India-Bangladesh Trade Settlement in INR Started

India-Bangladesh Trade Settlement in INR Started

New Delhi : Own Correspondent, Dhaka: On the first day, India-Bangladesh has transacted 2.8 million Indian currency (Rs.) in foreign trade. Import-Export Letter of Credit (LC) worth Rs. 2 crore 80 lakh was opened on this day. Tamim Industries Limited of Bogra sent the first export invoice in Indian currency from Bangladesh after the official inauguration. The value of the export consignment was Rs. 1 crore 60 lakhs. ICICI Bank of India opens this import credit. And the exporting company's bank was the Bangladesh branch of State Bank of India (SBI).

Meanwhile, the Nittal-Niloy group made the first import in the country in Indian currency. The value of the import invoice is Rs. 1 crore 20 lakhs. Dhaka office of SBI opens import credit. Import and export invoices are handed over by Sonali Bank and Eastern Bank of Bangladesh and State Bank of India and ICICI Bank of India.

As India-Bangladesh trade starts in rupees, experts believe that both countries' dependence on the dollar will decrease. In a ceremony jointly organized by Bangladesh Bank and Indian High Commission at La Meridien Hotel in Dhaka on Tuesday, 'Rupee' was recognized as the commercial currency between the two countries. Initially, traders can pay the import and export price through four banks in Rs. Two Bangladeshi and two Indian banks have been kept in the list in this regard. Bangladesh has Sonali Bank and Eastern Bank. On the other hand, the listed banks from India are State Bank of India and ICICI Bank. It is known that later some other banks of both countries will be brought to this list.