Bangladesh and India recently started officially trading with the Indian Rupee (INR) as an option for settling transactions earlier this month.
Not long after that, the very first consignment of physical items that have been traded using that option - a convoy of 30 pick-up vans bought by a Bangladeshi firm from an Indian manufacturer – arrives at Benapole land port on Tuesday evening.
Benapole Port Deputy Director (Traffic) Abdul Jalil said the convoy itself was the imported item: 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.
Thirty pick-up vans were imported for Rs 1.24 crore, the unit cost coming to Rs 4.13 lakh. The pick-up vans have been kept at the transshipment yard of Benapole port.
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 October-November.
With this card, travellers would be able to make transactions in both countries - at least as the governor envisions it for now.
