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Whether dedollarisation happens at the macro level, at the corporate levels, the 'dollar colonialism' can be removed subject to some compulsory exemptions, said an industry official.

Simply put, dedollarisation means lesser reliance on the US dollar as a medium of exchange in international trade.

"As regards India, dedollarisation is a gradual journey or a slow process. The US dollar has creeped into our corporate lexicon in a subtle way -- say, in terms of denoting the financial numbers, market size and others," a credit rating industry official told IANS preferring anonymity.

Dedollarisation of Indian corporate annual reports can happen without any major issue, subject to certain exceptions like the companies that have listed their shares in the US.

"Indian corporate sector can use only the Rupee in their communications instead of the dollar. The European corporations denote their financial numbers only in euros. The 'dollar colonialism' can be removed in India as a first step towards dedollarisation," the official added.