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Govt needs to look at problems faced by exporters trading with Iran: FIEO

Press Trust of India  |  New Delhi 

The government needs to look into the problems being faced by exporters shipping consignments to in view of the increasing threat of US against the nation, FIEO said today.

(FIEO) said that the rupee account currently used for payment settlement has limited funds to meet export requirement only for 3-4 months.

"Other than UCO Bank, no other is willing to deal with exporters who are trading with in view of the US sanctions. The government needs to immediately look at the situation and take steps," Gupta said on the sidelines of a function here.

The US has told and other countries to cut from the Gulf nation to "zero" by November 4 or face sanctions.

is India's third-largest after and Iran supplied 18.4 million tonnes of between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

US has warned other countries from doing business with Iran.

"Anyone doing business with Iran will NOT be doing business with the I am asking for WORLD PEACE, nothing less," he has said in a tweet.

FIEO said that the government has to take a call on the issue as the existing rupee account for export purposes have funds for another 3-4 months only.

"There is an uncertainty with Iran on trade front," he said.

Bilateral trade between and Iran increased to USD 13.8 billion in 2017-18 from USD 12.9 billion in the previous fiscal. However, India's exports goods worth only USD 2.5 billion to that country.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 08 2018. 18:25 IST