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India can pay Iran for rupees in oil

India could pay Iran its third largest supplier country once again for crude oil in rupees.

New Delhi: After the ban imposed by Iran on crude oil imports from November, India can pay its third largest supplier to the country once again for crude oil. A top official who can pay through UCO Bank, IDBI Bank to import crude oil from Iran oil company Indian Oil Corporation (IOC), public sector and Mangalore Refinery and Petrochemicals Ltd said on Thursday. US sanctions against Iran will be effective from November 4. After this, using the banking channel with Iran, it is difficult to pay in dollars.
The official said that the refinery had also booked oil in addition to September and October. Oil purchased in September will have to be paid in November because Iran gives 60 days to pay. The official said that Iran is ready to accept payments in rupees for oil. He can use that amount to pay for the equipment and food items purchased from India. UCO Bank and IDBI Bank have been marked for payment because the presence of both of them in the US financial system is almost negligible. At present, India pays its third largest oil supplier to the country through the European banking channel in the euro. These channels will stop working from November.

India had planned to import 2.5 million tonnes of crude oil from Iran during the current financial year. It is higher than the previous year's 2.26 million tonnes. But now the actual imports are estimated to be somewhat lower. Companies such as Reliance Industries have completely stopped importing crude oil from Iran. Others are also making significant reductions in imports. US President Donald Trump had withdrawn himself from Iran in May with a nuclear deal in 2015. This was followed by economic sanctions on Iran again. Some restrictions came into effect from 6th August, while the ban of oil and banking sector will be applicable from November 4.

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