The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memoranda of Understandings (MoUs). What is the purpose of the first MoU signed between RBI and CBUAE?
The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memoranda of Understandings (MoUs) to establish a framework to promote settle bilateral trade in respective local currencies, that Indian Rupee and UAE Dirham (AED) and interlinking payments and messaging system. · The first MoU, which established a framework for the use of local currencies for transactions between India and UAE, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally. o The MoU covers all current account transactions and permitted capital account transactions. The creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market. o This arrangement would also promote investments and remittances between the two countries. Use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in UAE.
How many countries are members of the Arctic Council?
Which state government will be providing 300 units of electricity to the public from 1st July, 2022?
Due to which of the following reason Debt Financing is a cheaper source of finance?
______________ committee has recommended that NRIs who harass or desert their wives could face cancellation of passport.
Consider the following pairs.
1. Krishna Wildlife Sanctuary – Karnataka
2. Wayanad Wildlife Sanctuary – Tamil Nadu
Which of the...
According to the data of census 2011 which district has the highest sex ratio of 1176 females per 1000 males?
भारत की पहली महिला राष्ट्रपति श्रीमती प्रतिभा पाटील की स...
When was the first National Panchayati Raj Day observed in India?
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The upcoming project “Statue of Oneness” will be launched in the state?