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India to import Iranian oil using rupee payment mechanism: source

Reuters  |  NEW DELHI 

By Neha Dasgupta and Mayank BhardwajNEW DELHI (Reuters) - India will import crude oil from Iran using a rupee-based payment mechanism, an industry source involved in discussions told Reuters on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran.India's state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days, the source said."An agreement had been signed by the Indian and Iranian government on Nov. 2 2018 for oil payment in rupees and 50 percent of those funds had been earmarked for exports," according to an Indian ...

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First Published: Thu, December 06 2018. 18:44 IST