India lifts ban on export, import of certain items from Iran

India today lifted ban on export and import of certain items from Iran, following lifting of sanctions against the Persian Gulf nation by the US and other western powers in January.
The Directorate General of Foreign Trade (DGFT) in a notification said, "The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted.
"Direct or indirect export to Iran or import to Iran is now permitted subject to UN Security Council Resolution 2231 (2015) and IAEA specified documents."
The bilateral trade between India and Iran stood at USD 9 billion in 2015-16 as against USD 13.13 billion in the previous fiscal. India is heavily dependent on oil imports from Iran.