India to pay Iran crude bill in rupee

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.