Reserve Bank of India (RBI) and Central Bank of UAE (CBUAE) yesterday signed two agreements in Abu Dhabi to establish a framework for cross-border transactions in local currencies and interlinking of payment and messaging systems.
In a significant development, RBI Governor Shaktikanta Das and Governor of the Central Bank of UAE H.E. Khaled Mohamed Balama have come to an agreement to establish a comprehensive framework for utilizing local currencies in bilateral transactions between India and the UAE. The Memorandum of Understanding (MoU) encompasses all current account transactions as well as permitted capital account transactions, paving the way for smoother financial exchanges between the two Asian nations., Economy News, Times Now
UAE President Sheikh Khalifa Bin Zayed Al Nahyan passes away, India declares one-day state mourning on May 14 - His Highness Sheikh Khalifa Al Nahyan served as the president of the UAE and Ruler of Abu Dhabi since November 2004.
The bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of the implementation of the India-UAE free trade agreement, Parliament was informed on Wednesday.