In an effort to save US dollars and streamline transactions between Bangladesh and India, the Bangladesh Bank governor, Abdur Rauf Talukder, announced on Tuesday that a dual currency card for Bangladeshi Taka and Indian Rupee will be launched in September.
The announcement was made at an event organised jointly by the Bangladesh Bank and the Indian high commissioner in Dhaka to introduce the rupee as a means of transactions in bilateral trade between the two countries.
Pay Card: Features and benefits
The Pay Card, as it is called, will allow users to spend up to USD 12,000 worth of rupees while traveling to India and can be used for transactions in both countries. The move aims to eliminate the need for Bangladeshis to carry US dollars and convert them to Indian Rupees when visiting India, saving time and exchange rates.
The Bangladesh Bank governor said, “We are in the middle of a process to introduce a taka-rupee dual currency card and it will be launched in September.”
The decision to introduce this dual currency card has been taken in a bid to save US dollars, he added
Indian high commissioner in Dhaka, Pranay Verma, and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Md Jasim Uddin were present at the event.
Currently, Bangladeshis, who visit India, carry US dollars and convert those to Indian Rupees. Once a Taka-Rupee dual currency card is launched, visitors from Bangladesh will no longer be needed to convert currency twice, and the exchange rates will also be saved. This card can be used both in Bangladesh and India.
While announcing the monetary policy for the first half of 2023-24 fiscal on 18 June, Bangladesh Bank governor Abdur Rauf Talukder said, “We are going to a new debit card – Pay Card – for transactions in Indian rupee as well as Bangladeshi taka.
In addition to local transactions, the Pay Card users will have the convenience of spending up to USD 12,000 worth of rupees while traveling to India, he said.