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Bilateral trade between the two countries was $84.5bn from April 2022 to March 2023

The agreements were inked as Prime Minister Narendra Modi paid a visit to Abu Dhabi on Saturday for improved cooperation in areas like trade, energy and climate action.

(Reuters) - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by

The MoU on using national currencies will put in place a Local Currency Settlement System (LCSS) to promote the use of the rupee and dirham. The agreement covers all current account transactions and permitted capital account transactions | Latest News India

In a move considered a signal to all financial services providers in the country, especially banks; where the customers are often left in pickles, The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday, July 13, 2023, has fined Stanbic IBTC Bank the sum of 120 million Naira for contravening Section 130 (1) |

ALBAWABA – India signed a deal with the UAE that allows it to settle UAE-trade in India’s national currency, the Ruppee, instead of the US dollar

NEW DELHI: India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees...

The Reserve Bank of India and the Central Bank of UAE (CBUAE) have signed two Memorandum of Understanding (MoU) to boost local currency use for cross-border transactions and to link their payment and messaging systems. A Local Currency Settlement System (LCSS) is aimed to be put in place to develop an INR-AED forex market. Indias UPI and UAEs IPP will be linked to facilitate fast, convenient, safe, and cost-effective cross-border funds transfers.

India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting Indias efforts to cut transaction costs by eliminating...

The RBIs Memorandum of Understanding (MoUs) with the UAE came just days after the expansion of the Unified Payments Interface (UPI) to France, allowing Indian tourists to make payments in rupees at the Eiffel Tower.