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India to Pay 1st Installment Next Week

India to Pay  1st Installment Next WeekIndia to Pay  1st Installment Next Week

India is preparing to pay the first installment of dues it owes to Iran for oil import as early as next week, Press Trust of India reported this week, citing finance secretary Rajiv Mehrishi. With sanctions to be lifted in a matter of months, India has vowed to clear $6.5 billion of its dues. “What is due to them, must be paid to them. It will not be one single bullet of $6.5 billion. It will be (in) tranches. They also don’t want as bullet, they also want it in some kind of tranches. So we are working out with Iran,” Mehrishi told PTI. Mehrishi, who led a high-level delegation to Iran to discuss payment options, indicated that the payments can be in a combination of US dollar or euro and Indian rupees.

Financialtribune.com