{"id":12500,"date":"2012-03-03T23:03:38","date_gmt":"2012-03-03T23:03:38","guid":{"rendered":""},"modified":"2012-03-03T23:03:38","modified_gmt":"2012-03-03T23:03:38","slug":"India-team-to-seek-business-deals-in-Iran","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=12500","title":{"rendered":"India team to seek business deals in Iran"},"content":{"rendered":"

An Indian trade delegation will travel to Iran next week to explore “huge opportunities” in business amid US-led sanctions over the Islamic republic’s disputed nuclear programme, an export group said.<\/strong><\/p>\n

The group will visit Iran from March 10-14, the Federation of Indian Export Organisations said late on Friday, adding exporters had settled a major problem on how to receive payments from Tehran in the face of sanctions on dollar deals.<\/p>\n

The top trade organisation, set up by the government, said Indian exporters would be paid for goods sent to Iran using a rupee payment system.<\/strong><\/p>\n

Iran’s Parsian Bank has opened an account with India’s UCO Bank and Indian exporters now are receiving rupee payments from Iran, Seth said.<\/p>\n

The method gives New Delhi a way to circumvent Western sanctions that are drying up banking routes.<\/strong><\/p>\n

Iran is India’s second-largest oil supplier after Saudi Arabia<\/strong>, providing around 12 percent of the fast-growing country’s crude needs.<\/p>\n

India has been examining ways to step up trade with Iran amid problems in settling its oil bills from Iran as a result of the intensifying sanctions campaign aimed at forcing Tehran to abandon its nuclear programme.<\/p>\n

India’s Congress party-led government says it will abide only by UN sanctions on the Islamic republic, and will not implement those by individual nations.<\/strong><\/p>\n

The two countries, which have long historic ties, hope to be able to settle around 45 percent of their oil trade in rupees by increasing exports, Indian media reports say.<\/p>\n

Uh oh!<\/strong>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

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