendations to the Department of Commerce in four weeks," Ministry of Commerce & Industry said in a notification.

The task force will examine various types of currency swap agreements/arrangements and their implication for India's trade and financial system. It will also study the pros and cons of currency swap agreement/arrangement for India's trade.

Besides, it will explore the possibility of currency swap arrangement/agreement between India and identified countries and make recommendations accordingly. The task force will be chaired by Additional Secretary, Trade Policy Division, Department of Commerce.

Dion Global Solutions Ltd.

Story first published: Wednesday, August 28, 2013, 12:20 [IST]
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