An Exporters meet
at Chennai was organized jointly by Uco Bank and FIEO to discuss the potentials
and issues in having trade with Iran under available Banking Channel in the
wake of stiff sanctions imposed against the country by the United States. The
Managing Director and CEO of UCO Bank, Mr. Atul Kumar Goel was the Chief Guest.
from TN for 20`8-19 nearly 9.26 per cent of India’s
While talking about
Tamil Nadu exports, he said that during the year
2018-19, Exports from Tamil Nadu was 30.52 Billion US Dollars during the last
financial year year 2018-19 accounting for nearly 9.26 per cent of India’s
exports and shown growth more than national average. India exported goods worth
3511 Million us dollars worth of goods to Iran. Major products exported
form Tamil Nadu to Tehran include paper and paperboard;
articles of paper pulp, of paper, coffee, tea, mate & spices,
boilers, machinery and mechanical appliances, man-made staple fibers,
rubber and articles, plastics and articles, cotton, road vehicles and
parts, edible fruit & nuts; peel of citrus fruit or melons and
role of FIEO in helping the exporters
Regional Chairman, FIEO Southern Region in his welcome address highlighted the
role of FIEO in helping the exporters in not only getting timely credit from
financial institutions but also Liaoning with Government
departments for facilitating hassle free exports.
Mr.Atul Kumar Goel,
MD and CEO, UCO Bank, while inaugurating the session explained in detail the
rupee trade mechanism between India and Iran and the role of UCO Bank, as
Nodal Bank as settlement bank for the bilateral trade between the two
is a seller’s market; scope for exports to Iran
He said that Iran
is a seller’s market and hence there is a lot of scope for exports to Iran and
the Indian exporters can make use of the export opportunities to Iran and
expand their business and help in the growth of the Indian economy.
UCO Bank, as Nodal
Bank facilitates the settlement of export transactions through the Rupee Trade
Mechanism. He went on to explain that since it is a seller’s market, the
exports can be made against advance payment or against Letter of Credit.
He also briefly explained the details of the Rupee Trade Mechanism.
Zonal Manager, UCO
Bank, Zonal Office, Chennai, Mr.K.Mohan Doss, welcomed the exporters and
explained in brief the various facilities extended by UCO Bank, to cater to the
deposit and credit needs of exporters and highlighted the role of UCO Bank, in
facilitating exports to Iran under the Rupee Trade Mechanism.
Commissioner of Customs, Chennai in her address explained on
various initiatives taken by her department for improving Easy on Doing
Business. Mr.G.Ravindranath. Commissioner GST, Chenai explained the various
rocedures and systems for filing GST returns and claiming input tax credit and
of the Rupee Trade Mechanism by GM, International
Banking Department, UCO Bank, Kolkata
General Manager, International Banking Department, UCO Bank, Kolkata, explained
in detail through a Power Point Presentation the nitty-gritties of the Rupee
Trade Mechanism and the settlement procedures for exports to Iran, through UCO
Bank, as the Nodal Bank. The queries and doubts raised by the participants were
answered and clarified by the speakers on the respective subject.
The meet organized
jointly by UCO Bank, Zonal Office, Chennai and FIEO, Chennai for dispelling the
doubts regarding exports to Iran was well appreciated by the participants.