This mechanism is also expected to eliminate complexities related to exchange rates by eliminating the need for multiple currency negotiations.
The Central Bank of Myanmar had issued guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) on January 26 this year. The new mechanism will be applicable for both sea and border trade and for trade in goods and services by making direct payments in local currencies.
"We encourage businesses on both sides to take advantage of this mechanism," the Indian Embassy in Yangon said on Tuesday.
In a meeting chaired by the Secretary, Department of Consumer Affairs, in April on issues related to import of pulses from Myanmar, the Indian Mission stated that the operation of the new mechanism would be separately disseminated to the trading community, especially pulses importers. going, in which they are involved. Requests are being made to use Rupee/Kyat Direct Payment System using SRVA through Punjab National Bank.
The operation of the mechanism will also boost bilateral trade and increase the use of local currencies.
The Central Bank of Myanmar had issued guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) on January 26 this year. The new mechanism will be applicable for both sea and border trade and for trade in goods and services by making direct payments in local currencies.
"We encourage businesses on both sides to take advantage of this mechanism," the Indian Embassy in Yangon said on Tuesday.
In a meeting chaired by the Secretary, Department of Consumer Affairs, in April on issues related to import of pulses from Myanmar, the Indian Mission stated that the operation of the new mechanism would be separately disseminated to the trading community, especially pulses importers. going, in which they are involved. Requests are being made to use Rupee/Kyat Direct Payment System using SRVA through Punjab National Bank.
The operation of the mechanism will also boost bilateral trade and increase the use of local currencies.
