India will make all payments for Iran crude in Rupees

Published on Jul 14, 2013 by PressTVGlobalNews

India is to settle its 1.53 billion dollars dues with Iran in Rupees. From now on, all the trade will only be done in Indian currency. Until February, 45 percent of the Indian oil import payments were made in Euros, with the money going through Turkish Halkbank. Since then Indian crude oil importers have held on to their payments. A Russian route to make payments in Ruble was explored however it did not work out. Finally the Rupee transactions are left as the only alternative.UCO Bank is the only Indian designated institute under the rupee-payment mechanism with Iran. It is backed by its tie-ups with five Iranian banks which worked on carrying out the process of settlements of dues in April last year.

Sanjay Sethi, Press TV, New Delhi

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4 thoughts on “India will make all payments for Iran crude in Rupees

  1. Now you know why the US cheered on by Israel wants to invade Iran. This was the reason Iraq got invaded and if Saudi Arabia does the same it will get bombed just like Libya did.

  2. Other countries have been making back-door oil deals for at least the last couple of years.

    I have a sneaking suspicion that the majority of them DON’T involve the dollar.

  3. It would be useful to take away the ability of the Fed and the US government to control the decline of the dollar. If it happens beyond their control maybe the American people can bury both entities before they can start a major war.

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