Indian exports to Iran are likely to take a big hit over the next few months and may even come down to zero if the new government decides not to resume oil imports from the country in adherence with the US economic sanctions, say exporters.
Ajay Sahai, Director-General, Federation of Indian Export Organisations (FIEO), said: “Assuming there is no breakthrough in the situation and the government sticks to the decision of not buying oil from Iran, whatever money is lying in the UCO Bank at the moment will get used up. We will not be able to sustain exports beyond four months. Virtually all exports to Iran will stop.”
Rajesh Paharia, an exporter of rice to Iran, agrees with Sahai. “Right now exports are taking place to Iran and it will happen till the day there is money in the special rupee payment account of the UCO Bank for transactions with Iran. Read More
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