Press TV - India and Iran are finalizing details of a mechanism which will allow New Delhi to pay for Iranian oil in rupees. India says the arrangement will help India avoid the impacts of Washington�s unilateral sanctions. Our correspondent Sanjay Sethi has more.

Money Control - As petroleum-related sanctions on Iran come into effect from November 4, Indian refiners will pay for oil inIndian currencyusing UCO Bank and IDBI Bank, according to a report byThe Economic Times. India wants to secure a waiver for imports from the US, which is why it has significantly reduced its oil purchase from Iran afterthe ...

MNA India is looking to revive a rupee trade mechanism to settle part of its oil payments to Iran, fearing channels to pay Tehran might choke under pressure from US sanctions, a government source said on Friday. Expediting the formation of a mechanism to withstand US sanctions, India and Iran have discussed various options, including ...

[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 ...

Reuters Market Eye - Therupeetrading lower at 61.85/86 perdollarafter falling to 61.95 earlier in the session, versus Friday's close of 61.75/76. Dealers watching for the timing of possible dollar outflows related toIranoil payments. Indiais ready to pay $1.5 billion to Iran to clear part of a backlog of payments for shipments of oil following ...

The oil ministry hopes to shave off $22 billion (Rs 1,44,540 crore) from its import bill by paying for Iranian oil in rupees. The Prime Minister has told us to save $25 billion (Rs 1,64,250 crore) from the oil import bill. As of today, we have already put together a plan to save $22 billion, petroleum minister Veerappa Moily said, adding that the ...