India's state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days
New Delhi: India will import crude oil from Iran using a rupee-based payment mechanism, an industry person involved in discussions told Reuters on Thursday, adding that 50% of those payments will be used for exporting items to Tehran. India’s state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days, the person said.
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