First Rupee Paid Imports Reach Bangladesh

With the arrival of 30 pickup vehicles worth Rs1.23 crore in Benapole port, trade in rupees between Bangladesh and India officially commenced. 

On Tuesday (25 July), the first transport of rupees from West Bengal's Petrapole border to Bangladesh took occurred.

In an interview with PTI, Kamlesh Saini, the manager of the Land Ports Authority of India (ICP Petrapole), stated that the shipment consisted of vehicle chassis from Tata Motors and that its worth was Rs1.23 crore.

He said that this cargo, which is in Indian rupees, will help exports grow even more.

Thirty pick-up vans were imported by the Nita firm of Dhaka, a trading firm in Bangladesh, from Indian exporter Tata Motors Ltd, which is also the manufacturer of the vehicles, according to Abdul Jalil, Deputy Director (Traffic) of Benapole Port.

The primary land port of India for bilateral commerce with Bangladesh is Petrapole, which is situated in West Bengal's North 24 Parganas. It links to Bangladesh's Benapole land port.

On July 11, Bangladesh and India officially began utilizing the Indian rupee as the currency for imports and exports across their respective borders.

The deal permits Bangladesh's $20 billion in annual exports and imports to and from India to be invoiced, paid for, and settled in rupees.