Wednesday, April 4, 2012

India, Iran enter first rupee transaction

Rs 100 cr routed through Uco Bank for exporters of pharmaceutical items.

India and Iran have conducted their first rupee transaction for exports of pharmaceutical products and some other goods worth Rs 100 crore, even as US tightened its noose and embargoed allies to trade with Iran. The fresh payment conduit, which is being operationalised by the two governments, is likely to boost the Indo-Iran bilateral trade.

Senior officials close to the development told Financial Chronicle that around Rs 100 crore has been routed through Uco Bank, which will pay it to Indian exporters of pharmaceutical products and a few other goods in lieu of their exports to Iran. Read More