India, Japan bilateral currency swap gets Cabinet nod

The Union Cabinet gave its nod to the $75-billion bilateral currency swap arrangement between India and Japan.

It may be recalled that this arrangement — another milestone in mutual economic cooperation and special strategic and global partnership between two countries — was concluded in October last year during summit-level meeting at Yamanashi, Japan between Prime Minister Narendra Modi and Japan’s Prime Minister Shinzo Abe.

The arrangement is expected to bring stability to foreign exchange and capital markets in India. It would also further strengthen and widen the depth and diversity of economic cooperation between the two countries.

The Union Cabinet also gave its approval for the MoU between India and Japan on the development of ‘advanced model single window’ to facilitate investments into India. It would be operationalized in Central and State Governments in India for taking administrative procedures necessary for business operations, and to develop a structure in which those procedures are completed in an expeditious manner, so as to accelerate India’s effort to promote Ease of Doing Business.

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