Venezuela knocks on FinMin, State Bank of India doors for rupee trade

Venezuela will become the first country after Iran and Bhutan to trade in rupees

Giving a major relief to ONGC Videsh (OVL) and pharma majors like Dr Reddy’s, Venezuela has approached the ministry of finance and State Bank of India (SBI) to start a rupee account to trade with India, following sanctions imposed on the country by the US.

Payments of around $400 million to OVL and $350 million to pharma majors such as Dr Reddy’s, Glenmark, Claris, Sun Pharma and Stride are stuck because the government in Venezuela has so far not allowed repatriating money by subsidiaries of companies to their parents abroad. 

If India gives its nod to the proposal, Venezuela will