India, UAE sign agreements to settle trade in rupees
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. India and the United Arab Emirates (UAE) signed agreements on trade settlement in national currencies and setting up a real-time link for cross-border transactions as Prime Minister Narendra Modi visited Abu Dhabi on Saturday to bolster cooperation in areas such as trade, energy and climate action. Educational authorities of the two sides also signed a memorandum of understanding (MoU) on establishing a campus of the Indian Institute of Technology (IIT)-Delhi in Abu Dhabi after Modi arrived in the capital of the Emirates following a visit to France. The UAE has had a special place in India’s efforts in recent years to increase its engagement in areas ranging from trade to security with West Asian states. The Emirates is home to 3....