India inks pact with Iran to pay crude bill in rupee


India inks pact with Iran to pay crude bill in rupee

India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said.

The memorandum of understanding (MoU) was signed following the US letting India and seven other nations + to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5.

Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).

Half of these funds would be earmarked for settling payments for exports of Indian goods to Iran, they added. the Islamic state on November 5.

Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).

Half of these funds would be earmarked for settling payments for exports of Indian goods to Iran, they added. Read More

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