India News: NEW DELHI: The first-ever India-UAE crude oil transaction under the newly implemented Local Currency Settlement (LCS) system took place on Monday betw.
A Local Currency Settlement (LCS) system was established as a result of a Memorandum of Understanding (MoU) exchanged during PM Narendra Modis visit to the UAE last month.
An MRA is a pact where countries agree to recognise each other s professional qualifications and enable easy movement across borders. The India-UAE CEPA has provisions on mutual recognition of professional and skill-based qualifications to facilitate these workers to deliver services across the two countries.