India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions. During a visit by India's Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers. The two agreements will enable "seamless cross-border transactions and payments, and foster greater economic cooperation", said a statement from the Reserve Bank of India on Saturday.

NEW DELHI, July 15 (Reuters) - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions.

During a visit by India’s Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.

The two agreements will enable “seamless cross-border transactions and payments, and foster greater economic cooperation”, said a statement from the Reserve Bank of India on Saturday.

  • InverseParallax@lemmy.world
    14·
    1 year ago

    This is so bizarre, modi pushing everyone to use his currency when he literally devalued it days after taking power.

    • nestEggParrot@lemmy.sdf.org
      1·
      1 year ago

      Are you conflating demonetization of a currency note with devaluation of currency ?

      There was no apparent currency devaluation beyond the typical trend AFAIK.

      But yes the move was at best a stupid blunder that impacted a billion people unnecessarily or worse, aimed to achieve an alternate agenda. It did end up in greater adoption of the UPI platform granting the govt more control over the currency flows.