India secures pact with Iran to pay for crude oil in rupee
India has recently signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees. The memorandum of understanding (MoU) was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions being reimposed on the Islamic state on November 5th. Indian refineries will make rupee payments in a UCO bank account of the National Iranian Oil Co. (NIOC). Half of these funds would be earmarked for settling payments for export of Indian goods to Iran. Even under…
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