Indian basmati exporters are holding on to their shipments to Iran as they fear that with no let-up in the US sanctions on Iran and the prolonged standoff only getting worse by the day, will cause payment defaults or delays. They are also worried about the lack of clarity on future exports and imports from Iran, coupled with growing uncertainty over payment terms going forward, says a report.
It may be recalled that Indian exports were denominated in rupee terms and there was barter trade against oil, but now there is utter confusion on the matter. Therefore, the exporters have been advised to hold on to their respective shipments unless there is some clarity, reports added.
