India drops taxes on rupee for Iran oil

March 18th, 2012

FAKE NEWS for the Zionist agenda

India’s finance bill, part of the annual budget presented on Friday, said the exemption is in the “national interest” and would be implemented from April 1, Reuters reported.

Iran and India signed an agreement last week, according to which New Delhi will pay for 45 percent of its crude imports from the Islamic Republic in rupees.

Currently Indian refiners are paying for their oil imports through Turkey’s Halkbank, but refiners fear this system may fall foul of the new US-led sanctions against the Islamic Republic.

Sources at Indian refiners said they would be making 45 percent of payments in rupees and the remainder through Halkbank as long as that mechanism functions.

“If the Budget is passed by the parliament, we may pay 100 percent through (the rupee mechanism) if the Turkey route stops,” said one of the officials.

Iran is India’s second-largest oil supplier after Saudi Arabia and New Delhi purchases around USD 12 billion worth of Iranian crude every year, about 12 percent of its consumption.

HMV/PKH