INSUBCONTINENT EXCLUSIVE:
two official sources said."We have to do some paper work
It should be signed as early as possible
We are aiming for this month," one of the sources said.India, which got a waiver from the latest tougher US sanctions against Tehran on
Monday, used a similar mechanism in the previous round of sanctions but settled only 45 per cent of the payments in rupees.Iran used the
funds to import goods from India, a move that had helped boost India's exports to Tehran.Paying for Iranian oil in rupees will also
strengthen the rupee against the US dollar.Indian refiners will make payments in rupees for purchases of Iranian oil made since September,
Iran grants a 60 day credit period to Indian refiners.The sources also said the US wants India to restrict its monthly purchases of Iranian
oil to 1.25 million tonnes, or 9 million barrels, during the waiver period from November.The United States re-imposed sanctions on Monday to
choke Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the
Islamic Republic.The Oil Ministry was not immediately available to comment.Indian Oil Corp, the country's top refiner, and Mangalore
Refinery and Petrochemicals placed an order on Tuesday with National Iranian Oil Co to buy a total of 9 million barrels of oil in December,
industry sources said.IOC would buy 6 million barrels of Iranian oil, while MRPL would import 3 million barrels, the sources added.Spokesmen
for MRPL and IOC declined to comment.
