12 May 2012
India and Iran have found a way out for settling delayed trade payments. UCO Bank and four Iranian banks, including the Persian Bank, are settling payments in rupees.
Yahya Ale-Eshaq, President, Tehran Chamber of Commerce, Industries and Mines, said bilateral trade payments aggregating to Rs 700 crore have been settled between the Indian public sector bank and the four Iranian banks. Mr Rafeeque Ahmed, President, FIEO, said bilateral trade between India and Iran will increase to $25 billion by 2016.
India and Iran have found a way out for settling delayed trade payments. UCO Bank and four Iranian banks, including the Persian Bank, are settling payments in rupees.
Yahya Ale-Eshaq, President, Tehran Chamber of Commerce, Industries and Mines, said bilateral trade payments aggregating to Rs 700 crore have been settled between the Indian public sector bank and the four Iranian banks. Mr Rafeeque Ahmed, President, FIEO, said bilateral trade between India and Iran will increase to $25 billion by 2016.
© Tehran Times 2012
