Iran rejects India’s plea for full rupee payment for oil import

[Cyberian]

Well, I was surprised by India's decision to approve sanctions on Iran. You made an enemy out of your friendly neighbour for some nuclear biscuits that you've still not received.

Even Muslim Pakistan abstained, so, why did India choose to make such a blunderous decision? We had been saying all along that India's decision against Iran will create problems for the country sooner or later but the Indians in those days thought that America was going to make them the next super power - arrogance was bliss. Now enjoy.

 

[Azizam]

India seems to be in a spree of losing friends

 

[Cyberian]

India seems to be in a spree of losing friends

Wait till people in India democratically, under no force or coercion, freely elect a Hindu Extremist Government to power (again).

 

[Lightningbolt]

I have a strong feeling the Indian community in the US is greatly influencing the Indian government through money and other means. The CIA is probably freely interfering in the Indian elections by influencing events that support the Congress party. If the CIA can operate in China, just imagine how freely they operate in India.

Siding with the US means you get access to advanced technology but you lose your ability to conduct an independent foreign policy.

You sleep in the bed you make.

 

[bolo]

The Iranian rejecting Indian rupee was a very good economic move. The rupee has fallen last month by 25% compared to the USD. Most likely the rupee will continue to fall in the future. No nation should accept Indian rupee for payment either because it will become more worthless in the future.

If I was CCP head, I would discuss with other trading partners to convert their currency to gold than take the gold equivalent as payment. This way, I can destroy the US as reserve foreign currency and kill the world's biggest Ponzi scheme for mankind.

 

[armchairPrivate]

^^^
^^^^

Or more aptly If you lie down with dogs, you will get up with fleas.

 

[rafiqali]

The Iranian rejecting Indian rupee was a very good economic move. The rupee has fallen last month by 25% compared to the USD. Most likely the rupee will continue to fall in the future. No nation should accept Indian rupee for payment either because it will become more worthless in the future.

If I was CCP head, I would discuss with other trading partners to convert their currency to gold than take the gold equivalent as payment. This way, I can destroy the US as reserve foreign currency and kill the world's biggest Ponzi scheme for mankind.

Gold backed currency is bound to come sooner or later because the situation today is unprecedented. The US simply has to conjure up Dollars out of thin air and buy up the whole world. The surprise is that the rest of the countries are just going along.

But then, as they say - The Dollar is not backed by Gold, but by the US Military.

China, however, is in a least favourable position to demand gold backing because you hold about a trillion of Dollar debt. If you push hard, Dollar will collapse and along with it your savings. You have a tiger by the tail

As Greenspan famously said: "Our debt to China is not our problem. It is China's problem"

 

[Bang Galore]

India is on India's side

Well said.

.... Congress is pro-USA and Modi is pro-China.

Modi pro-China? Not a chance.

 

[cirr]

china also reduce the oil import from iran. pakistan was also facing the economic sanction. india was also interested in iran-india pipeline but not through pakistan(because pakistan will stop pipeline in any time they want)

China’s crude oil imports from Iran up 17.5%

Sunday, 22 September 2013

http://english.alarabiya.net/en/bus...a-s-crude-oil-imports-from-Iran-up-17-5-.html

Don't believe the Chinese will actually comply with the US wish。

Action speaks louder than word。

 

[my2cents]

Its very simple, India proved to Iran that she hasn't an independent policy and not reliable. So why Iran gives India some special privileges? specially when now it seems that iran and USA are reaching an agreement about nuclear program,...

You guys have proved to the world that you have more balls and can defy a country like USA.

Our govt. has no clear vision with respect to our foreign policy and dilly dallying between Russia and USA. I don't blame you guys if our indecision is making you guys to be weary about us.

Problem is we are looking for relative gains with respect to Iran because of sanctions. It will backfire in long term.

 

[indushek]

Oh the naivete on display and the gloating spree...........

 

[my2cents]

Because India rupee had drop by a lot and what they received is not what is used to be.

But the rupee transactions will be only used for bilateral trade between India and Iran. So, the drop in rupee vs dollar will not effect their trade with goods imported from India. Unless if they are hoarding rupees for future conversion into dollars.

 

[armchairPrivate]

^^^

It is not true. It will definitely affects the fairness of trade, because of the devaluation of rupees and as a result the inflation of the products from India.
The rupees the Iranians holding will buy less from India.

The recent price increase is a good example. (I am not saying the Iranians buys onions from India).

 

[rafiqali]

^^^

It is not true. It will definitely affects the fairness of trade, because of the devaluation of rupees and as a result the inflation of the products from India.
The rupees the Iranians holding will buy less from India.

The recent price increase is a good example. (I am not saying the Iranians buys onions from India).

Onion price rise was due to production shortage, nothing to do with Rupee-Dollar rate.

I fail to understand how Indian products priced in Rupee will become costlier if Rupee depreciates against the Dollar.

 

[armchairPrivate]

^^^

India products are made with foreign components, such as fuel, machinery, raw materials. When rupees lost its value, the cost of production goes up.