New 55% Off on All Courses - Enroll Now! Click Here

    Question

    What was the purpose of the Local Currency Settlement

    System (LCSS) introduced between India and UAE?
    A Promote tourism Correct Answer Incorrect Answer
    B Facilitate easier cross border trade Correct Answer Incorrect Answer
    C Facilitate easier cross border trade Correct Answer Incorrect Answer
    D Facilitate easier cross border trade Correct Answer Incorrect Answer
    E Support education initiatives Correct Answer Incorrect Answer

    Solution

    The Local Currency Settlement System (LCSS) between India and UAE aims to revolutionize economic relations by reducing dependency on intermediary currencies like the US Dollar and simplifying cross border transactions.  

    Practice Next

    Relevant for Exams: