India expects bilateral trade worth $8-9 billion with Russia and Sri Lanka in the next two months after it allowed international trade in rupees, India's trade secretary said.
The Reserve Bank of India last month allowed importers and exporters to pay in the partially convertible rupee, a move widely seen as making trade with Russia and South Asian neighbours easier instead of relying on dollars.
"The rupee-denominated sales will be a big, big advantage," B.V.R. Subrahmanyam told reporters late on Tuesday. "I see in the next two months $8-$9 billion of trade with Russia and Sri Lanka."
India's imports from Russia, mainly crude oil, jumped nearly five times to more than $15 billion between the end of July and Feb. 24 when Russia invaded Ukraine, compared to the previous year, according to a source with direct knowledge of the matter.
But exports fell to $852.22 million from $1.34 billion in the same period, due to the lack of a payment settlement mechanism with sanctioned-hit Russia
The Department of National Zoological Gardens is readying enclosures to quarantine two large tortoises that were found stranded 15 kilometers westwards off Pitipana Negombo, today.
Read this week’s Sunday Times for your interesting articles including the ’’5th Column’’.
The Customs Department said it will be publish the names of institutions and individuals who violate customs laws and commit tax fraud by uploading the information on its official website www.customs.gov.lk.
A board of inquiry has been appointed to investigate the death of a student at the University of Sabaragamuwa, reportedly linked to a ragging incident.
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