IRAN. This has been done to BOOST the trade between India and Iran amidst US sanctions on Iran. Earlier, UCO Bank used to handle the payments during the previous sanctions. The channel of payment to Iran through Euros using European banking channels was blocked from NOVEMBER 2018. Iran is the third largest supplier of OIL to India, after Iraq and Saudi Arabia. Bilateral trade between India and Iran increased to USD 13.8 billion in 2017-18 from USD 12.9 billion in the previous fiscal. However, India's exports to Iran were only worth USD 2.5 billion.

"> IRAN. This has been done to BOOST the trade between India and Iran amidst US sanctions on Iran. Earlier, UCO Bank used to handle the payments during the previous sanctions. The channel of payment to Iran through Euros using European banking channels was blocked from NOVEMBER 2018. Iran is the third largest supplier of OIL to India, after Iraq and Saudi Arabia. Bilateral trade between India and Iran increased to USD 13.8 billion in 2017-18 from USD 12.9 billion in the previous fiscal. However, India's exports to Iran were only worth USD 2.5 billion.

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IDBI Bank gets govt nod to handle import and export transactions with which country?

Current Affairs International in Current Affairs . 1 year ago

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The government has given a nod to the IDBI Bank to handle import and export transactions with IRAN. This has been done to BOOST the trade between India and Iran amidst US sanctions on Iran. Earlier, UCO Bank used to handle the payments during the previous sanctions. The channel of payment to Iran through Euros using European banking channels was blocked from NOVEMBER 2018. Iran is the third largest supplier of OIL to India, after Iraq and Saudi Arabia. Bilateral trade between India and Iran increased to USD 13.8 billion in 2017-18 from USD 12.9 billion in the previous fiscal. However, India's exports to Iran were only worth USD 2.5 billion.

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Posted on 08 Jul 2024, this text provides information on Current Affairs related to International in Current Affairs. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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