Streamlined Trade between India and Myanmar
Streamlined Trade between India and Myanmar: New Kyat/Rupee Direct Payment System
We are pleased to announce the launch of a new Kyat/Rupee direct payment system to simplify and expedite bilateral trade between India and Myanmar. This initiative, agreed upon by both governments, allows import and export transactions to be settled directly in Rupees using Special Rupee Vostro Accounts (SRVA).
Benefits for Traders:
- Simplified Trade Settlement: Eliminate the need for multiple currency conversions, reducing complexity and transaction costs.
- Increased Efficiency: Streamline import and export processes for faster trade movement.
Designated Banks:
- Myanmar: UAB Bank and CB Bank
- India: Punjab National Bank (PNB)
Action Required:
Traders in both Myanmar and India can now open SRVA accounts at the designated banks to streamline their import and export transactions. This system offers a more convenient and cost-effective way to conduct business between our two countries.
