Question
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?Solution
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.
Which female cricketer has been appointed by the Uttar Pradesh government to the post of DSP in UP Police?
Who took oath as the 9th President of Sri Lanka in 2024?
- For which agricultural commodity has the Government of India abolished the 20 percent export duty?
- India won its first Olympic hockey gold medal at which Games?
- Which mountain range in India is distinguished for its exceptional biodiversity and has been designated as a UNESCO World Heritage Site?
Who discovered the theory of relativity?
Identify the correct statements about the Border-Gavaskar Trophy 2025:
1. Australia defeated India 3-1 in the series.
2. Jasprit Bumrah wa...
- In a capitalist economic system, what is the primary determinant for the allocation of goods and services?
Match the following committees with their key recommendations:
- Which force opposes motion and causes moving objects to eventually stop?