Reserve Bank of India

05.11.2015

Banking

RBI ends barter trade between India and Myanmar

MANU/APDR/0085/2015

The Reserve Bank of India has called an end to barter trade at the Indo-Myanmar Border, permissible since 2000. Noting that with a sufficiently diversified trade basket and the presence of banking establishments, it is appropriate for the system of trade to switch over to the normal system from 1 December 2015. With the barter system of trade, goods exchanged between the two countries were devoid of any mention in the banking system and were also not counted in trade statistics.

Relevant

Barter Trade with Myanmar under the Indo-Myanmar Border Trade Agreement MANU/APDR/0010/2000
Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 MANU/RFEM/0006/2000

Tags : Myanmar barter end trade bank 2015

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