The Secretary Department of Consumer Affairs, Smt.Nidhi Khare during a series of interactions with representative of pulses industry in the run up to operationalisation of online stock monitoring from 15th April 2024 emphasised that anyone found to be indulging in forword trade of pulses would be dealt with firmly as per various provisions of essential commodities act.
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| Consumers Affairs Secretary Reviews availability of pulses |
The feedback from the industry and inputs from market intelligence relating to the stock position with various market players have been collated for further verification. She also discussed with Indian Mission in Yangon on issues relating to pulses imports from myanmar such as import prices in the wake of revised exchange rates and stocks held by importers in Mayanmar.
The Indian mission appraised that rupee kyat settlement mechanism has been operationalised from 25th January 2024 to simplify trade transactions and to make them more efficient. The central bank of Myanmar has released guidelines for payment procedures under a special rupee vostro account on 26th January 2024. The new mechanism will apply for both sea and border trade and for trade in goods as well as services. Adoption of the mechanism by traders will reduce costs associated with currency conversations and eliminate complexities related to exchange rates by eliminating the need for multiple currency conversation.