Summary:
Trade cautiously with Iran, Gujarat's apex body for trade and commerce warned importers and exporters dealing with Iranian companies, following a recent direction by the Reserve Bank of India to traders as the USA has reinforced trade sanctions on Iran. Office of Foreign Assets Control is an agency of US Treasury Department and administers and enforces trade sanctions. Dollar transactions are routed through the US and one has to instead trade in Indian Rupee or Euro. "Traders should first ensure their payments and avoid financial loss," said Shailesh Patwari, president of GCCI. Only UCO Bank and IndusInd Bank are enabling such transactions..