LBO Home IndoChina | About Us | To Advertise | Contact Us rss LBO Mobil rss rss rss rss rss
International Arbitration Centre to be established in Sri Lanka |     Electricity tariff reduction for hotels and shops from this November                                          A Special Tax Scheme for the motor vehicle imports instead of the current system                                          Value Added Tax reduced to 11 percent |     Aerospace Engineering Unit will be established at the Moratuwa University | EPF payment from the employer to be increased to 14%                                          Sri Lanka Customs to have a One Stop Service Center |  Import tax removed on infant milk food                                          A special duty scheme on motor vehicles for foreign employed individuals |  Main Sri Lankan towns to be developed under a special Urban Development Programme                                          
Sat, 25 October 2014 12:28:55
Iranian traders default on US37mn payment to India
15 Mar, 2012 07:17:02
NEW DELHI, March 15 (AsiaPulse) - Two Dubai-based Iranian private traders have defaulted on payment of Rs 184 crore (US$36.8 million) to nine Indian rice exporters, Parliament was informed Wednesday.
Iran mainly imports basmati rice from India.

"Embassy of India, Tehran has informed that there have been delays in payments due to nine Indian exporters for export of rice to Iran from two Iranian companies registered in UAE," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Rajya Sabha, the upper house.

He said that "defaulters are Iranian private companies and not government entities".

"By February 2012, these delays in payments were estimated at Rs 184 crore," he said adding the amount was initially to be paid by Iranian companies in Dubai, which have since wound up their operations and relocated.

India had exported 2.2 million tonnes of premium variety of rice in last fiscal, out of which around one million tonnes were shipped to Iran.

Indian exporters have been selling basmati rice in dollars to Dubai-based traders, who then supply the grain to local traders in Iran, All India Rice Exporters Association President Vijay Setia has recently said.

"The Dubai-based Iranian rice traders are unable to make payments to Indian exporters as they are not getting timely payments from Iran because of depreciation in its local currency," Setia has said.

There have been payment issues between India and Iran after sanctions imposed by the US.
Your Comment
Your Name/Handle
Your Email (Your email will not be displayed)
Location
Country
Your Email
Receivers Email
Your Comment