The Union commerce ministry is planning
to apply the Iran model of ‘oil for export mechanism’ between India and
Venezuela, wherein accounts will be settled by the Indian government to
exporters in rupees, in terms of oil supplied by Venezuela to India. This
strategic move is aimed to address the issues faced by the exporters due to
delayed payment realisations from Venezuela in US dollars, leading to huge
losses to the Indian counterparts. To promote exports between the two nations,
the government is seriously contemplating to adopt this strategy on all export
sectors including pharma. More… 
Tuesday, September 22, 2015
Exporters to Venezuela stand to gain as govt contemplating ‘oil for export mechanism’ for payment realisations
The Union commerce ministry is planning
to apply the Iran model of ‘oil for export mechanism’ between India and
Venezuela, wherein accounts will be settled by the Indian government to
exporters in rupees, in terms of oil supplied by Venezuela to India. This
strategic move is aimed to address the issues faced by the exporters due to
delayed payment realisations from Venezuela in US dollars, leading to huge
losses to the Indian counterparts. To promote exports between the two nations,
the government is seriously contemplating to adopt this strategy on all export
sectors including pharma. More… 
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