NEW DELHI, July 31. /TASS/. The launch of the Mir payment system in India and the RuPay system in Russia will be a helping hand for development of trade relations between the two countries, Vice President of the Indian Business Council and head of the Russian representative office of Ipca Laboratories Mir Faruq told TASS.
"If Mir and RuPay systems are managed to be launched, this will greatly reinforce development of our trade relations," the expert said, adding that even tourists face difficulties now.
"The government policy of India on the issue of introducing Mir cards and the RuPay system is transparent in itself - they want it every much," Faruq said. "However, many banks with large turnovers are afraid of secondary sanctions. This is the only obstacle. However, there are many strong and reliable banks that are not so known. There is a need to work in this sphere. The way out can always be found," the expert noted.
The visit of Indian Prime Minister Narendra Modi to Russia in early July showed the state of mind of New Delhi, Faruq said. "Considering the geopolitical situation, this visit was a clear signal that we want to go with Russia. This is in interests of our country. And we will not listen to anyone. The West has only its interests. It never takes interests of others into account. We are pursuing our policy. The benefit and interests of our nation are above all for us," he added.
The process of trading in national currencies has been successfully launched but still faces difficulties because of the conversion need, since many Indian banks still do not accept rubles and transactions are to be made via third banks, which affects the business significantly, the expert said. This problem should be solved and relevant processes are already underway. "We have no other way. We will have to work in national currencies only in the future. Therefore, certain mechanisms will be found," Faruq added.