Press Information Bureau

Government of India

Ministry of Commerce & Industry

16-May-2012 15:38 IST

Indian Embassy takes up Default in Payment by Iranian Buyers for Export of Rice

All India Rice Exporters Association had informed the Government that their members were facing problems in receiving payments for shipments of Rice made to Iran. The overdue amount was reported to be about Rs. 200.00 crores.

The Embassy of India, Tehran has taken up the matter with the relevant Government authorities in Iran for clearing the payments. As per available information, the defaulters are Iranian private companies and not Government entities.

This information was given by the Minister of State for Commerce and Industry, Shri Jyotiraditya M. Scindia in a written reply in the Rajya Sabha today.

DS/GK

Default in payment by foreign buyers prompts diplomatic intervention to recover outstanding export receivables. Default in payment by foreign buyers for rice exports was reported to the Government by exporters, prompting the Embassy of India in Tehran to pursue clearance of outstanding payments with Iranian authorities; available information identifies the defaulters as Iranian private companies rather than government entities.