IMPORT UREA FROM IRAN

[Ritesh Dave]

Dear All,

Greetings from Ritesh Dave !

Kindly inform import of UREA from Iran is allowed to the manufacturer. We want to Import UREA under Advance License. Also, informed import from Iran via UAE is also allowed or not? Certificate of Origin will be Iran and Port of Origin will be UAE.

Whether bank is ready to accept the import documents and payments in INR or Foreign currency are permitted.

Looking forward for the early reply.

Regards,

Ritesh Dave

[Yash Jain]

Dear Ritesh,

Indian has designated UCO Bank to deal with Iranian Business. Under the Existing Rupee mechanism the UCO Bank will open LC on iranian bank (10 banks) and against that LC the Iranian Supplier will ship Goods (Mainly Oil) and Services to Indian Companies. But these goods are subject to restriction being placed on Iranian goods (If any) by UNSC. At present Urea does not appear in those list of goods.

Now ansewering your question as under,

1. Kindly inform import of UREA from Iran is allowed to the manufacturer. We want to Import UREA under Advance License. Also, informed import from Iran via UAE is also allowed or not? Certificate of Origin will be Iran and Port of Origin will be UAE

Well Import from Iran is allowed in India Either from Iran or UAE - at present. Indian Potash Limited and MMTC it appears are placing Order (Source - ICIS)

2. Whether bank is ready to accept the import documents and payments in INR or Foreign currency are permitted.

Sir, Only UCO bank is authorized to accept the doucuments / Open an LC. Indusind bank though is also quoted to be opening LC (Indusind Bank has tie up with 10 Banks) & UCO Bank has tie up with 15 banks. But apart from Rupee Indusind bank can also facilitate your trade in AED and Euro Payments (Which UCO Bank is not offering)

Sir, following Links will be of help to yourself and as under

1. //www.thehindubusinessline.com/economy/indusind-uco-bank-withdraw-advisories-on-iran-trade/article24048740.ece

2.IranRepresentative Office TehranGround Floor No 1, 8th Alley,
Miremad St, Motahari Ave,
Tehran, Postal Code 1587815413.
Tel : (0098) 21 88175882 ; (0098) 21 88177158.
e-mail: [email protected]Mr. Sabeer Nazeem
Chief Representative

(Write a mail to Mr. Sabeer Nazeem - UCO bank representative who wil guide you elobrately).

3. Another Option is that you can make Advance Payment for Import of Goods to UAE and Import from Iran. But only problem is transaction will not be closed in IDPMS (Import Data Processing and Monitoring System). However you can use RBI Third party circular and Inform bank that Party in Iran and UAE are related parties and close the transactions.

Summary : You can import only vide Banking Channels of UCO or Indusind Bank

AI Summary

Banking channels for Iran trade: designated banks process urea imports; rupee mechanism and limited foreign currency settlement available. Import of urea from Iran to Indian manufacturers is allowed, including via UAE with Iran as the country of origin. Imports under an Advance License are feasible. Trade settlement and documentary processing must occur through designated banks under the rupee mechanism: UCO Bank is primarily authorised to open LCs and accept documents, while IndusInd Bank can also facilitate certain foreign currency settlements. Prepayment through UAE is possible but may not close in IDPMS and may require RBI third party procedures and bank disclosures.