India inks pact with Iran to pay crude bill in rupee - Times of India

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The Times of India reports:
NEW DELHI: India has signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees, sources in know of the development said. The memorandum of understanding (MoU) was signed following the US letting India and seven other nations + to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5. Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).
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