IBC members had a meeting with the representatives of Economic & Commercial Wing Embassy of India – Moscow.

Association for the Development of Entrepreneurship and the Support of Business Relations “Indian Business Council,” had a meeting with the representatives of Commercial & Economic wing, Embassy of India, Moscow on 22.03.2023.
Indian Business Council was presented by its president Mr. Akashdeep Singh, vice-president Mr. Mir Farooq Mir, treasurer Mr. Jitendra Kumar, general secretary Mr. Ashok Jayaswal.
Economic & Commercial Wing of Embassy attended in person with its Head Mr. Ved Prakash, Mr. Naveen Choudhary, second secretary (Economic&Commerce) and Mr. Navodit Verma, second secretary (Economic&Commerce).
The sides discussed the cooperation between Indian Business Council and Embassy in order to improve the ties between Russia and India.
Economic & Commercial Wing of Embassy representatives made suggestions for improving communication, including exchanging information about business-related events and the members of the Indian Council’s business activities in order to organize the information and planning for future meetings focused on particular industries. Members of Indian Business Council took part in the conversation about the issue and decided to move forward with efforts to improve ties between Russia and India.
Economic & Commercial Wing of Embassy gave a list of Banks/ institutions that can be used for rupee-ruble transfers and are advantageous and least troublesome. There are several banks, including HDFC, Sberbank, VTB, UCO, Gasprom, and PSKB bank.
Mr. Ved Prakash stressed that India requires foreign exchange reserves and that the Indian rupee, which is the world’s reserve currency, could have advantages if correctly regulated. He indicated that the RBI will make a long-term decision on the Advance License for Export in Indian Rupees problem with the Indian Government’s permission.
The parties decided to move forward and share the necessary information, assist one another, and take all necessary actions to resolve all issues pertaining to the challenges with commerce between Russia and India.