Iran Notified as First Country for Rupee Payment Export Trading with 15% VA against Dollar Import

[DGFT Notification No. 17 dated 10^th June 2013]

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

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.