On July 15, the Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memoranda of Understanding (MoUs) aimed at bolstering economic ties between the two nations. The MoUs focus on promoting the use of local currencies for cross-border transactions and interlinking their payment systems, including the Unified Payments Interface (UPI) with the Instant Payment Platform (IPP) of UAE.
Key Fact: The LCSS covers all current account transactions and permitted capital account transactions, fostering seamless cross-border financial interactions.
Key Fact: The linkage of Card Switches will allow mutual acceptance of domestic cards and processing of card transactions, facilitating seamless financial transactions between India and UAE.
The signing of these MoUs signifies a strategic effort by both countries to strengthen their economic and financial ties. These agreements are expected to enhance the ease of doing business, optimize transaction costs, and promote investments and remittances between India and UAE.
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