TMI BlogBarter Trade with Myanmar under the Indo-Myanmar Border Trade AgreementX X X X Extracts X X X X X X X X Extracts X X X X ..... It has been decided in consultation with the Government of India that under the border trade arrangement between the two countries, imports from Myanmar into India should precede exports from India to Myanmar. Accordingly, the revised guidelines for the border trade are as follows:- i. The barter trade shall be restricted to land route as per the Border Trade Agreement between the two countries. Such barter trade transactions shall take place only by way of head load or non-motorised transport system. ii. Imports from Myanmar to India shall precede export from India to Myanmar. iii. The border trade will be restricted to items agreed to as per the Border Trade Agreement between India and Myanmar as listed in Annexure I. iv. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e exporter should submit duplicate copy of GR form along with all commercial documents viz. copy of invoice certified by Customs, etc. within 21 days from the date of export, to the concerned designated bank. 2. (i) The following branches of authorised dealers (i.e. banks) have been designated for the purpose of monitoring transactions under the barter trade arrangement. (a) United Bank of India (UBI), Moreh Branch, Manipur. (b) State Bank of India (SBI), Champai Branch, Mizoram. (ii) The designated banks' branches should only handle proposals for barter trade and documents relating to imports and exports thereunder. (iii) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Contract dated .". Before certifying the GR forms, the designated banks should verify documentary evidence for import of goods/commodities of corresponding value and ensure that the commodities exchanged are as per Annexure I. (vii) The transactions relating to barter trade should not be reported in R Returns. 3. Authorised dealers may bring the contents of this circular to the notice of their concerned constituents. 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act. Yours faithfully, K.J. UDESHI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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