Speaking on the sidelines of India’s exclusive exhibition in Iran in the presence of reporters, he said, “earlier, it was mentioned that Indian government will pay its oil debt to Iran in euro, so that India will pay its oil debt to Iran through several banks, one of which is UCO Bank of India.”
Iranian banks along with UCO Bank of India have joint accounts both in Iran and India, so that any irregularity is not occurred on the funds exchanged between the two countries for economic activities, he maintained.
Iran has a branch of UCO Bank of India for doing nonoil business, he said, adding, “accordingly, all payments are paid using UCO Bank of India.”
In response to a question raised by MNA correspondent on the payment of Iran’s oil debt by India, he said, “after the oil delivery, there is no problem for paying India’s oil debt to Iran, so that Indian firms make regular payments and there is not any problem in this respect.”
He went on to say that all India’s oil debts to Iran has been paid during sanctions period.
He pointed to the recent trip of Iranian President Hassan Rouhani to India and said, “leaders of the two countries are interested in broadening and enhancing bilateral ties, the issue of which was placed special emphasized between Iranian President Rouhani and Indian Prime Minister Narendra Modi.”
Indian investors were urged to invest in Iran’s lucrative oil and gas sectors, he said, adding, “the two countries of Iran and India are determined to increase level of trade and business exchanges in the best form possible.”
Indian government has focused on developing phase one of Chabahar Port.
In conclusion, Indian Embassy’s charge d’ affaires pointed to organizing India’s exclusive exhibition in Iran and added, “top 100 Indian companies will take part in this prestigious exhibition in the fields of food, engineering, equipment, machinery and information technology (IT). These companies will showcase their latest achievements to visitors.”