Government of India has issued guidelines to allowing third country exports of humanitarian goods (food, medicines and medical equipment) to Iran as a part of oil payments due to that country.
Ministry of Finance has decided that payments to the extent of USD 100 million per month for such third country exports to Iran would be allowed from the 45% INR vostro account held with the UCO Bank. Payment over and above USD 100 million per month would be met from 55% EUR component.
The balance in the INR Vostro Account of Iranian Commercial Banks with UCO Bank as on 16.3.2015 is INR 17,895.50 Crore. As on 28.02.2015, USD 5943 million is in EUR component.
This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.
Ministry of Finance has decided that payments to the extent of USD 100 million per month for such third country exports to Iran would be allowed from the 45% INR vostro account held with the UCO Bank. Payment over and above USD 100 million per month would be met from 55% EUR component.
The balance in the INR Vostro Account of Iranian Commercial Banks with UCO Bank as on 16.3.2015 is INR 17,895.50 Crore. As on 28.02.2015, USD 5943 million is in EUR component.
This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.
