First Rupee trade shipment from Petrapole border to Bangladesh
Rupee trade shipment from West Bengal's Petrapole border to Bangladesh took place on Tuesday, an official said. Petrapole, located in North 24 Parganas, is the major land port for bilateral trade with the neighbouring country.
The Indian government has been promoting Rupee trade with several countries to save forex, aiming at reducing dependence on the US Dollar and strengthening regional currency and trade. This will have a similar impact on the neighbouring country.
«It was a shipment of vehicle chassis from Tata Motors, and the value of the shipment is Rs 1.23 crore,» said Kamlesh Saini, the manager of the Land Ports Authority of India (ICP Petrapole), speaking to PTI. «This shipment is in Indian Rupees, and it will give further fillip to exports,» he said.
Banks in Bangladesh and India have been given permission to open nostro accounts. It is an account in a bank of another country for the purpose of foreign currency transactions.
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