Search Result for : India Iran Ties

The Dollar Business Bureau Following the lifting of sanctions against Iran by the United States and others Western powers in January this year, India has also followed suit by lifting the ban on export and import of certain items from the Persian Gulf nation. “The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted,” the Directorate General of Foreign Trade (DGFT) in a notification said. “Direct or indirect exports to Iran or imports to Iran is now permitted subject to UN Security Council Resolution 2231 (2015) and IAEA specified documents,” the notification also added. Bilateral trade between India and Iran stood at $9 billion in 2015-16 as against $13.13 billion in 2014-15. After Iran signed the nuclear deal with the main ...

The Dollar Business Bureau Mumbai-based multinational automotive maker, Tata Motors, is in talks with a local manufacturer of Iran and establish a joint venture for assembly of its knocked down units of petrol cars. If the talks materialise then the Khodro company of Iran will import and assemble the units by adding local components like batteries and tyres. The joint venture will assemble knocked down units of petrol cars, including the latest Tiago, Zest and Bolt, which are run through Tata Motors’s new Revotron petrol engines. Khodro’s sales network will be used by Tata for the trade. The branding of the two companies will be of contract manufacturer only. Tata Motors, a subsidiary of Tata Group, aims to start an assembly line in Iran in ...

Source: The Dollar Business Bureau   Iran has reportedly terminated free shipping of crude oil to India and has asked the Indian oil refiners to clear its old dues. It has also discontinued the three-year old practice of receiving payments in half of the total crude oil dues, while exhorting that it would like to be paid in Euros for the oil it sells to India in future. The Persian Gulf nation wants Indian refiners including Mangalore Refinery and Petrochemicals Ltd (MPRL) and Essar Oil to pay about $6.5 billion of dues, which the companies have reportedly promised to pay in six equal installments. Before the Western sanctions were lifted, Iran, in November 2013, had offered free delivery of crude oil to the Indian ...

Source: PTI Iran has asked India to pay within two months $6.5 billion in past oil dues, partly in rupees and rest in dollars or euros, a top official said. "Part of the payment in US dollar or euro and part in Indian rupees," he said adding Iran will open a new account with one of the Indian banks for receipt of the rupee payment. The dues to Iran on crude oil that refiners buy have accumulated as Western sanctions blocked payment routes since 2013. About 45% of the oil import bill is paid in rupees in a Uco Bank branch and the rest has accumulated. The official said the payment to Iran can be either through Reserve Bank of India (RBI) ...