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India ready to pay $1.5 billion to Iran for oil: Govt

Last Updated: Tuesday, February 25, 2014, 20:51

India is ready to pay USD 1.5 billion to Iran to clear part of a backlog of payments for shipments of oil following the partial easing of western sanctions on Tehran, Oil Secretary Vivek Rae said on Tuesday.

Iran, India meeting to discuss oil payments on Tuesday

Last Updated: Tuesday, December 10, 2013, 17:42

Indian and Iranian officials are meeting on Tuesday to discuss how to unlock the first oil payments to the Middle Eastern nation since the US and other world powers eased sanctions last month in exchange for curbs to Tehran`s nuclear programme.

Indian team to visit Iran to discuss oil payment mechanism

Last Updated: Wednesday, November 27, 2013, 18:41

India will shortly send a delegation to Iran to discuss oil payment mechanism after the historic accord between western super powers and the Persian Gulf state made it easier to import crude oil.

India seeks to pay Iran oil bill fully in rupees

Last Updated: Thursday, September 12, 2013, 18:50

Keen to reduce a record current- account deficit by raising oil imports from Iran, India is seeking to restart the mechanism of paying the Persian Gulf nation entirely in rupees.

India to end euro payments for Iranian imports this week

Last Updated: Sunday, February 03, 2013, 10:27

India will this week end an 18- month old arrangement of paying for Iranian crude oil imports through a Turkish bank as a new set of US sanctions against the Islamic nation comes into force from February 6.

India's euro payments for Iranian imports may end on Feb 6

Last Updated: Sunday, January 20, 2013, 11:30

India has been, since July 2011, using euros to clear most of its purchases of Iranian oil through Ankara-based Turkiye Halk Bankasi. As much as 55 percent of the USD 10 billion oil imports from Iran are settled through Halk Bank, while the rest of the payments are made in rupees in Kolkata- based Uco Bank.

FinMin exempts rupee payment for Iran oil from local taxes

Last Updated: Thursday, June 14, 2012, 21:29

Clearing the way for oil refiners to pay Iran in Indian rupee, the finance ministry Thursday issued notification exempting payments made for crude oil purchased from the Persian Gulf nation from any local tax.

India hopes to win waiver from US for oil supplies from Iran

Last Updated: Monday, June 11, 2012, 20:58

After drastically cutting imports from Iran, India is hoping to win waiver from US financial sanctions on its oil trade with Iran so as to continue to getting supplies from the Persian Gulf nation.

Exporters ask govt to look into adv payment issue with Iran

Last Updated: Friday, March 23, 2012, 15:36

In order to facilitate trade with Iran, exporters have asked the government to modify the payment mechanism between the countries so that they can receive funds in advance, as is the normal practice with other nations.

Govt to give sops on export earnings in rupee to Iran

Last Updated: Monday, March 05, 2012, 22:40

India will provide incentives for exports to Iran on which the payment would be made in rupees under the new arrangement worked out by the two countries.

Paying Iran in Re: Refiners want exemption from withholding tax

Last Updated: Thursday, February 09, 2012, 19:25

Indian oil refiners want exemption from payment of withholding tax to start using a newly agreed mechanism of paying in rupee for the crude oil they buy from the Persian Gulf nation.

India plans to settle Iran oil payment in Rupees: RBI

Last Updated: Monday, January 30, 2012, 17:52

India is considering settling payment for oil imports from Iran in rupees, the Reserve Bank of India deputy governor H.R. Khan said on Monday.