The problems with payment for India-Iran trade are far from over. The government has managed to avert a payment crisis for oil imported from Iran but there is no clarity on how Indian exporters would get their dues from the West Asian country which is facing sanctions over its nuclear programme.
Sources involved with the negotiations said exporters of rice, garments and plastic products have been affected in the absence of settlement of dues although there were no estimates available on how much money is stuck.
They further said that the issue was being discussed at the highest level in government along with functionaries of the Reserve Bank of India and State Bank of India. So far, however, there is no solution in sight.
When finance minister Pranab Mukherjee met his Iranian counterpart Seyyed Shamseddin Hooseini on February 25, he assured the latter of finding a solution for payments related to oil and oil products.
Following an RBI notification in December, trade-related payments were affected as Indian authorities decided to keep transactions outside the Asian Clearing Union, an arrangement that allowed members such as India to do business with Iran that faces UN and US sanctions.
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Sources involved with the negotiations said exporters of rice, garments and plastic products have been affected in the absence of settlement of dues although there were no estimates available on how much money is stuck.
They further said that the issue was being discussed at the highest level in government along with functionaries of the Reserve Bank of India and State Bank of India. So far, however, there is no solution in sight.
When finance minister Pranab Mukherjee met his Iranian counterpart Seyyed Shamseddin Hooseini on February 25, he assured the latter of finding a solution for payments related to oil and oil products.
Following an RBI notification in December, trade-related payments were affected as Indian authorities decided to keep transactions outside the Asian Clearing Union, an arrangement that allowed members such as India to do business with Iran that faces UN and US sanctions.
For more information about:b2b business directory india,indian suppliers,indian exporters,buyer directory
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