Payment mechanism for traders importing pulses from Myanmar simplified: Govt
importing pulses from Myanmar has been eased and simplified. The importers have been asked to utilize Rupee/ Kyat direct payment system using Special Rupee Vostro Account (SRVA) through Punjab National Bank, the consumer affairs ministry said in a statement.
India depends on imports of pulses to meet the domestic shortage. The country imports tur and urad dals from Myanmar.
Consumer Affairs Secretary Nidhi Khare discussed with Indian Mission in Yangon issues relating to pulses imports from Myanmar such as import prices in the wake of revised exchange rates and stocks held by importers in Myanmar, it said.
The ministry said that the Indian Mission informed the secretary that the Rupee/Kyat Settlement Mechanism has been operationalised from January 25 this year to simplify trade transactions and to make them more efficient.
The Central Bank of Myanmar released guidelines for payment procedures under SRVA on January 26, 2024.
The Indian Mission also informed the secretary that the new mechanism will apply for both sea and border trade and for trade in goods as well as services.
«Adoption of the mechanism by traders will reduce costs associated with currency conversions and eliminate complexities related to exchange rates by eliminating the need for multiple currency conversations,» the ministry statement said.
It said «dissemination about the operationalization of this mechanism among trading communities especially pulses importers is being separately done wherein they are being requested to utilize Rupee/ Kyat
