India has successfully completed its first transaction of pulses export worth over Rs 1 crore to Myanmar under the newly operational Rupee-Kyat trade settlement mechanism. This milestone marks a significant step towards enhancing bilateral trade and promoting the use of local currencies.

The Embassy of India in Yangon announced the achievement, highlighting the operationalization of the Rupee-Kyat trade settlement mechanism. "@pnbindia's Yangon office executed the first transaction of over INR 1 cr of pulses export today. We encourage businesses on both sides to benefit from this mechanism," the embassy posted.

Earlier efforts by the Indian mission, in collaboration with the India-Myanmar Chamber of Commerce (IMCC), included an awareness event in February to promote understanding and utilization of the Rupee-Kyat Trade Settlement Mechanism.

The Central Bank of Myanmar had issued guidelines on payment procedures through the Special Rupee Vostro Account (SRVA) on January 26, paving the way for smoother transactions between the two countries.

"The operationalization of the Rupee-Kyat Trade Settlement Mechanism aims to simplify trade transactions, enhance efficiency, and reduce costs associated with currency conversions," stated a press release from the Indian embassy.

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