Traders’ Meet

IMPHAL, May 9: Construction work for setting up of the Integrated Check Post at Moreh, aimed at boosting Indo-Myanmar Border Trade, would be taken up within six months, announced Principal Secretary (Commerce & Industries) O Nabakishore.

Speaking at an ‘importer-exporter’ meet organized by United Bank of India this evening at Classic Hotel, the Principal Secretary opined that every possible measures should be adopted to clear procedural hurdles in order to facilitate growth of the border trade volume, which he described as average at the juncture.

Further noting that traders from the Myanmar side are yet to comprehend practicality or benefits of ‘letter of credit (LoC)’, he also urged the State’s business community to open LoC accounts to utilize the facility.

Nabakishore also informed the gathering, which included the Deputy General Manager of Reserve Bank of India (Guwahati) A Bhaskar Rao, that Ministry concerned has provided a separate account with regard to Export Development Fund for traders of the North Eastern region.

The Secretary further stated that compared to only 40 items approved for trade between India and Myanmar, there are 11,592 items listed for trading between Myanmar and China, whereas Myanmar-Thailand trade pact covers 36,699 items.

Moreover, there are 63 items enlisted for trade between Myanmar and Bangladesh, he added.

From the side of the traders, it was proposed that number of staff of United Bank of India, Moreh branch be increased from the present strength, open ATM booths at the border town, waive cash handling charge and to ease restrictions on ceiling with regard to deposit or withdrawal of cash from the said bank.

(Courtesy: The Sangai Express)

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