BREAKING NEWS

India says offers incentives for exports to Iran

By REUTERS

JUNE 11, 2013 20:34

NEW DELHI - India has offered incentives for exports to Iran, the trade ministry announced, a step industry officials said on Tuesday could double the country's sales to sanctions-hit Tehran to $6 billion in the current fiscal year that began in April.

Indian traders will now be allowed to turn around imports and sell them to Iran, as long as they have added at least 15 percent in value to the goods, the Directorate General of Foreign Trade, an arm of India's trade ministry, said on its Website.

"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 percent value addition," the notification said.

India is a major importer of Iranian oil but United States and European Union sanctions, meant to discourage Tehran from pursuing its nuclear program, aim to curb Iran's oil revenues and have made payments for the oil difficult.

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