New Delhi, Sept. 11 -- India and Mauritius have reached an understanding on conducting trade in local currencies, with discussions now taking place between the central banks of both countries, said MEA foreign secretary Vikram Misri during a special briefing on Thursday.

"This is something on which an understanding has already been arrived at. But now, there are discussions going on between the central banks of the two countries because the appropriate accounts, the Nostro and Vostro accounts have to be opened up in the banks," Misri stated.

"The central banks on the two sides are discussing the technical aspects and we expect that the understanding on trade in local currencies will be made operational very soon as soon as the operation...