look news india
Dhaka/New Delhi, July 02 (HS). The rupee-kyat trade mechanism has started between India and Myanmar. India has exported pulses worth more than one crore rupees to Myanmar for the first time under the rupee-kyat trade agreement. This step will promote bilateral trade between the two countries and increase the use of local currencies.
The Indian Embassy in Yangon said in a statement posted on X on Tuesday that the rupee-kyat trade agreement arrangement is now operational. The statement said that the Yangon office of Punjab National Bank successfully completed the first transaction of pulses export worth more than Rs 1 crore today. We encourage businesses on both sides to take advantage of this arrangement.
It is noteworthy that the Indian Embassy in collaboration with the India-Myanmar Chamber of Commerce (IMCC) organized an awareness program on the use of Rupee-Kyat Trade Agreement in February. Earlier, the Central Bank of Myanmar issued guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) on January 26, 2024. This new mechanism will be applicable for goods and services by making direct payments in local currencies for both maritime and border trade.