Emerging Possibilities in India's Bilateral Trade R H Patil India's trade with the USSR and the Centrally Planned East European Countries (CPEECs) is at present based on rupee payments arrangements. However, India's trade agreements with these countries prior to 1958 were in the nature of convertibility currency agreements; and it was the acute foreign exchange crisis that began to be faced by the country when the Second Five-Year Plan was launched that dictated the changeover to rupee trade and payment agreements.