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Oct 09, 2015
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Payment of $700 Mn to Iran Won't Impact Currency Market: RBI
Reserve Bank Deputy Governor H R Khan today said USD 700 million will be paid to Iran on the due date as part of oil dues without having any impact on the currency market. "We have already cleared USD 700 million. Remaining USD 700 million has already been purchased and it will be paid on due date," he said on the sidelines of National Financial Inclusion Conference here. "As of now USD 1,400 million has been cleared, USD 700 paid and USD 700 acquired. Its acquired, so there will be no impact in the market," he said. Khan, however, did not disclose the payment date and other details. This will the second payment since Iran reached a historic nuclear deal with the US and other western powers.
According to sources, the second tranche is scheduled to be paid on October 12.
Essar Oil, Mangalore Refinery and Petrochemicals Ltd, Indian Oil Corp and Hindustan Petroleum Corp had on September 30 paid the first tranche of USD 700 million to clear a chunk of the USD 6.5 billion they owe to Iran for past purchases.
Source -
http://www.outlookindia.com
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