India, Iran Sign Pact for Rupee Payment
Following the US waiver to India to import a restricted quantity of crude oil from Iran for the next six months, the Persian Gulf nation has signed a memorandum of understanding with India to accept payments in rupee.
Domestic refiners will pay Iran through a UCO Bank account of the National Iranian Oil Co, according to sources. The money deposited in this account will be used by Iran to pay for imports from India as even during the sanctions— which kicked in on November 5 — New Delhi can supply medicines, medical devices and foodgrains to Tehran.
Reason for the Treaty
- India has ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 India and Belgium Launch Strategic Dialogue
- 2 India Hosts 3rd BRICS Ministerial Meeting on Disaster Risk Reduction
- 3 Quad Foreign Ministers Meeting
- 4 9th Session of the Intergovernmental Group of Experts (IGE) on Consumer Protection
- 5 United Nations (UN) Charter
- 6 WTO Agreement on Fisheries Subsidies (AFS)
- 7 BRICS Adopts Guwahati Declaration
- 8 India-Australia Annual Summit 2026
- 9 India-New Zealand Strategic Partnership
- 10 3rd India-EU Trade and Technology Council Meeting
