Bangladeshi firm imports 30 pick-up vans from India using rupee

A Bangladeshi firm has purchased 30 pick-up vans from an Indian manufacturer using Indian rupee.

Bangladesh and India recently started officially trading with the Indian Rupee (INR) as an option for settling transactions earlier this month, reports UNB.

The convoy of 30 pick-up vans, the first consignment of physical items that was traded using the option, arrived at Benapole land port on Tuesday evening.

Benapole Port Deputy Director (Traffic) Abdul Jalil said the thirty pick-up vans were imported by the Nita Company of Dhaka, a trading company of Bangladesh, from Indian exporter Tata Motors Ltd, also the manufacturer of the vehicles.

The pick-up vans have been kept at the transshipment yard of Benapole port.

Thirty pick-up vans were imported for Rs 12.4 million, the unit cost coming to Rs 413,000.

From July 11, Bangladesh Bank and the Indian High Commission announced the inclusion of the rupee among a basket of currencies earmarked for transactions to be settled between the two countries, their people and companies.

Most experts viewed it as a blow in favour of the 'de-dollarisation' drive that seeks to reduce the world economy's dependence on the US dollar, although its impact at this stage is likely to be limited.

Bangladesh Bank Governor Abdur Rouf Talukder raised the possibility of launching a 'Taka-Rupee Card', perhaps in September, for the convenience of Bangladeshi travellers in India.

This has many takers potentially, in view of the expected spike in their number (Bangladeshis travelling to India) when India hosts the ICC's ODI World Cup in Oct-Nov.

With this card, travellers would be able to make transactions in both countries - at least as the governor envisions it for now.