Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / World News / India’s goodwill gesture: agrees to Iran’s demand
  • World

    India’s goodwill gesture: agrees to Iran’s demand

    Written by
    Ankita Bose
    Edited by
    Vaneet Randhawa
    Last updated on May 03, 2016, 07:34 pm
    India’s goodwill gesture: agrees to Iran’s demand
    Credits:
  • India has agreed to pay a 1.5% interest on $6.5 billion it owes to Iran in oil dues, as a 'goodwill gesture'.

    Iran supplied oil to refiners like Mangalore Refinery and Petrochemicals Limited (MRPL) and Essar Oil.

    During Oil Minister Dharmendra Pradhan's Tehran visit, Iran demanded an interest rate of LIBOR-plus 75 basis points on the dues to compensate for the foreign exchange losses.

  • In this article
    Before Western sanctions blocked payment routes! The backdrop to the oil-due of Iran! Six installments to clear dues! Iran dismisses urgency in paying oil dues! India right behind China! Finance Secretary gears up to clear Iranian oil-dues! Iran commands India to clear oil dues Details about the payment Iran asks India to clear dues in Euros India’s goodwill gesture: agrees to Iran’s demand
  • Personal

    Before Western sanctions blocked payment routes!

  • Since July 2011, India had been paying in euros for 55% of Iranian oil purchases through Ankara-based Halkbank. The rest 45% was paid in rupees through UCO bank.

  • 2013

    The backdrop to the oil-due of Iran!

    The backdrop to the oil-due of Iran!
  • As US blocked payment channels to Iran due to Tehran-nuclear programme since 6 February 2013, the euro payments ceased; but the major oil refiners of India continued the rupee payments for purchase of crude oil from Iran.

    Remaining payments accumulated due to pending decisions regarding finalization of payment routes and mechanism.

    Essar Oil owes $3.34billion, MRPL $2.49billion, IOC $581million, HMEL $97million and HPCL $29million.

  • 2014

    Six installments to clear dues!

    Six installments to clear dues!
  • Indian refiners cleared dues of $1.65billion in 3 equal installment of $550million each on June 26, July 8 and July 24, 2014.

    Subsequently, Iran and U.S, Russia, China, France, Germany and U.K agreed to extend a six month interim accord until 24 November 2014 to end their nuclear dispute.

    India then paid $1.3billion in installments paid on October 21, November 5 and November 20.

  • 22 Jul 2015

    Iran dismisses urgency in paying oil dues!

    Iran dismisses urgency in paying oil dues!
  • Expressing concerns for India as immediate payment might hit India's forex reserves, Iran had proposed that a part of the due-corpus be invested in Indian projects in Iran.

    Hopeful for a settlement through delegation-level visits and discussions on the issue, Iran conveyed that there isn't any "emergency" or "urgency" to clear the dues.

    Iranian ambassador, Gholamreza Ansari stated that the two countries are "good-partners".

  • Do you know?

    India right behind China!

  • India is the second largest importer of oil from Iran after China!

  • 17 Aug 2015

    Finance Secretary gears up to clear Iranian oil-dues!

    Finance Secretary gears up to clear Iranian oil-dues!
  • Finance Secretary of India, Rajiv Mehrishi ratified that India will clear $6.5billion oil-dues to Iran in tranches.

    The first installment is likely to go out as early as a week as stated by him.

    His official statement said, "What is due to them, must be paid to them... they also want it in some kind of tranches. So we are working out with Iran,"

  • 21 Aug 2015

    Iran commands India to clear oil dues

    Iran commands India to clear oil dues
    Credits:
  • Iran has asked India to pay oil dues of $6.5bn within two months, partly in rupees and rest in U.S dollars or euro.

    The payment will be made in atleast 3 installments and the procedure is being worked out.

    About 45% of the oil import bill is paid in rupees through a non-interest bearing UCO bank account and the rest has accumulated since 2013.

  • 21 Aug 2015

    Details about the payment

    Details about the payment
    Credits:
  • An official stated that the oil-refiners will clear the dues either through Reserve Bank of India (RBI) or through a gateway notified by the government.

    Iran will also open a new interest-bearing account with one of the Indian banks, different from the UCO account for receipt of the rupee payment.

    Iran plans to use the account to settle bills for goods imported from India.

  • 7 Feb 2016

    Iran asks India to clear dues in Euros

    Iran asks India to clear dues in Euros
  • Iran summoned Indian refiners like Mangalore Refinery and Petrochemicals Ltd (MRPL) and Essar Oil to pay-up its prior oil dues of almost $6 billion within 6 months in Euros.

    Iran also announced it was ending India's prior deal of paying "45% of oil import bill in rupees and keeping the remaining 55% pending for payment channels to clear", now that sanctions have been lifted.

  • 3 May 2016

    India’s goodwill gesture: agrees to Iran’s demand

    India’s goodwill gesture: agrees to Iran’s demand
    Credits:
  • India has agreed to pay a 1.5% interest on $6.5 billion it owes to Iran in oil dues, as a 'goodwill gesture'.

    Iran supplied oil to refiners like Mangalore Refinery and Petrochemicals Limited (MRPL) and Essar Oil.

    During Oil Minister Dharmendra Pradhan's Tehran visit, Iran demanded an interest rate of LIBOR-plus 75 basis points on the dues to compensate for the foreign exchange losses.

Latest News
  • Ahead of West Bengal polls, actress Payeel Sarkar joins BJP
    Ahead of West Bengal polls, actress Payeel Sarkar joins BJP
    Entertainment
  • India vs England, D/N Test: Hosts bowled out for 145
    India vs England, D/N Test: Hosts bowled out for 145
    Sports
  • Johnson & Johnson's one-shot COVID-19 vaccine highly effective: FDA
    Johnson & Johnson's one-shot COVID-19 vaccine highly effective: FDA
    World
  • Maharashtra: Over 200 students, teachers test COVID-19 positive at hostel
    Maharashtra: Over 200 students, teachers test COVID-19 positive at hostel
    India
  • #PawriNahiHoRahiHai: Vivek Oberoi joins meme-fest, pays fine for flouting rules
    #PawriNahiHoRahiHai: Vivek Oberoi joins meme-fest, pays fine for flouting rules
    Entertainment
Trending Topics
Joe Biden Coronavirus
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love World news?

Subscribe to stay updated.

World Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News Narendra Modi Facebook YouTube Hollywood News WhatsApp Bollywood News ISRO Rahul Gandhi Yoga
Honda Batman Football News BMW Vaccine Reliance Jio OPPO Amazon Food News, Healthy Recipes Royal Challengers Bangalore
Toyota Fashion Tips Farmers Protest Mercedes Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics
Avengers Neha Kakkar Premier League Big Bang Theory
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021