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India asks Iran to accept rupee payment

 

Following the US pulling out of the nuclear agreement and re-imposing sanctions, the government is reportedly keen on establishing a rupee-based trading mechanism with Iran, similar to the one that was in place between both nations a few years ago when Iran was under global sanctions.

 

The earlier rupee payment mechanism, set up in 2012, had mandated that for oil imported from Iran, a part of the payment by India would be retained in an Indian bank. This could be used by Iran to pay for its import from India. However, hardening sanctions later made even this difficult, with money transfer to Indian exporters through the informal route using UCO Bank falling apart.

 

The current sanctions come at a time when major Indian exporters from sectors like textiles and engineering are making their way to Tehran to thrash out deals with local buyers.

 

After the US President Donald Trump pulled out of the landmark deal with Iran signed in 2015, the Iranian government is also apparently keen on speedy talks on this issue as it believes the new sanctions could badly hurt its economy, reports said.

 

Source : Exim News Service - New Delhi, May 16

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