Rupee Trade Agreement Between India And Iran


    Iran will be able to use rupf funds for a number of expenses – including imports from India, the cost of its missions to the country, direct investment in Indian projects and its financing by Iranian students in India, according to another audited Reuters government document. It can also invest the funds in Indian government bonds. Exporters are watching the situation, as any escalation of tensions, which leads to attacks on ships or shipping companies, could push up marine insurance premiums, which could disrupt trade. It is known that the Rice Exporters Association has given its members a little caution in their relations with Iran. In the 1990s, India and Iran supported the Northern Alliance in Afghanistan against the Taliban regime. They continue to work together to support the broad anti-Taliban government of Ashraf Ghani, supported by the United States. The two countries signed a defence cooperation agreement in December 2002. [3] Work is underway on the Chabahar-Milak-Zaranj-Delaram line linking Iran to Afghanistan. Iran, with the help of India, built the Chabahar-Milak road and built a bridge on the road to Zaranj.

    India`s BRO moves the 213 km-long Zaranj-Delaram road. It is part of India`s $750 million aid plan for Afghanistan. The Chabahar port project is an opportunity for Iran to end the economic isolation it promotes by the United States and to take advantage of the recovery of the Indian economy. Along with Bandar Abbas, Chabahar is the Iranian warehouse on the north-south corridor. A strategic partnership between India, Iran and Russia is expected to establish a multimodal link between Mumbai and St. Petersburg, which will give Europe and the former Soviet republics of Asia access to Asia and vice versa. India and Iran have friendly relations in many areas, although India does not welcome the 1979 revolution. There are important trade relationships, including crude oil imports to India and diesel exports to Iran. Iran has often opposed Pakistan`s attempts to draft anti-India resolutions with international organizations such as the OIC and the Commission on Human Rights. [10] India welcomed Iran`s accession to the SAARC regional organization as an observer state.

    [Citation required] “On November 2, 2018, the Indian and Iranian authorities signed an agreement on rupee oil payments and 50 percent of these funds were for export,” says an Indian government document reviewed by Reuters. New Delhi: India will import crude oil from Iran through a payment mechanism based on rupees, an industry official involved in the talks told Reuters news agency on Thursday, adding that 50% of these payments will be spent on exporting items to Tehran. India`s state-state bank UCO is expected to announce the payment mechanism within the next 10 days, the person said.