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    Question

    What is the significance of the RBI-Maldives Monetary

    Authority (MMA) MoU on local currency usage?
    A Allows only Indian companies to operate in the Maldives Correct Answer Incorrect Answer
    B Facilitates INR-MVR trade and reduces settlement costs Correct Answer Incorrect Answer
    C Replaces USD with INR for global transactions Correct Answer Incorrect Answer
    D Establishes a bilateral tax-free trade system Correct Answer Incorrect Answer
    E Implements cryptocurrency-based settlement Correct Answer Incorrect Answer

    Solution

    The MoU allows trade settlements in INR and MVR, enhancing financial efficiency and reducing reliance on third-party currencies like USD.

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