TEXT & CONTEXT: THE INDIA-UAE DEAL TO TRADE WITH RUPEES
19-07-2023
By Admin
During the Indian PM's recent visit to the UAE, the RBI and the Central Bank of the UAE signed two memoranda of understanding.
TEXT & CONTEXT: THE INDIA-UAE DEAL TO TRADE WITH RUPEES
During the Indian PM's recent visit to the UAE, the RBI and the Central Bank of the UAE signed two memoranda of understanding.
The first of the two MoUs aims to establish a Local Currency Settlement System (LCSS) to promote the use of rupee and dirham bilaterally. It will cover all current and permitted capital account transactions.
The second links India's UPI with its UAE counterpart Instant Payment Platform (IPP). This us alongside the linking of card switches, that is, RuPay switch and UAE SWITCH.