Iran works on transfer of payments with India
Hindustan Times | HT Correspondent
Updated on: Oct 16, 2012 10:29 PM IST
Hit by US sanctions, Tehran said on Tuesday that it is working with New Delhi to find a mechanism for sorting out the issue of making rupee payments for oil purchases.
Hit by US sanctions, Tehran said on Tuesday that it is working with New Delhi to find a mechanism for sorting out the issue of making rupee payments for oil purchases.
“The Indian government has made a payment of Rs 1,00,00,00,000 for oil but Indian banks have refused to part with money and no Iranian bank has a branch here.
We are working on a mechanism,” deputy minister for Asia, Oceania and Commonwealth (Central Asia) Seyyed Abbas Araghchi said. After the RBI in December 2010 clamped down on settling payments via the Asian Clearing Union route, 55% of Iranian oil imports are being paid in euros via Turkey’s Turkiye Halk Bankasia. The rest was paid in rupees via UCO, sources said.
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices and GRSE Shares on Hindustan Times.
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices and GRSE Shares on Hindustan Times.
