Hegde told media persons at the airport here that a panel had been set up to finalise country's approach and policy with regard to the patent law.

``It is in our own interest to pass the law before April 1999, as put forth by World Trade Organisation (WTO). We are going to do it'', he said when queried what his ministry proposed to do as reports said WTO was likely to impose sanctions on Indian exports unless the new patent law came into being.

He said the Asian region should promote counter-trade and ultimately rely on a common currency, to avoid excessive dependence on the dollar.

Hegde said during his meeting with Sri Lankan President Chandrika Kumaratunga, he had suggested that a discussion should be held among SAARC countries to promote counter-trade, ultimately leading to the evolution of a common currency in the region.

Hesaid, ``We had discussed this issue with Singapore trade minister when I was last there. Like the European Union, we should have a common currency. Every country depends on the dollar and it is this currency which fixes the value of other currencies''.

He said his idea was for a SAARC bilateral counter trade system, which could later into a common currency. ``Everyone I met and discussed has welcomed it. The question is how to address the issue'', he said.

An arrangement, similar to the counter-trade agreement between India and Russian Federation, could be made with Indonesia which wanted India to supply commodities on a long-term credit basis.

Referring to his suggestion that SAARC countries ``seriously think on financial aspects'', Hegde said he had also called for a meeting of respective countries' Reserve Banks.

When a reporter asked about some problems relating to export of rice to Indonesia, the Minister said some exporters had sent consignments of poor quality rice which was rejected byIndonesia, 18 months ago. Hegde said he had called for prosecution of the exporters for spoiling the country's image.