Payment system will be easy for traders importing Myanmar pulses

On Saturday, the government announced that traders who import pulses from Myanmar now have an easier way to make payments. The Consumer Affairs Ministry said in a statement that importers have been requested to use the Rupee/Kyat direct payment system through a Special Rupee Vostro Account (SRVA) through Punjab National Bank.

India imports pulses to make up for its domestic shortage. Myanmar is the country's importer of tur and urad dal. The Indian Mission in Yangon and Consumer Affairs Secretary Nidhi Khare reportedly talked about matters about the import of pulses from Myanmar, including updated exchange rates and import prices given stocks held by importers in Myanmar.

The ministry said the Indian Mission informed the Secretary that the Rupee/Kyat Settlement System has been operationalized from January 25 this year to simplify trade transactions and make them more efficient.

The Central Bank of Myanmar issued guidelines for payment processes under the SRVA on January 26, 2024.

The Indian Mission also informed the Secretary that the new mechanism will apply to both sea and border trade and to trade in goods as well as services.

Adoption of this mechanism by traders will reduce costs associated with currency conversion and eliminate complexities related to exchange rates by eliminating the need for multiple currency conversations, the ministry statement said.

It said that a separate dissemination is being done about the operation of this mechanism among the trading community, especially pulses importers, wherein they are being asked to make a Rupee/Kyat Direct Payment System using SRVA through Punjab National Bank. Being requested to use.

Meanwhile, the government has asked importers and other industry players such as millers, stockists, retailers etc. to declare their stocks of pulses, including imported yellow peas, every week on the portal https://fcainfoweb.nic.in/psp/ from April 15. Asked to declare honestly.

The ministry has also warned that any person found indulging in futures trading of pulses will be dealt with strictly as per various provisions of the Essential Commodities Act.

States and Union Territories have also been asked to enforce weekly stock disclosure by all stockholding entities and verify the stocks declared by them.

The statement said that stocks in warehouses located at major ports and pulses industry hubs should be verified from time to time and strict action should be taken against stockholding entities providing false information on the stock disclosure portal.

It said that feedback from the industry and market intelligence related to stock position with various market players have been collected for further verification.