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To overcome US sanctions, EPCH takes up handicrafts exports to Iran with Govt

To overcome US sanctions, EPCH takes up handicrafts exports to Iran with Govt

New Delhi: EPCH Vice Chairman R K Passi, and ED Rakesh Kumar on Friday met Ministry of Commerce & Industry Secretary Anup Wadhawan to resolve the problem being faced by handicraft exporters regarding exports to Iran due to sanctions imposed by United States. DGFT Alok Vardhan Chaturvedi was also present in the meeting.

Rakesh Kumar informed that Handicrafts exports to Iran stands at US$ 48.10 million (Rs. 309.98 cores) during 2017-18. The exporters exporting to Iran are facing problem as the banks are refusing to accept the shipping documents for clearance of GR form to RBI resulting no BRC is being released to the exporter. In the absence of BRC, the exporter is unable to claim the benefit like MEIS / duty drawback and GST refund.

He further said that in respect of earlier Exports to Iran, all Payments were received in Euro from third Party and had been credited in respective Exporters Accounts by their Bank Branches but the bank branches in Moradabad are refusing to issue EBRC in spite of the fact that RBI has 'No Objection' in the matter.

The exports to Iran is also allowed in INR but only UCO bank, Delhi has been authorized to open INR account for which exporters from Moradabad have come to Delhi to open the bank account.

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