increased manifold since.
Apart from Iran, other key destinations for the Indian basmati rice are Saudi Arabia, the UAE, Kuwait and Iraq. Non-basmati rice is exported mainly to African countries, including Benin, Nigeria, South Africa and Senegal.
India had launched a rupee settlement mechanism from April 2012 with Iran to avoid sanctions from the US and the European Union. As part of this initiative, state-owned UCO Bank has tied up with four Iranian lenders – Parsian, Pasargad, Saman and EN Banks – for settlements of dues.