Wait...
  1. Home >
  2. Export Import News >
  3. Import News >
  4. Iran Oil: India explores reviving the rupee-rial mechanism for payments >
  5. Iran Oil: India explores reviving the rupee-rial mechanism for payments

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Iran Oil: India explores reviving the rupee-rial mechanism for payments.


Date: 26-09-2018
Subject: Iran Oil: India explores reviving the rupee-rial mechanism for payments
India continues to work on a waiver from the US to continue its oil trade with Iran. However, future crude purchase agreements would be tied only after December as New Delhi is expected to have another round of talks with the US officials, highly placed sources told FE Online.

In view of this, India has started exploring a possibility of reviving a Rupee-Rial arrangement by allowing an Iranian Bank to set up in India.

While an earlier rupee payment window opened with UCO Bank or IDBI Bank may be utilised again for making payments for Iranian oil post sanctions, a senior official speaking on condition of anonymity has indicated that the Ministry of Finance has given its nod to Iranian Bank Pasargad to set up a branch in Mumbai, which will also help India to continue its oil supplies with Iran and make payment from the country.

Diplomatic sources told FE Online that at the recently concluded India-US 2+2 dialogue, the US offered to supply oil and gas worth $2.5-3 billion to India at short notice if the country needed it to meet shortfall arising from cut in Iranian oil imports post sanctions.

“The offer was indicated at 2+2 meeting in New Delhi, the details need to be worked out in detail post Nov 4, when petroleum related sanctions against Iran take effect. Transportation cost is an issue to bring oil from US,” added the diplomatic source.

The US is also considering offering concessions on such oil exports that could be at par with the terms India currently enjoys with Iran. What Iran offers to India is cheaper freight and a 60-day credit period to Indian importers such as Indian Oil Corporation, Mangalore refinery and petrochemicals (MRPL) and Nayara Energy (formerly Essar Oil).

According to reports India imports close to 10 per cent of its crude oil need from Iran. The imports from the Islamic Republic had dipped in FY2017-18 to 22.6 million tonnes (mt) from a level of 27.2 mt in FY2016-17. But in the current fiscal year (FY19), imports have again picked up making the Islamic Republic the second biggest exporter of oil to India.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.

Date: 22-05-2020
Notification No. 47/2020-CUSTOMS (N.T.)
Appointment of CAA in case of in case of M/s Satnam Steels, Rajkot.

Date: 22-05-2020
PUBLIC NOTICE No. 06/2015-2020
Inclusion of Gopalpur Port, Odisha as a Port of Registration under Para 4.37 of Handbook of Procedures, 2015-2020.

Date: 22-05-2020
TRADE NOTICE NO. 12/2020-2021
Issuance of Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN-India FTA

Date: 21-05-2020
Notification No. 24/2020 - Customs
Seeks to amend notification No. 56/2000-Customs dated 05.05.2000, No. 57/2000-Customs dated 08.05.2000 and No. 40/2015-Customs dated 21.07.2015 providing for extension of last date of export by six months, for those cases where the last date of export falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic.

Date: 21-05-2020
Notification No. 25/2020 - Customs
Inclusion of Gopalpur Port [INGPR1] as notified port for getting benefits under AA/ EPCG schemes and other export incentive schemes like MEIS/SEIS and other such schemes.

Date: 21-05-2020
Notification No.46/2020 - Customs (N.T.)
Exchange Rates Notification No.46/2020-Custom (NT) dated 21.05.2020.

Date: 21-05-2020
Notification No.10/2020-Customs (ADD)
Seeks to amend notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to extend the levy of Anti-Dumping duty on acrylic fibres originating in or exported from Thailand for a further period of 6 months.

Date: 20-05-2020
Instruction No. 06/2020-Customs
Instruction Number 06 - Customs on Requirement of Veterinary Certificate

Date: 19-05-2020
Notification No. 45/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001