`India was not under pressure on Iran transactions`

The RBI had on December 23 said companies will be allowed to settle current account and trade transactions with Iran outside ACU, a regional payment arrangement.

New Delhi: Dismissing reports that it was acting under pressure, India on Friday termed as "technical" the problem in settling the current account transactions with Iran under the Asian Clearing Union (ACU) and said efforts were being made to resolve the issue as soon as possible.

"We have seen reports regarding problems with respect to settlement of current account transactions with Iran under the Asian Clearing Union mechanism.

"This is a technical issue and the Reserve Bank of India is seized of the matter. Efforts are being made to resolve the issue as soon as possible. There is no question of India acting under pressure of any country," the External Affairs Ministry said.

The RBI had on December 23 said companies will be allowed to settle current account and trade transactions with Iran outside ACU, a regional payment arrangement.

This dismantled a mechanism used to complete payments for oil.

PTI

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