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UCO Bank organizes trade meet for city based exporters to facilitate trade with Iran

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.

Exports from TN for 20`8-19 nearly 9.26 per cent of India’s export

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  chemical products. 

The role of FIEO in helping the exporters

Mr.Israr Ahmed, 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 countries.

Iran 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.

Ms.Sudha Koka, 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 refund.

nitty-gritties of the Rupee Trade Mechanism  by GM, International Banking Department, UCO Bank, Kolkata

Mr.Shankaranarayanan, 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.

 

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