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
- People intolerant of other religions are more likely to reject science, study asserts
- 7 reasons why cucumber can be your summer weight loss friend
- 8 refreshing kulfis you must try this summer
- Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum
- India, New Zealand hold Joint Trade Committee meeting to deepen relations
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market