Iran urges India to clear $6.5 billion oil dues in 2 months
Advertisement
Advertisement
"The payment will be in at least three installments. The modalities of installments and the route are being worked out," a top official said.
The dues on crude oil have increased as Western sanctions blocked payments since 2013. Around 45% of the oil import bill is paid in rupees, and the other half has accumulated.
The official said the repayment may happen through the Reserve Bank of India (RBI). Iran is expected to open a new account with one of the Indian banks to accept the payment. The country will use the rupee payments to settle bills for goods and commodities it imports from India.
The official said the new account will be different from the UCO Bank account which is a non-interest bearing account. "They want the payments to be made to an interest-bearing account", he said.
Advertisement
Image credit: Indiatimes
Advertisement
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts
- Sustainable Transportation Alternatives
- 10 Foods you should avoid eating when in stress
- 8 Lesser-known places to visit near Nainital
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver