RBI four member team to visit Moreh

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IMPHAL,May 7: Reserve Bank of India’s Deputy General Manager A Bhaskara Rao (Foreign Exchange Department) led four member team will be visiting Manipur’s border town Moreh to take stock of logistics and infrastructure tomorrow. Informing this,Tridev Choudhury,Manager and Regional Publicity Officer of United Bank of India,Silchar on phone said the team is expected to be accompanied by officials from other Public Sector and Private Sector Banks. United Bank of India(UBI) is coordinating the programme with the help from Manipur Government. “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 Land Customs Station”,the publicity officer said. RBI team led by its executive director had already visited Ukhrul town recently. A team of UBI officials headed by Sri Ananda Kumar, Chief Manager, UBI, will also visit Moreh along with RBI Team,he added. The RBI team will also visit UBI Moreh Branch, which is a B category Authorised Dealer of foreign exchange. This branch of UBI 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 Trade centre during their stay at the border town on Monday. Later in the evening on same day, RBI will convene a meeting of traders, Exporters and Importers of Manipur at Hotel Classic of Imphal. It may be recalled that the Director General of Foreign Trade (DGFT), Government. of India and UBI Chief Managing Director had visited Moreh and Tamu on April 18 last and met the exporters and importers of both the sides of the border.

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