Source: The Sangai Express / Azonnah Zaspar
Tamenglong, February 11, 2010:
For increasing the volume of Indo-Myanmar border trade, Reserve Bank of India (RBI) as well as United Bank of India (UBI) have given the assurance of extending letter of credit (LC) facilities through the UBI branches at Moreh and Imphal.
According to a reliable source, the assurance was given during the meeting of the State Level Export Promotion Committee chaired by Chief Secretary DS Poonia in his office chamber today afternoon.
Joint Director General of Foreign Trade, Government of India;Regional Manager of Reserve Bank of India; Principal Secretary of Commerce and Industries, Government of Manipur and officials of UBI and other related Departments attended the meeting.
In the meeting, officials of RBI and UBI assured that facilities for letter of credit would be extended through the bank branches of UBI at Imphal and Moreh in the interest of increasing the volume of the ongoing border trade activities provided there is increase in the level of monetary transaction in the two bank branches.
Necessary advances have also been assured from the side of the RBI to the bank branches in this regard.
Today's State Level Export Promotion Committee meeting has also given its approval on the proposal for inclusion of every trading items in normal trade under Foreign Trade Policy.
It may be noted here that the ongoing Indo-Myanmar border trade is restricted to only 22 items and inclusion of 18 trade items newly is yet to be implemented officially.
For further development of the border trade, works are underway in connection with construction of an Integraded Check Post at Moreh with funding from the Union Home Ministry.