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ACU MECHANISM
RBI permits settlement of trade transactions with Maldives in local currenciesReserve Bank of India announced that bilateral trade transactions with Maldives can now be settled in Indian Rupees (INR) and Maldivian Ruf...- Indian banks reach out to RBI over US ban on ACU settlementsIndian lenders have approached the Reserve Bank of India (RBI) after the US Office of Foreign Assets Control (OFAC) asked banks to refrain ...
- India to pay 1.5% interest on $6.5 billion Iran oil duesThe demand for interest rate was made when Oil Minister Dharmendra Pradhan met Iranian Central Bank Governor Valiollah Seif in Tehran on Ap...
- India keen on setting up LNG terminal at Iranian portPradhan said he had during his visit to Tehran on April 9 conveyed interest of Indian companies in setting up fertiliser and petrochemical ...
- India and Iran hold talk on oil trade, explore ways to fix payment issuesBefore the payments made last September-October, Essar Oil owed $3.34 b to Iran, MRPL $2.49 billion and Indian Oil Corp $581 million.
- India starts exporting basmati rice to Iran directlyIndia has started exporting the premium aromatic rice, basmati, to Iran directly following the new payment mechanism.
- Iran agrees to part payment for crude imports in Indian rupeeIran has agreed to receive part payment for crude oil exports in rupees through Indian banks, the government said today.
- Exporters ask government to look into advance payment issue with IranExporters have asked the government to modify the payment mechanism between the countries so that they can receive funds in advance.
- Indian exporters on 5-day visit to Iran: FIEOA delegation of about 65 exporters is going on a five-day visit to Iran tomorrow to explore business opportunities.
- Payment issue with Iran resolved: FIEOFIEO said the long-standing payment problem with Iran has been resolved as shipments to the Islamic nation will now be paid in Indian rupee.
- India looking at alternative banks for oil payment to IranJolted by Germany's refusal to route its payments to Iran, India is exploring using Dubai or Turkey based banks as conduit for paying for c...
- US forces Germany to stop Indian oil payments to IranIndia is exploring paying for crude oil it buys from Iran in rupee after the US forced Germany to stop routing payments through a Hamburg-b...
- India pays Iran $2.8 bn to clear import duesIndia has paid €1.5 billion ($2.08 billion) to clear pending dues for buying crude oil from Iran, oil minister S Jaipal Reddy said.
- Payments to Iran for crude oil imports resumeMore than three months after RBI scrapped a long-standing payment mechanism used to pay for Iranian crude imports, India has resumed paymen...
- Iran oil import hit as SBI refuses to facilitate paymentIndia's crude oil import from Iran are stuck after SBI refused to facilitate payments for the imports due to the RBI's move to abolish a re...
- Oil PSUs face supply woes on Iran impasseState-run refineries could run low on their stock of crude next month as the RBI move to curb payment facilities with Iran has put a questi...
- US welcomes move to ban use of ACU for gas, oil importsThe US, which is gathering support for sanctions against Iran, said the Indian decision to barring its companies from a range of deals tran...
- Oil crisis looms as RBI stifles Iran oil imports'There is a huge crisis staring us. The RBI has without putting in place an alternative payment mechanism suddenly withdrawn from a system ...
- ET in the Classroom: ACUET IN THE CLASSROOM: Asian Clearing Union (ACU)
- Banks can pay interest on euro a/c for Asian Clearing UnionThe Reserve Bank has allowed banks to pay interest to accounts held in euro denomination to settle international payments of India, Pakista...
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