Updated By: LatestGKGS Desk
India signs agreement with Iran to pay crude oil bill in rupee
India signs an agreement with Iran to pay crude oil bill in rupee: Details, Highlights
India on 6th December 2018, signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees.
Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).
These funds would be earmarked for settling payments for exports of Indian goods to Iran.
The Memorandum of Understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state in November.
Under U.S. sanctions, India can export foodgrains, medicines and medical devices to Iran. India had won the exemption after it agreed to cut imports and escrow payments.
IRAN
Capital: Tehran
Official Language: Persian
Currency: Rial
Supreme Leader: Ali Khamenei
President: Hassan Rouhani
