Rupee/kyat settlement mechanism rolls out for Indian pulse importers


The payment mechanism for Indian merchants who import pulses from Myanmar has been simplified, and the direct payment system of rupee and kyat will be practised with the Special Rupee Vostro Account-SRVA, citing a report of the Economic Times.
The rupee-kyat settlement mechanism can be done through the Punjab National Bank when Indian traders import pulses from Myanmar.
Consumer Affairs Secretary Nidhi Khare discussed the price fluctuation of pulses with the Indian Mission in Yangon in light of volatile exchange rates and stocks held by traders. This payment mechanism was officially announced on 13 April.
India imports black grams (urad) and pigeon peas (tur) from Myanmar to meet domestic demand. Nidhi Khare added that this new payment system should be utilized to simplify transactions. The new payment mechanism has been operational since 25 January. The Central Bank of Myanmar released guidelines for payment procedures on 26 January, according to the Indian mission in Yangon.
The payment mechanism will reduce exchange rate conversion costs and facilitate trade. The Indian government asked importers and other stockholders to declare their stock conditions on a weekly basis on the official portal.
The government warned them of misinformation, and whoever is found to be indulging in stocks will face legal action under the existing laws. — NN/EM

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