Sputnik - Analysts had predicted that the end of the sanctions waiver regime for buying oil from Iran would result in the strengthening of the US dollar. India, being a large importer of Iranian oil, is facing the heat, with a depreciating currency and a real possibility of retail inflation going up. The US threat to end waivers on sanctions against ...

Reuters - India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil. India, the worlds third biggest oil ...

Reuters - Indias finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters. The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle about $1.5 billion of outstanding ...

Press TV- The Indian government is reportedly moving closer to a scheme to make some oil payments to Iran in rupees in a bid meant to avoid US economic sanctions. "We are looking at reviving a rupee mechanism we have to prepare ourselves," one of the sources told Reuters. Another source said that India's Central Bank is yet to make a final ...

[caption id="attachment_130909" align="alignright" width="178"] A street side restaurant owner holds a bundle of rupee notes as he sits outside his restaurant in New Delhi November 22, 2013.[/caption] INDORE: Enforcement Directorate teams from Mumbai and Indore have unearthed a suspected money laundering racket originating from Iran and neighboring ...

[caption id="attachment_130909" align="alignright" width="154"] A street side restaurant owner holds a bundle of rupee notes as he sits outside his restaurant in New Delhi November 22, 2013.[/caption] Reuters Market Eye - The rupee fell to as low as 62.13 on Thursday, its lowest since March 4. The the Indian unit was last trading at 62.1150/1200 versus ...

The demand is more for cotton and manmade fibres and textile machinery Textile exporters have spotted an opportunity in the crisis in India-Iran trade caused by sanctions on the latter by the West. The textile industry is eyeing the rupee settlement mechanism between the two countries to push textile exports to Iran. D. K. Nair, Secretary General ...

(Reuters) - Iran has asked India to settle all oil trade including $1.53 billion owed to Tehran in the partly convertible rupee as the sanctions-hit nation cannot find an alternative payment channel, industry and government sources in Delhi said. India has been paying for 45 percent of its Iranian oil imports in rupees, which has limited international ...

NEW DELHI, Feb 18 (Reuters) - India is now payingIranonly in rupees for its oil after it lost another payment route in euros due to tougher sanctions from Feb. 6, sources at local refiners said, leaving Tehran struggling to use the tightly-restricted Indian currency. The rupee is only partly convertible, limiting its international acceptability, although ...