Basmati exports to Iran back on track after embargo-induced roadblocks

Trigger provided by Centre's assurance ob sufficiency of funds in special rupee-denominated bilateral barter account

Basmati exports to Iran, which is currently facing US sanctions on crude oil, are back on track after initially facing roadblocks following the trade embargo.

After the US imposed trade sanctions on Iran in May, Indian basmati exporters, fearing uncertainly and payment defaults, adopted a wait-and-watch stance and sought help to make their shipments.

However, after assurance given by the central government to exporters that there were sufficient funds in the special rupee-denominated bilateral barter account that facilitated oil import from India and rice export to Iran, basmati exports along with bilateral trade in other commodities are, again back to normal.

The US,