OREANDA-NEWS. The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing the Memorandum of Understanding (MoU) between India and the Russian Federation on Expansion of Bilateral Trade and Economic Cooperation.

The MoU would expand more Bilateral Trade and Economic Cooperation between India and Russian Federation.

India will soon be enacting regulations that will end the role of intermediaries in the import of rough diamonds from Russia.

Sources from the Indian Ministry of Commerce told Sputnik that new regulations will relax the restrictive taxation and customs procedure which Indians had to adhere to when importing rough diamonds.

A discussion on this is expected to take place between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin when the two meet in Goa this weekend ahead of the BRICS summit.