India and UAE agree on local currency transactions and UPI for cross-border deals

  • India and UAE have signed a memorandum of understanding (MoU) to use local currencies for settling bilateral transactions.
  • The Unified Payments Interface (UPI) and Instant Payment Platform (IPP) linkage will facilitate cross-border transfers.
  • The MoU aims to develop a joint settlement system in local currencies, encouraging the use of the Indian Rupee and UAE Dirham.
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