India and UAE are taking de-dollarisation seriously. India's central bank RBI is nudging local banks. To settle trade between the UAE and India using either the dirham or the Indian rupee.

De-dollarisation: RBI urges lenders to use Rupee or Dirham in trade with the UAE

India and the United Arab Emirates (UAE) signed agreements on Saturday to begin trade settlement in their respective national currencies—the Rupee and the Dirham—as well as to link their fast payment systems to facilitate international financial interactions. This occurred while Prime Minister Narendra Modi was in Abu Dhabi. Watch WION's principal correspondent Siddhant Sibbal in a conversation with Sunjay Sudhir, Indian Ambassador to UAE.

'Rupee-Dirham trading arrangements marks a paradigm shift' says Sunjay Sudhir | In-Depth Analysis

An Indian driver in Dubai has hit a jackpot by winning a whopping dirham 12 million (approximately Rs. 21 crore) in a raffle draw in Abu Dhabi, the latest addition to the long list of lucky winners from India.

John Varughese, who has been working as a driver for a private company since 2016 when he came to Dubai from Kerala, won the huge amount at the Big Ticket raffle held the Abu Dhabi International Airport on Tuesday.

“I couldn’t believe that I could get lucky. April Fool’s Day had just passed by and I thought it was some friend pulling my leg. I also had doubts if this was a fake call,” Varughese said.

“Even though it was confirmed but I still took a while before calling my family back in Kerala. This is surreal and the new feeling of being a winner is slowly sinking in,” he told the ‘Khaleej Times’.

Varughes said he intended to share the prize money with four of his friends but first wants to switch from a basic phone to a smartphone.

“I have a small family with wife and two children. I will now invest in their future. There is no better way to make use of this money than to invest in education,” he said.

“I will set aside a portion to help the needy too as I shouldn’t forget my past days,” Varughese added.

Earlier in January, another Keralite in the UAE had won a dirham 12 million in the biggest-ever raffle prize money in Abu Dhabi.

Eight Indians were among the 10 people who had won dirham 1 million each in a mega raffle draw in Abu Dhabi in October last year.

In August, an Indian man had won dirham 5 million in the draw in the UAE.

John Varughese, who has been working as a driver for a private company since 2016 when he came to Dubai from Kerala, won the huge amount at the Big Ticket raffle held the Abu Dhabi International Airport on Tuesday.

An Indian driver in Dubai has hit a jackpot by winning a whopping dirham 12 million (approximately Rs. 21 crore) in a raffle draw in Abu Dhabi, the latest addition to the long list of lucky winners from India. John Varughese, who has been working as a driver for a private company since 2016 when he came to Dubai from Kerala, won the huge amount at the Big Ticket raffle held the Abu Dhabi International Airport on Tuesday. “I couldn’t believe that I could get lucky. April Fool’s Day had just passed by and I thought it was some friend pulling my leg. I also had doubts if this was a fake call,” Varughese said. “Even though it was confirmed but I still took a while before calling my family back in Kerala. This is surreal and the new feeling of being a winner is slowly sinking in,” he told the ‘Khaleej Times’. Varughes said he intended to share the prize money with four of his friends but first wants to switch from a basic phone to a smartphone. “I have a small family with wife and two children. I will now invest in their future. There is no better way to make use of this money than to invest in education,” he said. “I will set aside a portion to help the needy too as I shouldn’t forget my past days,” Varughese added. Earlier in January, another Keralite in the UAE had won a dirham 12 million in the biggest-ever raffle prize money in Abu Dhabi. Eight Indians were among the 10 people who had won dirham 1 million each in a mega raffle draw in Abu Dhabi in October last year. In August, an Indian man had won dirham 5 million in the draw in the UAE.

Indian driver hits jackpot, wins Dirham 12 million lottery

In an attempt to assert its own monetary policy, the Islamic State has decreed that traders use its currency, the dirham, setting its value at 1,000 Syrian pounds ($1.80) per dirham.

In an audio statement, the IS said the Syrian 1,000- and 50-pound notes would be banned in the areas under its control as of July 25, Reuters reported.&nbsp;

The exchange rate for the IS&#39;s currency will be&nbsp;declared daily, Reuters reported. 
 
The announcement comes at a time when the IS&nbsp;has found its grip on the territory under its&nbsp;control under threat.&nbsp;

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The IS has banned the Syrian 1,000- and 50-pound banknotes

In an attempt to assert its own monetary policy, the Islamic State has decreed that traders use its currency, the dirham, setting its value at 1,000 Syrian pounds ($1.80) per dirham. In an audio statement, the IS said the Syrian 1,000- and 50-pound notes would be banned in the areas under its control as of July 25, Reuters reported. The exchange rate for the IS's currency will be declared daily, Reuters reported. The announcement comes at a time when the IS has found its grip on the territory under its control under threat.

Islamic State orders Syrian businesses to use its currency

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