Payments in Rupee accepted by Iran

The longstanding issue over the payments for export shipments has been resolved amidst India and Iran. Both the nations have accorded to admit payment in Rupee form, an act that could disengage vast sums pending on both sides. The payment problem with Iran has been resolved with operationalization of the rupee payment mechanism through UCO Bank.

An Indian delegation will visit Iran from March 10, 2012 to March 14, 2012 in order to tap the potential arenas where India could become a partner or a stakeholder.

Month: Current Affairs - March, 2012