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Minister: India to purchase Iran’s oil in rupee

Tehran, Indian oil minister said that in order to revive the trade mechanism in rupee, his country will soon sign an agreement with Iran in which New Delhi will use the rupee to trade with Tehran.

BTVI TV network of India reported in a tweet that Indian Oil Minister Dharmendra Pradhan announced Wednesday that he will sign an agreement with Iran on the revival of the trade mechanism in Rupee. According to the agreement, the payment mechanism between India and Iran will change to the rupee.

BTVI TV network reported on Twitter that the text of the bill in parliament has come to an end and is likely to be signed in the next few days. The Central Bank of India has also agreed with Pasargad Bank of Iran to establish branches in India.

Dharmendra Pradhan has already informed about New Delhi's decision on the continued import of oil from Iran based on national interests, saying that India considers theh US sanctions against Iran as a challenge because New Delhi has close ties With the Islamic Republic of Iran.

Source: Islamic Republic News Agency - IRNA

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