Iran, India to start rupee payment mechanism

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati and India’s Ambassador Saurabh Kumar, in a farewell meeting at the end of the envoy’s mission in Tehran, discussed banking relations between the two countries.

They announced that the rupee payment mechanism between the 2 countries will become operational in coming days.

India’s ambassador to Iran said that the financial mechanism between the two countries is prepared and the two sides will carry out their business and banking operations in the coming days on the basis of the exemptions received by the Indian government.

Also in the meeting, the two sides discussed facilitating banking affairs and the implementation of India's investment in Southeastern Iranian port of Chabahar.

Kumar confirmed that the two countries’ banking mechanism has been created earlier, as both sides will do business in coming days, and added that Iran’s oil revenues are exempted from taxes which are commonly imposed on foreign accounts in Indian banks. 

EA