Third-Party Currency Payments for Iran Fraught With Delays, Additional Costs

Despite the Reserve Bank of India (RBI) allowing use of third-party currency for doing business with Iran, Indian tea exporters are facing difficulties as Tehran is unable to make direct payment in euro or the UAE dirham.
Traders have asked India’s Commerce Minister Piyush Goyal to work a way out, including dipping into the money lying, if any, for use of oil trade, the Business Line reported.
The third-party currency payment, which was allowed by RBI around 7-8 months back, has helped bring about some improvement in exports, however, the system is fraught with delays and additional costs are being incurred, complain merchant exporters of tea and basmati rice.