Iran Press/Iran News: India's Oil Minister Dharmendra Pradhan announced on 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 of India reported in a tweet.
The text of the bill in parliament has come to an end and is likely to be signed in the next few days, the report said.
Related News:
India says it will continue to purchase Iranain oil
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 the US sanctions against Iran as a challenge because New Delhi has close ties with the Islamic Republic of Iran.
Meeting with Iranian foreign minister Mohammad Javad Zarif, last month on the sidelines of the U.N.'s annual meeting in New York, Indian foreign minister Sushma Swaraj stressed that her country will continue to purchase Iran's oil.
Zarif said after meeting, "Our Indian friends have always been categorical in terms of their intention to continue economic cooperation and (the) import of oil from Iran. And I heard the same statement from my Indian counterpart."
India is the second biggest purchaser of Iranian crude and Indian refiners imported around 10 million barrels of Iranian crude in October.
Beijing and New Delhi have thus far been defiant to Washington's call to stop buying Iranian oil, saying they abide only by sanctions imposed by the United Nations and not those imposed by any other country. 101/201
Read More:
Iran extends shipping, insurance for oil exports to India
India buys Iran's oil for November supply
Iranian bank to open branch in India
Indian official: New Delhi decide on Iran imports independently
