A trade payment mechanism in Rupees-Kyats has started and has paid more than one crore rupees for the export of pulses, according to India Embassy in Myanmar.
Over one crore Rupees for the export of pulses was successfully processed from the Yangon office of the Punjab National Bank as a direct payment in rupees and kyats on July 2.
The statement said that both sides encouraged businesses to benefit from the Rupee and Kyat payment mechanism.
According to the Central Bank, CB and UAB Banks have been approved by Myanmar for direct payment of Rupee-Kyat, while Punjab National Bank has been approved by India.
