NEW DELHI, July 14 (Reuters) – India and the United Arab Emirates may announce the start of a rupee-dirham payment mechanism to settle bilateral trade during Prime Minister Narendra Modi’s visit to Abu Dhabi on Saturday, industry and government sources said.
Sources said on Friday that India would use the mechanism to pay for oil as well as other imports from the UAE, its fourth largest oil supplier in the year to March.
At present 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, pays for…
