In­dia to pay Iran crude bill in ru­pee

Millennium Post - - Front Page -

NEW DELHI: 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 even though sanc­tions were reim­posed on the Is­lamic state on Novem­ber 5.

Sources said In­dian re­fin­ers would 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 said.

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