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India, Myanmar completes first transaction exceeding Rs 1 crore through Punjab National Bank
Jul 03, 2024

India and Myanmar pioneered a new bilateral trade payment system as the Yangon office of Punjab National Bank on Tuesday completed the first transaction exceeding Rs 1 crore for a shipment of pulses under the Rupee-Kyat Settlement Mechanism.

The initiative aims to streamline trade transactions between India and Myanmar, enhancing efficiency by eliminating complexities associated with exchange rates through direct payment in local currencies.

The Central Bank of Myanmar introduced guidelines for payment procedures via the Special Rupee Vostro Account (SRVA) on January 26 this year. The mechanism covers both sea and border trade, encompassing transactions for goods and services.

    
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