In 2023, India imported crude oil from which country, making payments in Indian Rupees (₹), as part of the Rupee-Dirham trade agreement?
UAE
The correct answer is option 1 I.e. UAE.
In 2023, India made its first-ever payment in Indian Rupees (₹) for the purchase of crude oil from the United Arab Emirates (UAE). This transaction, involving the purchase of one million barrels of crude oil from Abu Dhabi National Oil Company (ADNOC), was conducted under the newly implemented Local Currency Settlement (LCS) system. The payment was made by Indian Oil Corporation (IOC) in Indian Rupees, marking a significant step in promoting the use of local currencies in international trade .
Important Questions from External Sector
Which of the following best describes the term 'import cover', sometimes seen in the news?
With reference to Balance of Payments, which of the following constitutes/constitute the Current Account?
(1) Balance of trade
(2) Foreign assets
(3) Balance of Invisibles
(4) Special Drawing Rights
Select the correct answer using the code given below.
Consider the following actions which the Government can take:
1) Devaluing the domestic currency.
2) Reduction in the export subsidy.
3) Adopting suitable policies which attract greater FDI and more funds from FIIs.
Which of the above action/actions can help in reducing the current account deficit?
Both Foreign Direct Investment (FDI) and Foreign Institutional Investor (FII) are related to investment in a country. Which one of the following statements best represents an important difference between the two?
Which one of the following groups of items is included in India’s foreign-exchange reserves?
