‘Trade with Iran at crucial juncture’

Tribune News Service

Ludhiana, February 22

The Federation of Indian Export Organisation (FIEO), Ludhiana Chapter, organised an interaction on Doing Business With Iran, with UCO Bank at Ludhiana.

Atul Kumar Goel, MD and CEO of UCO Bank along with Sankara Narayanan V, General Manager (International Banking) and Kapil Seth, DGM (Chandigarh Region) joined the session as experts on INDIA-IRAN Trade related issues.

Goel said, “There are various nuances and complexities of the trade sanctions imposed on Iran over the decades. UCO Bank acknowledges the concerns of the exporters and assures the export fraternity dealing with Iran that our bank has been working relentlessly with various stakeholders throughout India to address all such the issues. Several steps have already been taken by the bank in this regard, such as training of officials and formation of re-dressal centres and responsiveness with a very proactive approach focusing on facilitation of exports dealing with Iran”.

S C Ralhan, immediate past president, FIEO said, “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 a welcome move and more such concerted efforts are required which will go a long way in facilitating exports to Iran, which has started improving. Furthermore, the trade with Iran in Rupee through Vostro account of the UCO bank could retain the current trade and may even give a boost, if India eyes this opportunity judiciously. ”

Shankara Narayanan V, interacted on key transactional issues and explained various technicalities related to export payments with Iran and also gave a presentation on the Rupee Payment Mechanism.