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Post by bot on Feb 7, 2012 23:41:36 GMT -5
Iran buyers default on Indian rice payments:report from MarketWatch.com - MarketPulse HONG KONG (MarketWatch) -- Iranian buyers have defaulted on payment for about 200,000 tons of rice from India, their top supplier, according to a Reuters report citing exporters and rice millers. The default, a sign of mounting pressure on Iran following sanctions from the West, prompted a call from the head of the All India Rice Exporters' Association to call on members to stop rice exports to Iran on credit, the report said. Meanwhile, Tehran has agreed to New Delhi's proposal to a payment mechanism that will allow India to pay for 45% of its imports from Iran in the Indian rupee, The Times of India reported. The change was made necessary by the likely disruption of the current mode of payment through a Turkish bank, the report added.
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