Prime Minister Narendra Modi on Saturday (July 15) concluded his two-nation tour of France and the United Arab Emirates (UAE). “A visit defined by transformative outcomes. PM @narendramodi emplanes for New Delhi after wrapping up a successful visit to UAE,” tweeted official spokesperson of Ministry of External Affairs Arindam Bagchi.
PM Modi was hosted by French President Emmanuel Macron and France’s first lady Brigitte Macron at the Elysee Palace. He also attended Bastille Day Parade as Guest of Honour at the invitation of French President Macron on the Champs-Elysees. In Abu Dhabi, PM Modi held talks with President Sheikh Mohamed bin Zayed Al Nahyan.
IIT, UPI and more
PM Modi’s UAE visit was marked by key agreements including opening a new IIT Delhi campus in Abu Dhabi. The two countries also pledged to promote using local currencies (Rupee and Dirham) for cross-border transactions and to interlink payment systems. An MoU on Local Currency Settlement (LCS) System was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates enabling the use of Indian Rupee (INR) and UAE Dirham (AED) for Cross-border Transactions.
An MoU was exchanged for the establishment of a campus of IIT in Abu Dhabi between the Indian Ministry of Education, UAE’s Abu Dhabi Department of Education and Knowledge and the Indian Institute of Technology, Delhi (IIT).
This is the first ever IIT to be set up in the Middle East/North Africa (MENA) region. The MoU will facilitate the integration of Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE. It will also facilitate interlinking card switches of the two countries – RuPay switch and UAESWITCH to facilitate the mutual acceptance of their domestic cards and processing of card transactions directly without relying on any other network. The MoU will facilitate the integration of Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE. It will also facilitate interlinking card switches of the two countries – RuPay switch and UAESWITCH to facilitate the mutual acceptance of their domestic cards and processing of card transactions directly without relying on any other network.
Prior to visiting UAE, PM Modi was in Paris, where, in a historic moment, French President Emmanuel Macron bestowed the Grand Cross of the Legion of Honour on Prime Minister Narendra Modi. It is the highest French honour in military or civilian orders. With this, PM Modi becomes the first Indian PM to receive this honour.
(With agency inputs)
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Prime Minister Narendra Modi on Saturday (July 15) concluded his two-nation tour of France and the United Arab Emirates (UAE). “A visit defined by transformative outcomes. PM @narendramodi emplanes for New Delhi after wrapping up a successful visit to UAE,” tweeted official spokesperson of Ministry of External Affairs Arindam Bagchi.
PM Modi was hosted by French President Emmanuel Macron and France’s first lady Brigitte Macron at the Elysee Palace. He also attended Bastille Day Parade as Guest of Honour at the invitation of French President Macron on the Champs-Elysees. In Abu Dhabi, PM Modi held talks with President Sheikh Mohamed bin Zayed Al Nahyan.
IIT, UPI and more
PM Modi’s UAE visit was marked by key agreements including opening a new IIT Delhi campus in Abu Dhabi. The two countries also pledged to promote using local currencies (Rupee and Dirham) for cross-border transactions and to interlink payment systems. An MoU on Local Currency Settlement (LCS) System was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates enabling the use of Indian Rupee (INR) and UAE Dirham (AED) for Cross-border Transactions.
An MoU was exchanged for the establishment of a campus of IIT in Abu Dhabi between the Indian Ministry of Education, UAE’s Abu Dhabi Department of Education and Knowledge and the Indian Institute of Technology, Delhi (IIT).
This is the first ever IIT to be set up in the Middle East/North Africa (MENA) region. The MoU will facilitate the integration of Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE. It will also facilitate interlinking card switches of the two countries – RuPay switch and UAESWITCH to facilitate the mutual acceptance of their domestic cards and processing of card transactions directly without relying on any other network. The MoU will facilitate the integration of Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE. It will also facilitate interlinking card switches of the two countries – RuPay switch and UAESWITCH to facilitate the mutual acceptance of their domestic cards and processing of card transactions directly without relying on any other network.
Prior to visiting UAE, PM Modi was in Paris, where, in a historic moment, French President Emmanuel Macron bestowed the Grand Cross of the Legion of Honour on Prime Minister Narendra Modi. It is the highest French honour in military or civilian orders. With this, PM Modi becomes the first Indian PM to receive this honour.
(With agency inputs)
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end of article