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India to Make Rupee Payment For Iran Oil!!

 
Anonymous Coward
User ID: 1217735
United States
05/08/2011 10:27 PM
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India to Make Rupee Payment For Iran Oil!!
India to Make Rupee Payment For Iran Oil

New Delhi, May 3:

With UAE refusing to route its payments for Iranian crude oil, India has decided to pay its second largest oil supplier in rupee.

“Finance Ministry is preparing a note for the Cabinet for payments for Iranian oil in rupee,” a top government official said.

Under the proposal, National Iranian Oil Co (NIOC) will open rupee account with Indian banks and can use the money to purchase non-strategic items like railway imports and buying commodities. It cannot however use the money to invest in India or buying shares or companies.

[link to www.thehindubusinessline.com]
waffenss
User ID: 1370987
Netherlands
05/12/2011 06:48 PM
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Re: India to Make Rupee Payment For Iran Oil!!
all according to plan they had approvement from DC

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