India Development News & Foreign Investment Opportunities

FIEO welcomes Rupee Payment Mechanism for Exports to Iran

Exports to Iran at US$3bn

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Exports to Iran at US$3bn

 

UCO Bank.

There are several challenges pertaining to payments, shipment, exchange of documents, insurance etc in Indian exports to Iran which faces Washington’s trade sanctions.

However, recent developments including the Rupee payment mechanism was welcome move, said Mahesh Chandra Keyal, a managing committee member of the Federation of Indian Export Organizations (FIEO).

However, he said more concerted efforts are required in facilitating exports to Iran, which has started improving and should cross US$3 billion during this financial year.

The FIEO members said that India’s Foreign Trade with Iran stands at an extremely crucial juncture considering the current sanctions imposed and the subsequent uncertainties which has resulted for the Indian exporters.

The members interacted with the EXIM fraternity at a meeting organized by FIEO in association with UCO Bank at Kolkata on 11 February 2019. The meeting was to bring more clarity on the various trade-related issues with Iran for the benefit of large section of Indian exporters.

Atul Kumar Goel, MD & CEO, UCO Bank while addressing the audience pointed out the various nuances and complexities of the trade sanctions imposed on Iran over the decades.

He acknowledged the concerns of the exporters and assured the audience that UCO Bank has been working relentlessly with the various stakeholders throughout India to address all such issues.

He categorically stated that several steps have been taken by the bank in this regard like training of officials, redressal centres etc with a very proactive and single point focus of not depriving a single exporter to Iran.

Shankara Narayanan V, GM, International Banking Division, UCO Bank, explained the various technicalities related to export payments with Iran and gave a presentation on the Rupee Payment mechanism.

The meeting along with the interactive session was also attended by senior officials from Kolkata Customs, DGCIS, Kolkata and received an overwhelming response from the EXIM fraternity and other stakeholders. fiinews.com

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