India pays for Iranian oil in rupees deposited in an Iranian government bank account in UCO Bank’s Kolkata branch, which the Iranians then use to pay Indian exporters who supply agricultural produce like wheat and other goods to Iran.
Tag: Indian Rupee
Indian industry critical of DPP 2013 after rupee crash
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•Pricey time to open MMRCA quotes
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•Assuming both surviving vendors, the four-nation Eurofighter consortium and France’s Dassault, had managed to match the budget of INR 42,000 crore in their own currency when they submitted their bids, today that amount would escalate to over INR 50,000 crore.