India Ties up With UAE to Settle Trade in Rupees

[protean]

India Ties up With UAE to Settle Trade in Rupees​

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, meets Indian Prime Minister Narendra Modi during his official visit in Abu Dhabi, UAE, July 15, 2023.

By Arpan Chaturvedi

NEW DELHI (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.

India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars.

Bilateral trade between the two countries was $84.5 billion in the year from April 2022 to March 2023.

An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday.

The Reserve Bank of India said the two central banks agreed to link India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP).
Such arrangements, which are a growing trend in Asia, typically lower the cost of payments.

Modi landed in Abu Dhabi earlier on Saturday for a one-day visit and met President Sheikh Mohamed bin Zayed Al Nahyan.

Ceremonial welcome for PM Modi in Abu Dhabi, UAE

#ModiUAEVisit #ModiUAE2023 #ModiInUAE #ModiInAbuDhabi PM Modi arrived to a warm welcome by Crown Prince H.H Mohamed bin Zayed Al Nahyan. He was accorded a ce...

www.youtube.com

@Bilal9 Look Arab world is boycotting India.

 

[protean]

UAE: Dubai's Burj Khalifa lit up in colours of Indian flag, welcomes PM Modi with dazzling light show

 

[hussain0216]

India Ties up With UAE to Settle Trade in Rupees​

View attachment 939085
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, meets Indian Prime Minister Narendra Modi during his official visit in Abu Dhabi, UAE, July 15, 2023.

By Arpan Chaturvedi

NEW DELHI (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.

India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars.

Bilateral trade between the two countries was $84.5 billion in the year from April 2022 to March 2023.

An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday.

The Reserve Bank of India said the two central banks agreed to link India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP).
Such arrangements, which are a growing trend in Asia, typically lower the cost of payments.

Modi landed in Abu Dhabi earlier on Saturday for a one-day visit and met President Sheikh Mohamed bin Zayed Al Nahyan.

Ceremonial welcome for PM Modi in Abu Dhabi, UAE

#ModiUAEVisit #ModiUAE2023 #ModiInUAE #ModiInAbuDhabi PM Modi arrived to a warm welcome by Crown Prince H.H Mohamed bin Zayed Al Nahyan. He was accorded a ce...

www.youtube.com

@Bilal9 Look Arab world is boycotting India.

There is no boycott,, not yet anyway
But constant Hindu involvement in anything related to Muslims has awaken many Muslims

Take a look at the anti Hindu posts increasing on social media,,
Pakistani still take the lead but now Muslims from across the world are coming on board

The aim will be to utilise hindutva extremism and crimes inside India as a tool to create hatred towards Hindus Internationally


So Hindus attack Muslim for eating beef

The news gets spread across a network of Muslims around the world to enlighten millions of Muslims, and they target Hindus

 

[protean]

There is no boycott,, not yet anyway
But constant Hindu involvement in anything related to Muslims has awaken many Muslims

Take a look at the anti Hindu posts increasing on social media,,
Pakistani still take the lead but now Muslims from across the world are coming on board

The aim will be to utilise hindutva extremism and crimes inside India as a tool to create hatred towards Hindus Internationally


So Hindus attack Muslim for eating beef

The news gets spread across a network of Muslims around the world to enlighten millions of Muslims, and they target Hindus

Keep trying, we will tie them up with trade. Most will eventually visit India and see for themselves. Propaganda can go only so far.

To be true, today Pakistani Muslims are more isolated than Indian Hindus world over. This will continue as we grow our economy. There would be noise made by your likes but substance will always be with us. But good luck with your propaganda.

 

[hussain0216]

Keep trying, we will tie them up with trade. To be true, Pakistani Muslims are more isolated than Indian Hindus world over. There would be noise made by your likes but substance will always be with us.

There are plenty of Pakistani Muslims across the world

And the Muslims of the world are biting,, ever hindutva action now is sent across a network of Muslims activists around the world and the same network is now targeting Hinduism itself

And when you take apart Hinduism you will see some seriously stupid dum shit

Give it a few years and we will spread enough negativity against Hindus to make a real difference and make Hindus a real target

 

[Hero786]

Good, but i had heard same for India with Russia,

but then news came Russia will trade in Chinese Yuan, instead dollars, instead Indian currency.

same they are doing with PDM (Pak current govt), they are getting Chinese Yuan.
Russia is preferring Chinese Yuan, if not in Russian Rubles.
Russia rejected Indian currency.

 

[protean]

There are plenty of Pakistani Muslims across the world

And the Muslims of the world are biting,, ever hindutva action now is sent across a network of Muslims activists around the world and the same network is now targeting Hinduism itself

And when you take apart Hinduism you will see some seriously stupid dum shit

Give it a few years and we will spread enough negativity against Hindus to make a real difference and make Hindus a real target

Ok we'll see. Muslim networks or whatever. For now enjoy this.

Good, but i had heard same for India with Russia,

but then news came Russia will trade in Chinese Yuan, instead dollars, instead Indian currency.

same they are doing with PDM (Pak current govt), they are getting Chinese Yuan.
Russia is preferring Chinese Yuan, if not in Russian Rubles.
Russia rejected Indian currency.

There are certain realities with India Russia trade. It is mostly one sided. The alternative would be to pay dollars but Russia seems to prefer Yuan. Yuan is getting cheaper by the day w.r.t dollar. So it is still a better choice now and also in the long run to cut down dollar dominance. We are not idiots to bite our lips to spite our face. We are negotiators and would make best of the bad choices. Pakistanis are silly because they see it in their own myopic way.

In any case, with UAE now coming on board to trade in Indian rupees, our oil supply will shift to UAE going forward. India is constantly looking ahead for a winning opportunities in the world.

However there are also other countries that have started the trade in Indian rupees. @Bilal9 Looks like BD doesn't take you seriously.

Trade in Indian rupee begins

Trade settlement between Bangladesh and India in Indian rupee began on Tuesday with expectation of reducing dependency on the dollar, transactional costs and time. The trading in rupees was launched at a ceremony jointly...

www.newagebd.net

 

[hussain0216]

Ok we'll see. Muslim networks or whatever. For now enjoy this.

Trade in Indian rupee begins

Trade settlement between Bangladesh and India in Indian rupee began on Tuesday with expectation of reducing dependency on the dollar, transactional costs and time. The trading in rupees was launched at a ceremony jointly...

www.newagebd.net

I told you,, for most Muslims around the world India is just another country

Traditionally they weren't the west so their was a general positivity towards India as another developing country


But what they DON'T Know and what WE KNOW, is the nature of the Hindu, the mental burden Hindus carry after 1000 years of Muslim domination. The hatred between Hindus and Muslims in south Asia

Our duty at the moment is to make the world aware and Muslims especially if the nature of Hindus and how Hindus are our enemy


Let me remind you within a few weeks both the U.S through Obama and the European parliament have sent India a message that something within India has gone wrong and that will have inevitable consequences



Hindutva is a weapon for us and by the time we are through they will hate Hindus as much as Pakistani do

 

[indushek]

Good, but i had heard same for India with Russia,

but then news came Russia will trade in Chinese Yuan, instead dollars, instead Indian currency.

same they are doing with PDM (Pak current govt), they are getting Chinese Yuan.
Russia is preferring Chinese Yuan, if not in Russian Rubles.
Russia rejected Indian currency.

Dollar helped the world to avoid barter system, which in itself isn't conducive all the time. It can work well, if both parties trade equally and that is not the case always.

The bilateral trade between India and Russia isn't equal, as we import more and export very less to them. Russians have more trade with China, so it makes more sense to get yuan. Am sure they must have accumulated lot of rupees by now, as we have been buying so much oil.

Its not outright rejection, but to ask for balancing of multiple currencies, when one can't help them alone.

 

[Hero786]

Ok we'll see. Muslim networks or whatever. For now enjoy this.

UAE is interested in money for selling oil.
They have no interest in Modi, India or even any one.

Same is with Saudi, they just want money.
They do not care any one, even any one is Muslim or not.

How modi is displayed in burj khalifah, check this link.
this probably done by bjp supporters. same here.

Fact Check-Dubai’s Burj Khalifa did not display speech by Pakistan’s ousted leader

A video shared online claiming to show a speech by Pakistan’s ousted prime minister Imran Khan projected onto the world’s tallest building was created using digital special effects. Khan’s speech was not projected on to the Burj Khalifa.

www.reuters.com

https://www.tiktok.com/video/7232991240826916103

Dollar helped the world to avoid barter system, which in itself isn't conducive all the time. It can work well, if both parties trade equally and that is not the case always.

The bilateral trade between India and Russia isn't equal, as we import more and export very less to them. Russians have more trade with China, so it makes more sense to get yuan. Am sure they must have accumulated lot of rupees by now, as we have been buying so much oil.

Its not outright rejection, but to ask for balancing of multiple currencies, when one can't help them alone.

No dear,
you are wrong at this point.

dollar price is artificially strong, this is claim by China, Russia.
They think US can also destroy their economy by changing value of dollar.
they also claim dollar is not backed by gold.
this is the reason, especially Russia is backing gold to support her currency.

American claims, their currency is backed by stock exchange, banks, and bla bla bla.

Russia also thinks, Indian currency is too artificially stable.
this is the reason she refused to trade in Indian currency.

you can google it, you may find various articles on this issue.

 

[Kaniska]

UAE: Dubai's Burj Khalifa lit up in colours of Indian flag, welcomes PM Modi with dazzling light show
View attachment 939087

There is nothing to feel special about these kind of events as burj khalifa will lit up with national flag of any one who would pay them…

UAE is interested in money for selling oil.
They have no interest in Modi, India or even any one.

Same is with Saudi, they just want money.
They do not care any one, even any one is Muslim or not.

How modi is displayed in burj khalifah, check this link.
this probably done by bjp supporters. same here.

Fact Check-Dubai’s Burj Khalifa did not display speech by Pakistan’s ousted leader

A video shared online claiming to show a speech by Pakistan’s ousted prime minister Imran Khan projected onto the world’s tallest building was created using digital special effects. Khan’s speech was not projected on to the Burj Khalifa.

www.reuters.com

https://www.tiktok.com/video/7232991240826916103

No dear,
you are wrong at this point.

dollar price is artificially strong, this is claim by China, Russia.
They think US can also destroy their economy by changing value of dollar.
they also claim dollar is not backed by gold.
this is the reason, especially Russia is backing gold to support her currency.

American claims, their currency is backed by stock exchange, banks, and bla bla bla.

Russia also thinks, Indian currency is too artificially stable.
this is the reason she refused to trade in Indian currency.

you can google it, you may find various articles on this issue.

That is exactly what even India want where UAE should focus on the selling the oil and get its revenue rather than trying to be a super hero pass judgement about India’s internal issue…As long as UAE stick to that position, we do not care what really UAE think about Modi…India is much more than only Modi…

 

[protean]

@Kaniska

https://twitter.com/x/status/1680097105350901761

This is not paid. This is done by EMAAR properties which owns Burj Khalifa. Interestingly the company CEO is Amit Jain.

 

[indushek]

UAE is interested in money for selling oil.
They have no interest in Modi, India or even any one.

Same is with Saudi, they just want money.
They do not care any one, even any one is Muslim or not.

How modi is displayed in burj khalifah, check this link.
this probably done by bjp supporters. same here.

Fact Check-Dubai’s Burj Khalifa did not display speech by Pakistan’s ousted leader

A video shared online claiming to show a speech by Pakistan’s ousted prime minister Imran Khan projected onto the world’s tallest building was created using digital special effects. Khan’s speech was not projected on to the Burj Khalifa.

www.reuters.com

https://www.tiktok.com/video/7232991240826916103

No dear,
you are wrong at this point.

dollar price is artificially strong, this is claim by China, Russia.
They think US can also destroy their economy by changing value of dollar.
they also claim dollar is not backed by gold.
this is the reason, especially Russia is backing gold to support her currency.

American claims, their currency is backed by stock exchange, banks, and bla bla bla.

Russia also thinks, Indian currency is too artificially stable.
this is the reason she refused to trade in Indian currency.

you can google it, you may find various articles on this issue.

Well am not sure about, Russia's thinking on Indian currency's stability. Let us say what you say is true, but that doesn't still negate the point am trying to make that Russia hasn't rejected Indian rupee trade. Also Russia and China's feelings on Dollar, don't mean anything when it comes to bilateral trade between India and Russia.

With Russia under sanctions and unable to trade in dollars, has resorted to alternate payment mechanisms. India's options to make payments to Russia, are own currency and Russian ruble primarily. Then comes other currencies, which Russia feels can help their economy.

It can be Chinese Yuan or UAE's currency etc. Since Russia doesn't import much from India, they will be left with excess rupees they can't do anything with. Don't forget they will be sourcing from alternate countries now, compared to usual ones when conditions were normal for them.

Given all this its no wonder, they want India to pay in currencies other than rupee too. All the articles that mentioned about differences between Russia and India, on the rupee and ruble trade never said that Russia asked India to completely stop paying in Indian rupees forever. Payment mechanisms even in normal situations, keep changing based on the buyer and seller's requirements.

 

[protean]

Well am not sure about, Russia's thinking on Indian currency's stability. Let us say what you say is true, but that doesn't still negate the point am trying to make that Russia hasn't rejected Indian rupee trade. Also Russia and China's feelings on Dollar, don't mean anything when it comes to bilateral trade between India and Russia.

With Russia under sanctions and unable to trade in dollars, has resorted to alternate payment mechanisms. India's options to make payments to Russia, are own currency and Russian ruble primarily. Then comes other currencies, which Russia feels can help their economy.

It can be Chinese Yuan or UAE's currency etc. Since Russia doesn't import much from India, they will be left with excess rupees they can't do anything with. Don't forget they will be sourcing from alternate countries now, compared to usual ones when conditions were normal for them.

Given all this its no wonder, they want India to pay in currencies other than rupee too. All the articles that mentioned about differences between Russia and India, on the rupee and ruble trade never said that Russia asked India to completely stop paying in Indian rupees forever. Payment mechanisms even in normal situations, keep changing based on the buyer and seller's requirements.

I think the trolls goal is point scoring not objective analysis. Let them be.

 

[Hero786]

I think the trolls goal is point scoring not objective analysis. Let them be.

How am troll?

I said Russia refused Indian currency, same will be with UAE. lol

Indian media gave it hype that Russia is trading in Indian currency.