Spartan Posted December 6, 2018 Report Share Posted December 6, 2018 In a breakthrough, India has signed an agreement with Iran to pay for crude oil imports in rupees, industry sources said on Thursday. On Tuesday, India had signed a currency pact with the UAE that allows both countries to conduct trade in their own currencies eliminating a benchmark currency like the US dollar. According to sources, Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC). Around 50 per cent of these funds would be used for exporting items to Tehran. Asked why only 50 per cent had been earmarked for exports, industry sources said, “It will be difficult for India to export items for even 50 per cent of the funds.” Under US sanctions, India will be allowed to export farm commodities, food, medicines, and medical devices to Iran. However, items such as petroleum and petrochemical products, automobiles, steel, precious metals and graphite are not allowed to be exported to Tehran. Oil payments are being made in rupees only as against earlier arrangements where there was a ratio of 45 per cent rupees and 55 per cent euros, said sources. India’s UCO Bank is expected to announce the payment mechanism in the next 10 days. The MoU was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on Nov. 5. Russian and Chinese shipping companies were pitching to facilitate India-Iran trade. FIEO president Ganesh Kumar Gupta said on Thursday that India’s exports to Iran grew by about 22 per cent in first six months of 2018-19. However, the imposition of sanction has definitely impacted India’s exports as three months window provided by the US got over in August, 2018, he said. Mr Gupta said that in past six months, India has shown good growth in export of cereals, meat, paper, pharmaceuticals, made-ups, auto-components, electrical machinery and equipment, glass and glassware among others. However, exports of iron and steel, article of iron and steel, copper, plastic and plastic products, essential oils, inorganic chemicals, man-made staple fibre, apparels suffered during the first six months of the fiscal. “We have been given to understand that UCO bank is working on necessary modalities to start the rupee payment. This should apply to all exports except those in OFAC list,” said Mr Gupta. Quote Link to comment Share on other sites More sharing options...
tacobell fan Posted December 6, 2018 Report Share Posted December 6, 2018 Repost Quote Link to comment Share on other sites More sharing options...
uttermost Posted December 6, 2018 Report Share Posted December 6, 2018 no. the exchange is not on the international market where rupee trades. its a good deal for both though. Quote Link to comment Share on other sites More sharing options...
Spartan Posted December 6, 2018 Author Report Share Posted December 6, 2018 4 minutes ago, tacobell fan said: Repost adi inka sanctions approve avvanappudu...post.. idi official post Quote Link to comment Share on other sites More sharing options...
EzMcSquare Posted December 6, 2018 Report Share Posted December 6, 2018 No, not really buddy, its mutual understanding..Iran will buy back indian goods in rupees again...so it helps both countries... Mr.Modi paid big debit ..made by UPA govt .... in dollars to them...Now made good deal with Iran to pay in rupee for crude oil and then sell indian manufacturing goods in rupees.. This is a very smart deal.. Now andhra idiots will come and will start trolling(bcoz they have not got special status). I am CFA level 3 guy.. I know very well how it helps indian economic. Indian rupee will grow , when indian rupee is in demand..Indian rupee can become deman when Indian goods are sold high in international market. 1 Quote Link to comment Share on other sites More sharing options...
tacobell fan Posted December 6, 2018 Report Share Posted December 6, 2018 2 minutes ago, Spartan said: adi inka sanctions approve avvanappudu...post.. idi official post LOL Quote Link to comment Share on other sites More sharing options...
Spartan Posted December 6, 2018 Author Report Share Posted December 6, 2018 1 minute ago, EzMcSquare said: No, not really buddy, its mutual understanding..Iran will buy back indian goods in rupees again...so it helps both countries... Mr.Modi paid big debit ..made by UPA govt .... in dollars to them...Now made good deal with Iran to pay in rupee for crude oil and then sell indian manufacturing goods in rupees.. This is a very smart deal.. Now andhra idiots will come and will start trolling. I am CFA level 3 guy.. I know very well how it helps indian economic. Indian rupee will grow , when indian rupee is in demand..Indian rupee can become deman when Indian goods are sold high in international market. cool Quote Link to comment Share on other sites More sharing options...
Kontekurradu Posted December 6, 2018 Report Share Posted December 6, 2018 Idi eppati nundo jarutundi kada deni gurunchi aljajera lo oka news kuda chusa, long back may be 2 years back Adi YT lo kuda vundi Quote Link to comment Share on other sites More sharing options...
argadorn Posted December 6, 2018 Report Share Posted December 6, 2018 26 minutes ago, EzMcSquare said: No, not really buddy, its mutual understanding..Iran will buy back indian goods in rupees again...so it helps both countries... Mr.Modi paid big debit ..made by UPA govt .... in dollars to them...Now made good deal with Iran to pay in rupee for crude oil and then sell indian manufacturing goods in rupees.. This is a very smart deal.. Now andhra idiots will come and will start trolling(bcoz they have not got special status). I am CFA level 3 guy.. I know very well how it helps indian economic. Indian rupee will grow , when indian rupee is in demand..Indian rupee can become deman when Indian goods are sold high in international market. is it related to accounting Quote Link to comment Share on other sites More sharing options...
uttermost Posted December 6, 2018 Report Share Posted December 6, 2018 3 minutes ago, argadorn said: is it related to accounting finance. my wife is CPA (former). that's accounting. hehe.. Quote Link to comment Share on other sites More sharing options...
Android_Halwa Posted December 6, 2018 Report Share Posted December 6, 2018 28 minutes ago, EzMcSquare said: No, not really buddy, its mutual understanding..Iran will buy back indian goods in rupees again...so it helps both countries... Mr.Modi paid big debit ..made by UPA govt .... in dollars to them...Now made good deal with Iran to pay in rupee for crude oil and then sell indian manufacturing goods in rupees.. This is a very smart deal.. Now andhra idiots will come and will start trolling(bcoz they have not got special status). I am CFA level 3 guy.. I know very well how it helps indian economic. Indian rupee will grow , when indian rupee is in demand..Indian rupee can become deman when Indian goods are sold high in international market. Perfect my friend. Very few in this DB will ever understand such concepts. Its good to discuss such things with people who can understand such concepts. I was an economist by education and training, specialized in public economics. Its such a simple system, of exchanging goods and services..more closely barter system. It still may take another 2 decades for a fully convertible rupee but I believe we just kicked off that process. The rupee trade has been there among the SAARC countries and its not significant trade considering the size but we have just breached the gulf ring. Qatar could potentially be another country where we may pay for their gas in rupees. The New Development Bank is actively promoting regional trade among BRICS nations, least China. In 10 years, one can expect sub-regional trade happening in Rupee but have to wait for few more decades before its fully convertible, May be till we turn 15-20 trillion economy. 1 Quote Link to comment Share on other sites More sharing options...
chelsea Posted December 6, 2018 Report Share Posted December 6, 2018 1 hour ago, EzMcSquare said: No, not really buddy, its mutual understanding..Iran will buy back indian goods in rupees again...so it helps both countries... Mr.Modi paid big debit ..made by UPA govt .... in dollars to them...Now made good deal with Iran to pay in rupee for crude oil and then sell indian manufacturing goods in rupees.. This is a very smart deal.. Now andhra idiots will come and will start trolling(bcoz they have not got special status). I am CFA level 3 guy.. I know very well how it helps indian economic. Indian rupee will grow , when indian rupee is in demand..Indian rupee can become deman when Indian goods are sold high in international market. daniki andra idiots antamu deniki nuvu edo okka idiot vi kada Quote Link to comment Share on other sites More sharing options...
khabardar Posted December 6, 2018 Report Share Posted December 6, 2018 1 hour ago, EzMcSquare said: No, not really buddy, its mutual understanding..Iran will buy back indian goods in rupees again...so it helps both countries... Mr.Modi paid big debit ..made by UPA govt .... in dollars to them...Now made good deal with Iran to pay in rupee for crude oil and then sell indian manufacturing goods in rupees.. This is a very smart deal.. Now andhra idiots will come and will start trolling(bcoz they have not got special status). I am CFA level 3 guy.. I know very well how it helps indian economic. Indian rupee will grow , when indian rupee is in demand..Indian rupee can become deman when Indian goods are sold high in international market. brother.. doller rate prediction impact enti konhcam share knowledge.. what factors effect doller date .. up down stories ki.. Quote Link to comment Share on other sites More sharing options...
Kontekurradu Posted December 6, 2018 Report Share Posted December 6, 2018 18 minutes ago, chelsea said: daniki andra idiots antamu deniki nuvu edo okka idiot vi kada adi ante Quote Link to comment Share on other sites More sharing options...
argadorn Posted December 6, 2018 Report Share Posted December 6, 2018 28 minutes ago, chelsea said: daniki andra idiots antamu deniki nuvu edo okka idiot vi kada bjp ki anti kadha ani sruthi lo kalpiesadu Quote Link to comment Share on other sites More sharing options...
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