• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home World

Rupee-Kyat Trade Settlement Mechanism Between India And Myanmar Now Operational

OMMCOM NEWS by OMMCOM NEWS
July 2, 2024
in World

Yangon: The first transaction of over Rs one crore of pulses export was successfully executed by the Yangon office of India’s Punjab National Bank (PNB) on Tuesday under the Rupee Kyat Settlement Mechanism which will simplify trade transactions between India and Myanmar and make them more efficient.

The mechanism is also expected to eliminate complexities related to exchange rates by eliminating the need for multiple currency conversations.

The Central Bank of Myanmar had released the guideline for payment procedures under the Special Rupee Vostro Account (SRVA) on January 26, this year. The new mechanism will apply for both sea and border trade and for trade in goods as well as services by paying directly in local currencies.

“We encourage businesses on both sides to benefit from the mechanism,” stated the Embassy of India in Yangon on Tuesday.

In a meeting chaired by the Secretary of the Department of Consumer Affairs in April on the issues relating to pulses imports from Myanmar, the Indian Mission informed that dissemination about the operationalisation of new mechanism among trading communities especially pulses importers is being separately done wherein they are being requested to utilise Rupee/Kyat direct payment system using SRVA through the Punjab National Bank.

The operationalisation of the mechanism will also boost bilateral trade and enhance the usage of local currencies.

(IANS)

Tags: Myanmar
ShareTweetSendSharePinShareSend
Previous Post

North Korea Test-Fires New-Type Tactical Ballistic Missile: KCNA

Next Post

Indian Fast Fashion Industry Poised To Reach Over $50 Billion By FY31: Report

Related Posts

crime
World

Shooting On US Campus Leaves One Dead, One Injured

August 9, 2025
World

Germany Wins Latin Dance Gold At World Games, China Finishes Fourth

August 9, 2025
World

NSA Ajit Doval Meets Russia’s First Dy Prime Minister In Moscow

August 9, 2025
HELSINKI, July 16, 2018 (Xinhua) -- U.S. President Donald Trump (L) shakes hands with his Russian counterpart Vladimir Putin in Helsinki, Finland, on July 16, 2018. U.S. President Donald Trump and his Russian counterpart Vladimir Putin started their first bilateral meeting here on Monday, and they are expected to discuss a wide range of issues. (Xinhua/Lehtikuva/Heikki Saukkomaa/IANS)
World

Trump, Putin Meeting Set In Alaska To Discuss Ukraine Ceasefire

August 9, 2025
PM Modi
World

PM Modi Speaks With ‘Friend’ Putin, Reaffirms Commitment To Deepen India-Russia Ties

August 8, 2025
Khalistan Embassy
World

Khalistan Embassy In Canada: A Brazen Provocation That Ottawa Still Won’t Confront

August 8, 2025
Next Post

Indian Fast Fashion Industry Poised To Reach Over $50 Billion By FY31: Report

Odisha Govt Announces Two-Day Holiday For Puri Rath Yatra

Study Explores How Common Respiratory Infections Protected Kids From Covid

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.