The Commerce Secretary, Dr Rahul Khullar, today said that the Centre is expected to put in place a permanent payment settlement system with Iran in a month's time. The proposed system should ensure both the payment against Indian imports, mostly oil, from Iran and settlement of payments for Indian exporters to Iran. India exports tea, refractories and a host of other items to Iran.
Dr Khullar was speaking on the sidelines of the annual general meeting of the Indian Tea Association here today.
According to him, the Union Ministry of Finance is closing in on a permament solution to the payment issues with regard to both Indian imports and exports. "I am expecting a solution to be in place in a month," he said. India recently released payments against import of crude oil from Iran through Turkey.
Responding to queries if India would route its payments through Turkey or introduce rupee trade, Dr Khullar said that all such options were being looked into.