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Simplified payment system for pulses' import from Myanmar
Financial Express Mumbai
|April 14, 2024
THE GOVERNMENT ON Saturday asked importers from Myanmar to use the RupeeKyat trade mechanism for faster imports of pulses such as tur and urad.
The importers have been asked to utilise the RupeeKyat direct payment system using Special Rupee Vostro Account (SRVA) through Punjab National Bank (PNB), according to an official statement.
Stating that the direct payment is applicable for both sea and border trade as well as services, the statement said it would reduce costs associated with the currency conversions and eliminate complexities related to exchange rates by eliminating the need for multiple currency conversions.
The Central Bank of Myanmar on January 26, 2024 had released guidelines for payment procedures under SRVA through PNB and UAB bank.
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