In this article, Arta Fruits intend to introduce the most efficient way of money transfer between Iran and India which is used for None-Sanctioned trades between the two countries. This Iran India INR system is available to be used for mostly for food related products as well as health products and only limited some special banks in Iran and India.
The gestion that raises when there is a trade or business collaboration between two countries are mostly about the business itself. But when talking about business with Iran, the most important question is how to transfer the money due to the US sanctions on Iran banking system. How to receive money from Iran? How to send money to Iran? Which banks are working with Iranian banks? Does Iranian banks accept Indian Rupees or not? What is Iran India INR system?
How is situation of sanctions and business with Iran?
Arta fruits has experiences in import and export of fresh fruits and dry fruits from and toward India. We have already focused our business for Iran Indo business line. So, we are well familiar with the concerns and problems in this line. One of the key importance in Iran Indo business line is to ease the procedure of money transfer in a way that both side countries regulations and limitations are meet.
As you may already now, Iran is under heavy US and EU sanctions due to their nuclear conflict with western countries. Iranian big industries like Oil and Gas, Automaking industries. Civil and Military Aviation, Petrochemicals, Minerals and almost all of the industries are under sanction and not only US and EU countries, but also any other company in the word working with these industries in Iran will have to bear the risk of penalties or sanctions due to bridge of US and EU sanction regimes.
Get to know more about Iran Indo Business line with Arta Fruits
Contact us for more discussions and solutions on your money transfer from and toward Iran
Click HereHow is Banking system in Iran and money transfer roots?
Money transfer is a trouble!
As mentioned, Iran is under many sanctions right now and especially after Trump exit from Iran nuclear deal, the situations for Iranian banking system worsened even more.
Right now, Iranian Central Bank is under US and EU sanctions and due to that, any international money transfer between Iran and outside or Iran through SWIFT system is impossible!
That is surprising to believe but that means you cannot open LC or accept any type of LC for or from Iranian banks, regardless of the reason for opening LC.
With no LC, business with Iranian companies is at high risk and Iranian companies have a lot of trouble in dealing with foreign traders.
Most of transfers are done by TT through middle accounts and exchange offices in Iran neighbor countries like UAE and Turkey which results in higher costs of transfer and sometimes limitation or risks of issues with Anti Money Laundry of India with RBI.
Even when you enter to Iran, you cannot use your credit or debit cards to pay for food or taxi fares. Iranian banking system do not support master or visa cards and you should either open a bank account inside Iran or use cash for your payments. This is also a big issue when doing business with Iran and you are into Iran for negotiations or any inspections.
IDBI Bank an INR System
Since the increase of sanctions against Iran by US, Iran and India has made an agreement to make a separate banking root for doing business by INR for humanitarian goods and commodities.
This means that, Iranian can buy or sell limited products such as food and health related products by use of special banking system from Iran and India to do the transfers legally and easily. This INR system has already been in practice and many transfers are done by this system mostly for import and export of fruits from and toward India.
This system is helping many importers and exporters of fruits to their business legally with Iran and avoid any penalty from Indian anti money laundry system based on RBI regulations.
But what are the details of this INR system and how we can use it?
Here you can understand more about IDBI INR system for money transfer
There are many question regarding IDBI bank regulations. Here Arta Fruits try to help other traders understand the mechanism and roots of money transfer by IDBI bank.
Zahedi date or Qasb date is one of the high selling dates in Iran and in the world due to its special and special color, wonderful taste and of course very simple storage and storage conditions.
The best type of Zahedi date has a light brown or chocolate brown color. Zahedi dates or Qasb dates, which is called Zahedi in Arabic, is one of the attractive dates for export to Arab countries, Africa, Pakistan and Afghanistan.
Cultivation of Zahedi dates in Iran
Zahedi date is cultivated in different parts of Iran and its palm is one of the palms resistant to different tropical climatic conditions. These dates are mainly cultivated in Kazerun, Khorramshahr, Ahvaz, Qir and Karzin, Farashband, Borazjan, Bushehr, Firoozabad, Lar, Khuzestan and sometimes in other cities of Iran.
Zahedi dates are often harvested in late September, which sometimes lasts until early autumn. This date, as described, is semi-dry and easily falls to the ground near harvest time and is one of the late ripening dates. Khark and dry type of this date is widely used, but it also has wet or semi-dry type.
Zahedi Dates are mostly stored in room temperature and its storage condition is not required to use refrigeration.
Zahedi dates are mostly packed in 10 kg big cartoons with vacuumed Cellophane cover and prices starts from 0.7 USD per kg based on FOB prices.
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