Iran-India banking mechanism ready for business

Iran-India banking mechanism ready for business

India and Iran are set to begin banking transactions in the coming days as New Delhi has agreed to grant tax exemption to banks trading with Tehran, according to Indian Ambassador to Iran Saurab Kumar.

Kumar  and Governor of Central Bank of Iran Abdolnaser Hemmati met on Monday and announced after talks that the banking transactions mechanism between the two countries is ready for operation.

He said that both sides will do business in coming days based on the exemption of Indian side’s payments for Iran oil from taxes, news agency IRNA reported.

The two countries on November 2 had signed a bilateral agreement to settle oil trades through an Indian government-owned bank, UCO Bank, in the Indian currency, which is not freely traded on international markets. Read More

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