close
This ad will auto close in 10 seconds

India seeks to pay Iran oil bill fully in rupees

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.

FinMin exempts rupee payment for Iran oil from local taxes

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.

Exporters ask govt to look into adv payment issue with Iran

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

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

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.