Banking rules for exports to Myanmar and Romania from India

Banking process on India's Boarder trade with Mynamar and Counter trade arrangements with Romania

According to Reserve Bank of India update as on 08th January 2021, the directions on RBI directions on India's counter trade arrangements with Romania and Boarder trade with Myanmar is given below:

A.9 Border trade with Myanmar

In supersession of instructions contained in A.P. (DIR Series) Circular No. 17 dated October 16, 2000, barter system of trade at the Indo-Myanmar border has been discontinued and replaced with normal trade with effect from December 1, 2015. Accordingly, all trade transactions with Myanmar, including those at the Indo-Myanmar border with effect from December 1, 2015 shall be settled in any permitted currency in addition to the Asian Clearing Union mechanism.

A.10 Counter –Trade arrangements with Romania

The Reserve Bank will consider counter trade proposals from Indian exporters with Romania involving adjustment of value of exports from India against value of imports made into India in terms of a voluntarily entered arrangement between the concerned parties, subject to the condition, among others that the Indian exporter should utilize the funds for import of goods from Romania into India within six months from the date of credit to Escrow Accounts allowed to be opened.

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