indo iran ties
INTERNATIONAL TRADE & FINANCE
A PROJECT
ON
Indo – Iran Trade
Prepared by: Group 3, Section S-5
Aadhish Kohli 12DM-001 Abhishek Kumar 12DM-008 Madhavi Verma 12DM-081 Rahila Surti 12IT-013 Rahul Singh 12IB -037 Sutapa Mishra 12FN-141 Vineet Krishna 12DM-168
CONTENTS
Page no.
Abstract 2
Acknowledgements 3
List of Abbreviations 4
List of Tables 4
List of Figures 4
Introductions 5
Objective of the Study 7
Scope of the Study 7
Major Findings 8
Methodology 9
Project Findings 14
Recommendations 15
References 16
Abstract
India’s traditionally strong links with Iran, and its increasingly robust relationship with the US, have put the India-Iran relationship firmly in the spotlight. India is a major importer of Iranian oil – the second largest after China – and has been able to get a US waiver on sanctions against Iran, in exchange for a reduction in Iranian oil imports.
India’s oil imports from Iran fell about 19 per cent in the first half of 2012/13 to about 257,000 barrels per day (bpd), even lower than planned, potentially helping New Delhi win a renewal of a waiver from US sanctions. The United States and Europe have imposed tough sanctions on Iran to choke off Tehran’s oil revenues in a bid to halt its nuclear programme. The West says the programme is aimed at building atomic weapons, a claim Iran denies.
Lack of awareness of Iranian banking system, their shifting trade priorities; impact of US sanctions; extreme volatility in exchange rates of Rials and infirmity in the rupee payment arrangements of UCO Bank are some of the concerns faced by both countries.
Acknowledgement
We would like to convey our deep sense of gratitude to
A PROJECT
ON
Indo – Iran Trade
Prepared by: Group 3, Section S-5
Aadhish Kohli 12DM-001 Abhishek Kumar 12DM-008 Madhavi Verma 12DM-081 Rahila Surti 12IT-013 Rahul Singh 12IB -037 Sutapa Mishra 12FN-141 Vineet Krishna 12DM-168
CONTENTS
Page no.
Abstract 2
Acknowledgements 3
List of Abbreviations 4
List of Tables 4
List of Figures 4
Introductions 5
Objective of the Study 7
Scope of the Study 7
Major Findings 8
Methodology 9
Project Findings 14
Recommendations 15
References 16
Abstract
India’s traditionally strong links with Iran, and its increasingly robust relationship with the US, have put the India-Iran relationship firmly in the spotlight. India is a major importer of Iranian oil – the second largest after China – and has been able to get a US waiver on sanctions against Iran, in exchange for a reduction in Iranian oil imports.
India’s oil imports from Iran fell about 19 per cent in the first half of 2012/13 to about 257,000 barrels per day (bpd), even lower than planned, potentially helping New Delhi win a renewal of a waiver from US sanctions. The United States and Europe have imposed tough sanctions on Iran to choke off Tehran’s oil revenues in a bid to halt its nuclear programme. The West says the programme is aimed at building atomic weapons, a claim Iran denies.
Lack of awareness of Iranian banking system, their shifting trade priorities; impact of US sanctions; extreme volatility in exchange rates of Rials and infirmity in the rupee payment arrangements of UCO Bank are some of the concerns faced by both countries.
Acknowledgement
We would like to convey our deep sense of gratitude to
References: www.commerce.nic.in http://www.wto.org – Statistics www.livemint.com www.indiastat.com www.timesofindia.com http://www.thehindu.com/business www.worldbank.org.in www.presstv.ir