Sinha for review of Re-rouble pact

MUMBAI, OCT 5: Finance Minister Yashwant Sinha on Thursday called for a fresh look at the rupee-rouble agreement between India and Russia reached way back in 1993, as the agreement had unfortunately become a hindrance for expanding bilateral economic ties.

Said Sinha: “The rupee balances are going to come down over the next few years and we have to find new ways to expand bilateral trade.”

Sinha said while the agreement had functioned very well, it was time to move on. Under the agreement, India pays Russia Rs 3,000 crore every year over a period of time.