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US takes off India from its currency monitoring list

India taken off from currency monitoring list: The US Department of Treasury withdrew India and four other countries from its Currency Monitoring List, hours after Treasury Secretary Janet Yellen spoke at a US-India Businesses and Investment Opportunities event in New Delhi. The United States also took India off its Currency Monitoring List, along with Italy, Mexico, Thailand, and Vietnam. In the previous two years, India has featured on the list.

India taken off from currency monitoring list: Key Points

  • According to the Department of Treasury’s biannual report to Congress, the seven economies that make up the current Currency Monitoring List are China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan.
  • The nations who were removed from the Currency Monitoring List for two consecutive reports only met one of the three requirements, according to the biannual report.
  • The action was taken on the same day that Janet Yellen, the secretary of the Treasury, visited New Delhi and spoke with Nirmala Sitharaman, the finance minister.
  • President Joe Biden was reported by US Treasury Secretary Janet Yellen as saying that India is an “indispensable partner to the United States” on her first trip to India.
  • Janet Yellen said the US will assist India’s G20 presidency to advance shared global priorities while speaking at the US-India Businesses and Investment Opportunities event in New Delhi.

According to US Treasury Secretary Janet Yellen, “bilateral, economic, and financial relationships are a critical element to our partnership” because of their “strong trade, investment, and people-to-people ties.” She also noted that “bilateral trade between the US and India reached an all-time high last year and we expect it to grow further.”

India taken off from US currency monitoring list: Significance

India and four other countries have been removed from the US currency monitoring list. The significance of this move from the United States means that Indian Central Bank, the Reserve Bank of India can now make even Robust changes to the Economic policies, without the fear of being tagged as Currency Manipulator.

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