Exports to iran in usd during 2014-16. edpms problem

others 316 views 2 replies

Prasad Shah

Managing Partner

65 Points Joined December 2012

Dear Sirs,

We have made few Export Shipments to a reputed Iranian Steel Company during 2014-16 in USD value. Despite of our many refusals, we had to accept the payment through Third Party Exchangers in Dubai and Singapore from them. Because they were keeping our payments on hold, if we didn't accept through Third Party Exchange.

Now EDPMS system has kept our BRCs on hold for all the shipments made to Iran in USD, where payment has come from Third Parties.

Our Banker, Deutsche Bank is telling that, they don't know what to do. Also we are not getting any reply from our Auditor.

We need guidance to find out how to knock off the Pending Iranian Invoices from EDPMS.

Thank you in Advance.

Best Regards,

Replies (2)

RAMESH KUMAR VERMA

Advocate

5974 Points Joined November 2014

PLEASE SEE THE DGFT NOTIFICATION NO.17 DATE 10.06.2013

********************************************************************************

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART II

SECTION 3, SUB SECTION (II)

GOVERNMENT OF INDIA

MINISTRY OF COMMERCE AND INDUSTRY

DEPARTMENT OF COMMERCE

Notification No. 17 (Re 2013)/2009-2014

New Delhi, Dated The 10th June, 2013

Subject: Notification of Iran under Para 2.35 (b) of Foreign Trade Policy, 2009-2014.

S.O. (E): In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby notifies Iran under paragraph 2.35 (b) of Foreign Trade Policy, 2009-2014

2. Accordingly, exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15% value addition.

3. Effect of this Public Notice:

Countries eligible to avail benefits of Para 2.35 (b) of Foreign Trade Policy, 2009-2014 have to be notified. Iran is being notified now as eligible.

Sd-

(Anup K. Pujari)

Director General of Foreign Trade

Email:dgft @ nic.in