Ref: PXL/H.O./CIR-076/2015-16                         Date: 07.09.2015

To
All the Members of Council,

Dear Sir/Madam,

Subject: Operationalization of "Oil for Export Mechanism" between India and Venezuela-Reg.

We would like to inform member companies that Council has received a communication from Department of Commerce stating that "operationalization of Oil for Export Mechanism" between India and Venezuela is under active consideration of Government of India to promote exports between the nations.

It may be noted that Council received representations from some of the member companies expressing difficulties in payment realizations(delayed) from Venezuela in USD. Council has taken up  the matter with Department of Commerce for devising a suitable strategy/solution for adjusting the payment realizations.

In this context, Ministry of External Affairs has taken an initiative to device bilateral Financial Mechanism between  India and Venezuela for facilitation of trade as well as to ensure due payments to oil companies and various exporters from India.

A meeting is also likely to be convened by Commerce Department to discuss on the issues relating to exports to Venezuela while focusing on the subject  "operationalization of Oil for Export Mechanism".    

Member companies exporting pharmaceuticals to Venezuela, are requested to send their inputs/suggestions relating to the above subject, may please be sent to dgdesk@pharmexcil.com by tomorrow evening.

With regards,

Dr. P V Appaji
Director General