RUPEE PAYMENT MECHANISM TO FACILITATE EXPORTS TO IRAN: FIEO

Author(s): 
Ludhiana, February 13, 2019: India’s Foreign Trade with Iran stands at an extremely crucial juncture considering the current sanctions imposed on Iran and the subsequent uncertainties which has resulted for the Indian exporters.

With an objective to bring more clarity on the various trade-related issues with Iran for the benefit of large section of exporters, Mr Atul Kumar Goel, MD & CEO, UCO Bank along with other senior officials interacted with the EXIM fraternity at a meeting organized by Federation of Indian Export Organisations in association with UCO Bank at Kolkata on February 11, 2019.

Mr Mahesh Chandra Keyal, FIEO Managing Committee Member stated that there are several challenges pertaining to payments, shipment, exchange of documents, insurance etc in exports to Iran. However, recent developments including the Rupee payment mechanism was welcome move and more such concerted efforts are required which will go a long way in facilitating exports to Iran, which has started improving and should cross USD 3 Billion during this financial year.

Mr 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.    

Mr Shankara Narayanan V, GM, International Banking Division, UCO Bank explained on 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. 


Date: 
Wednesday, February 13, 2019