But we can make tangible progress towards internationalisation of the Rupee. This is a process that involves increasing use of the Rupee in cross-border transactions. Broadly, the process involves promoting  Rupee for import and export trade and then other current account transactions followed by its use in capital account transactions. These are all transactions between residents in India and non-residents.
A large number of international standards and codes of good practice have been agreed upon, covering such different fields as transparency in fiscal policy or monetary and financial policies, banking supervision, corporate governance, accounting and auditing.