Dirham, Rupee & The Dollar Walk Into A Bar: The Joke's On Swift!

Dirham, Rupee & The Dollar Walk Into A Bar: The Joke's On Swift!
Dirham, Rupee & The Dollar Walk Into A Bar: The Joke's On Swift!
17 July 2023

A Game-Changer for UAE-India Cross-Border Transactions and Economic Integration

Hold on tight, folks! We've got sensational news that's about to revolutionize cross-border transactions. The UAE's Central Bank and India's Reserve Bank just sealed not one, but two mind-blowing agreements during Indian Prime Minister Narendra Modi's thrilling visit to the UAE. Brace yourself for a wild financial adventure as these deals unlock local currencies, supercharged payment systems, and more!


Imagine a world where traders sing, "We deal in our own currencies!" Hold onto your hats because that world is now a reality! The RBI and CBUAE have unleashed an extraordinary agreement enabling transactions in Indian rupees (INR) and UAE dirhams (AED). No more currency headaches or exchange rate woes! This bold move fuels seamless trade and strengthens economic ties between the two nations.


Get ready for financial history in the making! The Local Currency Settlement System (LCSS) is here to transform the India-UAE landscape. With LCSS, traders can finally conduct business using their domestic currencies, igniting a blazing INR-AED foreign exchange market. Brace yourself for investment opportunities and lightning-fast remittances between the UAE and India!


Hold onto your seats because this partnership is about to launch like a rocket! The RBI and CBUAE are connecting their payment and messaging systems, propelling transactions into the future. India's Unified Payments Interface (UPI) and the UAE's Instant Payment Platform (IPP) are joining forces. Say goodbye to sluggish transfers and welcome lightning-fast, secure, and cost-effective cross-border transactions!


Prepare to wave your cards for seamless transactions! The RBI and CBUAE are teaming up to link their Card Switches, RuPay and UAESWITCH. The result? You can now effortlessly use your domestic cards while shopping in India or the UAE. It's a win-win for consumers and businesses, making the process smoother than gliding on a dance floor!


Smooth communication is the secret sauce, and these banks know it! The RBI and CBUAE are exploring the interlinking of their messaging systems. India's Structured Financial Messaging System (SFMS) is about to unite with the UAE's messaging system, opening the gates for seamless financial communication. Get ready for a world where finance talks effortlessly!

Hang onto your socks because the UAE's Central Bank and India's Reserve Bank have just forged a cross-border breakthrough! Bid farewell to conventional transactions and gear up for a world where local currencies rule and payments race at lightning speed. With reduced costs, optimized settlements, and a boost to economic cooperation, the possibilities are boundless! Get ready for an epic voyage where borders blur and financial dreams come true. Let the India-UAE collaboration fuel your wildest financial fantasies!

Dr. Lal Bhatia: With over 35 years of transformative influence, Dr. Lal Bhatia stands as a true force in the global arena. Lal’s influence is felt across finance, real estate and films. As a trusted senior advisor to His Highness Sheikh Sultan Bin Rashed Bin Humaid Al Nuaumi and the force behind Hilshaw Group and David & Goliath Films, Dr. Bhatia fearlessly pushes boundaries and sets new standards. His profound insights, soul-stirring poetry, and thought-provoking philosophy ignite the minds of many. Chairing the esteemed UAE STRAT: 2071, he directs the course of action in tackling humanity's most pressing challenges. Dr. Lal Bhatia's unwavering commitment to excellence leaves an indelible mark on the world, shaping a better future for all.


Latest Issue

Outlook Money
April 2024