Last year, India was forced to pay for Iran crude through Turkish Halk Bank and its own UCO Bank, in 55:45 in dollar/rupee terms Petroleum minister MVeerappa Moilys master-plan to bring down the foreign exchange outflow by $20 billion may get an Iranian shocker. According to official sources close to the development, the Islamic republic has asked ...

The oil ministry hopes to shave off $22 billion (Rs 1,44,540 crore) from its import bill by paying for Iranian oil in rupees. The Prime Minister has told us to save $25 billion (Rs 1,64,250 crore) from the oil import bill. As of today, we have already put together a plan to save $22 billion, petroleum minister Veerappa Moily said, adding that the ...