Indian HC hosts roundtable on INR-LKR trade settlement to strengthen bi-lateral ties

Chief General Manager, Reserve Bank of India (RBI) Dr. Aditya Gaiha and Governor of the Central Bank  Dr. P. Nandalal Weerasinghe  were among those who attended a roundtable titled ‘INR-LKR Trade Settlement: Strengthening Bilateral Economic Ties’ organised by the  Indian High Commission.

The event held  on Tuesday brought together key stakeholders, including representatives from the Government of Sri Lanka, Sri Lankan and Indian banks, as well as members of various trade Chambers, media, and think tanks.

Dr. Aditya Gaiha made a presentation at the event on INR (Indian rupee) internationalisation and the INR-LKR trade settlement. 

He  highlighted key policies of RBI which permit investments in INR in Sri Lanka and elaborated on RBI's recent amendments to the Foreign Exchange Management Act (FEMA), aimed at enhancing the use of INR-LKR in cross-border transactions.

 Governor of CBSL Dr.Weerasinghe provided valuable insights on the INR-LKR trade settlement framework. He underscored the importance of the mechanism and encouraged banks to engage with policy makers and central banks in both countries on streamlining the mechanism.

The event commenced with welcome remarks delivered by the High Commissioner of India to Sri Lanka Santosh Jha .

This initiative aligns with the commitment reaffirmed at the highest levels of leadership during the recent visit of President Anura Kumara Disanayaka to India, where he met with Prime Minister Narendra Modi, the Indian High Commission said in a new release.

 Among the key outcomes of their discussions was a renewed focus on enhancing INR-LKR trade settlements to deepen trade and investment ties between the two nations, the High Commission said.