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The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies -- the Indian Rupee (INR) and the Mauritian Rupee (MUR) -- for cross-border transactions. The MoU, which aims to promote the use of INR and MUR in bilateral trade, covers all current account transactions and permissible capital account transactions as agreed upon by both the countries, according to an RBI statement. “This framework would enable exporters and importers to invoice...

In a significant move towards enhancing economic ties, India and Mauritius announced an agreement to enable trade using local currencies. A Memorandum of Understanding (MoU) was struck between the two nations' central banks to promote trade in the Indian Rupee (INR) and the Mauritian Rupee (MUR).The MoU, formalized on March 12, 2025, in the presence of Prime Minister Narendra Modi and his Mauritian counterpart Navinchandra Ramgoolam, will establish the INR-MUR Local Currency Settlement (LCS) System. This system aims to minimize dependence on hard currencies in cross-border transactions, as confirmed...

Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, the central bank said in a statement on Tuesday. "The MoU documents were exchanged in Port Louis, Mauritius in the presence of the Prime Minister of India Narendra Modi and Prime Minister of Mauritius Navinchandra Ramgoolam, on...

Reserve Bank of India and Bank of Mauritius sign MoU to promote the use of Indian Rupee and Mauritian Rupee for cross-border transactions, aiming to optimize costs and settlement time.Mumbai, Mar 18 (PTI) Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, the central bank said...

The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have inked a groundbreaking agreement to establish a framework fostering the use of the Indian Rupee and the Mauritian Rupee in cross-border transactions.The Memorandum of Understanding (MoU), signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, was exchanged in a ceremony attended by Indian Prime Minister Narendra Modi and Mauritian Prime Minister Navinchandra Ramgoolam in Port Louis on March 12, 2025.The MoU aims to facilitate invoicing and payment in domestic...

Mumbai: Reserve Bank on Monday said India's bilateral trade transactions with Maldives may also be settled in INR and/or MVR in addition to the ACU mechanism. Asian Clearing Union (ACU) is a payment arrangement whereby the participants settle payments for intra-regional transactions among the participating central banks on a net multilateral basis. The participants include central banks and the monetary authorities of Bangladesh, Belarus, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka. A Memorandum of Understanding (MoU) has been signed between RBI and Maldives Monetary Authority in November...

RBI has shortlisted six entities, including Engineers India and MECON, for a project to revamp currency management infrastructure to cater to the growing economy.Mumbai, Mar 16 (PTI) State-owned Engineers India and MECON as well as four private entities are in the fray for the project to comprehensively revamp RBI's currency management infrastructure in order to cater to future cash needs of the country's fast growing economy.The four private entities are: Accenture Solutions; Colliers International (India) Property Services; PricewaterhouseCoopers and The Boston Consulting Group (India).The RBI had earlier invited expression of...

Reserve Bank of India (RBI) was the net seller of over $36 billion between June and December to support the Indian Rupee, showed government’s written responses in the Rajya Sabha on Tuesday. Written replies by Minister of State in the Finance Ministry, Pankaj Chaudhary revealed that gross sale during 7 months of the current fiscal, starting June, by RBI was over $53 billion, while gross purchase was over $16.5 billion. This means that net sale was over $36 billion. However, this was not sufficient to stop the steep fall in...

There is no change in the forex policy of the central bank despite several quarters believing that under the new governor Sanjay Malhotra, RBI would not aggressively defend the rupee, said the official, citing discussions between the government and the RBI on the currency slide. The Indian rupee has weakened about 3.5% against the dollar in the past six months to 86.88 on 7 March, as per data from Bloomberg. By comparison, the Chinese Yuan and the Japanese Yen weakened 1.7% and 0.7%, respectively, during the period. “The government does...

Indian stock market: After moving in downward trajectory for three weeks, the Indian benchmarks made a strong comeback in the first week of March 2025. The indices closed in green, rising nearly 2 per cent on Friday, March 7. The Nifty settled at 22,552.50, while the Sensex closed at 74,332.58, marking a significant rebound.The market recovered despite weak global cues amid rising threat of tariff wars on multiple trading partners.The global sentiment improved following reports of a delay in U.S. tariffs and the possibility of further negotiations, which helped stabilize...