January 8, 2011 1:07 PM

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RBI trying to settle oil payment to Iran issue

The Reserve Bank is trying to sort out the vexed issue of payment for oil supplies from Iran following its decision to abolish the use of a regional payment mechanism for these transactions. RBI Governor D Subbarao said at a function in New Dellhi that the apex bank was ensuring that oil supplies come from Iran. The Reserve Bank on December 23 had said all trade-related payments with Iran have to be made outside the Asian Clearing Union.

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