Iran agrees to take all oil payments from India in rupees

[JohnyD]

Iran has agreed to take payments for oil it sells to India entirely in rupees after US and western sanctions blocked all other payment routes.

India has been, since July 2011, paying in euros to clear 55% of its purchases of Iranian oil through Ankara- based Halkbank. The remaining 45% due amount was remitted in rupees in accounts Iranian oil company opened in Kolkata-based Uco Bank.

Payments in euro through Turkey ceased from February 6 this year but the rupee payments for 45% of the purchases continued through Uco Bank, government sources said.

Iran explored taking 55% payments in Russian Rouble and other currencies but the payment routes could not be finalised due sanctions against the Persian Gulf nation.

Sources said Iran has now agreed to take all of their payment in Indian rupees.

For more details..
Iran agrees to take all oil payments from India in rupees | Business Standard

 

[BeyondHeretic]

Good news for iran

I mean lessons learned , for iran

 

[AADHAAR]

Good news for iran

Good for both Iran and India.

Apart from basmati rice, pharms .. more items India could supply them need to be explored.

 

[Anony]

It's a win-win scenario for both Iran and India. Iran is the closest ally of India among all the Islamic state. Both the nations has huge trade opportunity and are important for each others economic development.

Present Sanction on Iran can just put the paddle in the positive direction of India-Iran friendship. There are a lot of item which India can export to Iran to overcome this deficit for importing oil.Some of these items are Electrical & Mechanical Machinery, Vehicles, Pharmaceutical Products, Iron & Steel, Plastic & Articles, Cereals, Chemical Products, Rubber & Articles, Sugar & Sugar Confectionery, Animals & Vegetable Fats & Oil, Organic Chemicals,etc.

All of the above mentioned articles are the one, imported by Iran year-on-year and are exported by India year-on-year

 

[BeyondHeretic]

^^ If true it is a path to a certain point , I mean if iran has to turn to india cause china has turned them down , then it is obvious where iran is going

 

[shuttler]

the indian foreign currency coffer is now whittled down by $11 billion just in the last 2 weeks.

then the Iranians have to be smart, marking up the oil price for the aniticipated fall of the dropping rupees!

 

[BATMAN]

No comments.....

 

[Sugarcane]

Good for India

 

[Gautam]

This could have been done a long back. I am glad that finally its settled down.

 

[Hellraiser007]

I am Happy about the recent India - Iran developments.

 

[Manindra]

Smart move by Iran

 

[Star Wars]

Now i promise you..the western media is going to find something negative and brag about it...

 

[BATMAN]

Smart move by Iran

What is smart by Iran here?

 

[Psyops]

Iran accepting a collapsing currency that is going the way of the Zimbabwean dollar. Iranians are stupid. Global investors are fleeing India as the Indian economy has now entered recession due to the collapsed currency. No one in the world wants to hold Rupees and the Indian growth 'miracle' has now pretty much finished.

Indian central bank has been burning through its reserves just to support the Rupee. Iranian and Indian currencies are collapsing, so I guess it's a perfect fit.

 

[Firemaster]

I am Happy about the recent India - Iran developments.

Me too