India, Bangladesh launch trade transactions in rupees

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Cooch Behar: In a significant development, the India-Bangladesh foreign trade has transitioned to Indian Rupees instead of Dollars at the Changrabandha border in Cooch Behar district.

On Saturday, three truckloads of toast were imported from Bangladesh into India through this checkpoint.

A Bangladeshi private manufacturing group dispatched the goods to an Indian private limited supplier in Siliguri, all transactions being conducted in Indian Rupees. This move marks the first-ever instance of import trade through Indian currency at the Changrabandha Land Port.

Bimal Kumar Ghosh, president of the Changrabandha Exports Association, expressed his enthusiasm, saying: “The initiation of foreign trade using Indian currency at the Changrabandha Land Port is truly a positive and encouraging step for our business community. It will definitely boost trade.”

Since the Independence of Bangladesh in 1971, import-export trade between these neighboring countries has predominantly occurred through various trading centres, involving currency exchange in dollars.

This practice presented numerous challenges to traders, leading to problems. The recent dollar crisis in Bangladesh and subsequent currency value fluctuations have further complicated matters. Against this backdrop, the adoption of Indian Rupees for trade is being warmly welcomed by India-Bangladesh business communities. This shift is anticipated to streamline payments, enhance trade efficiency, and foster increased trade volumes.

Sanjay Chaurasia, a representative of a business organisation engaged in Bangladesh imports, expressed satisfaction with the convenience of importing three truckloads of goods from Bangladesh using Indian Rupees. Notable figures such as Customs Superintendent Navneet Kumar and businessmen Ajay Prasad, Bikas Saha, Tapas Dasgupta, among others, were present at the Changrabandha Border during this historic trade exchange.

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