IMPORT FROM SYRIA

[Guest]

Dear Sirs

I want to import ROCK PHOSPHATE from Syria but my bank tells me they will not make payment to Syria or any other country or currency if origin of goods is Syria because Syria is under sanctions by RBI . I dont think this is true but if there is any circular or notification by RBI please let me know of it

[KASTURI SETHI]

It is true.It is a matter of our India's foreign policy. RBI has objection.There may be internal correspondence between banks and RBI. Internal letters are not public documents.

[Devansh Sharma]

Not allowed as Syria is under sanctions

AI Summary

Sanctions on Syria restrict import payments, blocking bank remittances for Syrian-origin goods and preventing transactions. Banks are refusing payment for imports of Syrian-origin rock phosphate because Syria is subject to sanctions and there is an objection from the central banking authority; this reflects foreign-policy linked risk assessments and internal, non-public correspondence between banks and the central bank, effectively preventing bank remittances for such consignments.