July 15, 2023 9:42 PM

India and UAE signed historic Memorandum of Understanding on LCS system

In a significant move to strengthen economic ties, India and the United Arab Emirates have signed a historic Memorandum of Understanding on the Local Currency Settlement (LCS) system. This groundbreaking agreement, signed between the Reserve Bank of India and the Central Bank of the UAE, aims to revolutionize cross-border transactions between the two nations. The LCS system allows for the use of the Indian Rupee  and UAE Dirham  in bilateral trade, marking India's first-ever LC...