India opens 180-day L/C for Iranian traders

Business Materials 23 November 2013 14:09 (UTC +04:00)

Baku, Azerbaijan, Nov. 23
By Fatih Karimov - Trend:

India has opened a line of credit (L/C) for Iranian traders based on which they can pay money within 180 days after purchasing Indian goods, IRNA quoted the chairman of Tehran chamber of commerce, Yahya Al-e Es'haq as saying on November 23.

The UCO Bank of India will provide Iranian traders with financial facilities in 19 states of the country, he added.

The Indian government has consented with establishing a new Iranian bank branch in India. Four more Iranian banks have announced readiness to establish branches in India, he said.

He put the trade between Iran and India at $15 billion, saying that the figure could be increased to $20-$30 billion.

In July, Indian Ambassador to Iran Shri D.P. Srivastava said India will preserve its trade relations with Iran despite the international economic sanctions imposed on Iran.

In March, Consul General of Iran in Hyderabad, Hassan Nourian, said bilateral trade between India and Iran is about to exceed $25 billion within four years.