PXL/HO/Cir-066/2019-20                                                                      Dt: 28.09.2019

Hyderabad

Rubex International 

Dear Sir/Madam,

Subject:  Handling of Iran Trade Payment Mechanism by IDBI Bank Ltd

We are pleased to inform our member-exporters that Senior Officials from IDBI bank has visited our Mumbai office on 26th September 2019 and informed the Council that IDBI Bank Ltd is now mandated  to handle payments of member-exporters exporting to Iran.

During our interaction, we understand that under Bilateral Trade Agreement between India and Iran on 02nd November 2018, IDBI Bank Ltd has been designated to carry out the Indo - Iran trade payments in  Indian Rupee (INR) only under a special mechanism. A brief synopsis on Indo-Iran Trade Payment Mechanism prepared by IDBI bank Ltd is enclosed for information.

We are also pleased to inform our member-exporters that IDBI Bank Limited proposes to organise interactive meeting & Seminars on Indo - Iran trade at various locations of the bank at Mumbai, Ahmedabad, Hyderabad etc. shortly to disseminate the information amongst the Pharma exporters.

This is for the kind information of our member-exporters. We may also request you to attend the interactive session proposed by IDBI Bank Limited (dates & venues of interactive sessions would be informed shortly) to address your queries.

Thanks & regards

Uday Bhaskar

Director General