Date: 16/04/2024

Govt asks pulses importers to use rupee-kyat system with Myanmar

The government has asked importers from Myanmar to use the rupee-kyat trade mechanism for faster import of pulses such as tur and urad. Importers have been asked to utilise the rupee-kyat direct payment system using Special Rupee Vostro Account (SRVA) through Punjab National Bank (PNB). The direct payment is applicable for both sea and border trade as well as services, and would reduce costs associated with multiple currency conversions and eliminate complexities related to exchange rates, the government said. The Central Bank of Myanmar earlier this year released guidelines for payment procedures under SRVA through PNB and UAB Bank, said a report.
Source: Exim News Service: New Delhi, April 15