Rupee payment mechanism to facilitate exports to Iran’

Exporters association Federation of Indian Export Organisations (FIEO) said that the recent developments including the Rupee payment mechanism was welcome move which will go a long way in facilitating exports to Iran.
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 FIEO in association with UCO Bank at Kolkata on February 11.
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, he added.
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.

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