India to pay Iran $ 1.65 billion for oil imports
India will pay Iran $1.65 billion through the UAE central bank to clear over 40 per cent of the backlog payments for oil imports. Since February 2013 when U.S. blocked payment channels, India has been paying 45 per cent of its Iran oil bill in rupees through a Uco Bank branch in Kolkata. For the rest, it has been waiting for a payment channel. As much as $4 billion has been accumulated in past dues. A payment mechanism is now in place under which $1.65 billion in three equal instalments of $550 million each will be transferred to Iran via ...
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