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Crude bill pay in rupee
December 12 , 2018
2046 days
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- India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees.
- The MoU was signed following the US letting India and 7 other nations to keep buying Iranian oil despite sanctions were re imposed on Iran in November 5.
- The Indian refiners will make rupee payments in the UCO Bank account of the National Iranian Oil Corporation (NIOC).
- Earlier India paid its 3rd largest oil supplier in Euros using the European banking channels.
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