Traders cheer as barter trade ends at Myanmar border
Deepak Kumar | The Dollar Business A traders’ body on Saturday welcomed the Indian government’s move to stop the barter trade system at India-Myanmar border, saying that the shift towards normal trading system will enhance bilateral economic relationship. The Reserve Bank of India (RBI) on Thursday announced the closure of the existing barter trade system at the Indo-Myanmar border and implementation of normal trade through currency exchange from December 1, 2015. “Accordingly, all trade transactions with Myanmar, including those at the Indo-Myanmar border with effect from December 1, 2015 would be settled in any permitted currency in addition to the Asian Clearing Union mechanism,” RBI said in a notification. “People in Myanmar are already crippled with internal differences and their economic ...
CII inks MoU with the Russian Chamber of Commerce and Industry
The Dollar Business Bureau In order to strengthen bilateral economic cooperation between India and Russia, the Confederation of Indian Industry (CII) signed an MoU with the Russian Chamber of Commerce and Industry. The industry body is also leading a CEO delegation to St. Petersburg International Economic Forum (SPIEF) which is being held in Russia. Commerce Minister Nirmala Sitharaman had an interaction with the delegation wherein they discussed the potential collaboration with their Russian counterparts. Some of the issues highlighted during the meeting included the possibility of Rupee-Rouble trade, financing for oil trade, barter trade in commodities etc. She said that efforts are being made by the Indian government to address these issues with the Russian government. “Russian Government was keen to ...
India signing LSA, CISMOA and BECA pacts critical for US DTTI cooperation
The Dollar Business Bureau In a move towards Defence Trade and Technology Initiative (DTTI), the United States officials on Thursday stressed India to ink three key pacts that have been pending over years. The three pacts that were mentioned are Logistics Support Agreement (LSA), Communication Interoperability and Security Memorandum Agreement (CISMOA) and Basic Exchange and Cooperation Agreement for Geo-Spatial Cooperation (BECA). Terming them as ‘foundation pacts’ for stronger defence cooperation between the two countries, the US officials said, “If India did not sign the pacts, it would become an issue at some point in the future, as the two countries worked on high-end defence technology.” According to a report from India Defence Research Wing, the US officials made ...
