RBI team to visit Moreh
Source: Hueiyen News Service
Imphal, May 07 2011:
A four member team of the officials of Reserve Bank of India, Foreign Exchange Department, headed by Sri A.Bhaskara Rao, DGM will visit Moreh on 08-05-2011.The team is expected to be accompanied by officials from other Public Sector and Private Sector Banks.
United Bank of India is coordinating the programme with the help from Manipur Government.
A team of UBI officials headed by Sri Ananda Kumar, Chief Manager, UBI, will also visit Moreh along with RBI Team.
The RBI team will take a stock of logistics and infrastructure at Moreh and also visit UBI Moreh Branch, which is a B category Authorised Dealer of foreign exchange.
This branch of United Bank of India is authorised for monitoring barter trade in the Moreh Border for Import and Export of goods of value above $1000 to $ 20000.Besides Barter trade, other normal trade is also allowed through Moreh Land Custom Station but so far no normal trade except the barter trade through banking channel is materialized.
The RBI officials will analyse the bottlenecks of formal trading through Moreh Border and will take stock of the weaknesses of banking channel if any.
RBI will convene a meeting of traders and exporters and Importers of Moreh on 09-05-2011 at trade centre.
Later in the evening on same day, RBI will convene a meeting of traders, Exporters and Importers of Manipur at Hotel Classic
of Imphal.
The Director General of Foreign Trade (DGFT), Govt.of India and United Bank of India CMD visited Moreh and Tamu on 18th April this year and met the exporters and importers of both the sides of the border.
The visit of RBI official team to Moreh within a very short period of time reflects the eagerness of Central Bank about the formal trade through Moreh LCS.