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Q.

Did u know at one point, India had a lucrative hold on financial markets in the gulf, in 1959, with Kuwait, Bahrain, and Quatar and even Oman using GoI issued Gulf Rupee it as their currency base! Kuwait used till 61. Bahrain till 65. Quatar till 66. And then Oman till 70.

Did we just sort of get overwhelmd and surrender that enormous potential? OR were there other factors , or a combination of both? If India stood steady I feel ppl in GCC would continue using India as a base vs the USD today.....

Is India lacking ability to sort of project its capacity once it gets a opportunity?

Tags: india, money, oman
Asked by A Moin, 06 Mar '10 11:46 pm
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Answers (5)

1.

Your statement is correct. My son came home to Mumbai when he got a four day break for Holi.. and he told me that the Bahrainis know Hindi and speak Hindi.. all the locals speak with him in Hindi.. and Bahrain's official currency was the Indian rupee until recently.. And he told me that the native people of Bahrain proudly claim that they have been trading with India for the past 200 years. The result is the Bahrainis are familiar with India , Indian culture and Indians per se.. And Indians don't feel as if they are in a strange land.
Answered by joyoti sen, 06 Mar '10 11:59 pm

 
  
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2.

It is really sad -- India should concentrate on such things.

What the Finance & foreign ministry are doing...?
Answered by Ram Raj, 07 Mar '10 07:06 am

 
  
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3.

There is only one problem - many Indians do possess unused potential (money and real estate) - if this valuable worth come into nation's use - Indian rupee can very well compete with dollar - pound - Euro.
Answered by Pooja Mathur, 07 Mar '10 01:35 am

 
  
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It is not just the above countries but even the UNITED ARAB EMIRATES (comprising of seven emirates of which, Abu Dhabi is its capital, Dubai, Sharjah, Ajman, Ras Al Khaimah, Fujairah and Umm Al Quwain used Govt. of India Rupees with a Red colour (unlike Indian notes). India did not get over whelmed nor surrender that potential. At one point of time Qatar and Dubai used a common currency called Qatar and Dubai Riyal while Abu Dhabi used the Bahraini Dinar. People of GCC countries upon gaining independence from the British set up their own Currency Board and issued their own currency. Your assumption that GCC would continue using the Indian Rupee is wrong and nor is India lacking the ability to project its capacity. Presently, the GCC countries are trying to have a Common Currency like the Euro but due to differences between UAE and Saudi Arabia the matter is on hold. Sultanate of Oman has also backed off from this UNION of currencies. The main difference between UAE and Saudi Ar ...more
Answered by John Mascarenhas, 07 Mar '10 01:22 am

 
  
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5.

Good info.. hope we grow that again
Answered by conviction, 06 Mar '10 11:47 pm

 
  
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