As India and Iran discuss how to restart payments for oil imports in foreign currencies, the Reserve Bank of India (RBI) on Thursday said it will ?evaluate? the proposal from the Iranian Central Bank on the mechanism of payments which will take place in a ?staggered manner?.
?Not much is to be paid and there are some other arrangements too. It (the payments) will happen in a staggered manner. Iran will give the exact mechanism and we will evaluate. Till recently, we were doing it in euro. Once the proposals come, we will evaluate and see,? RBI deputy governor HR Khan said.
Khan said there was no time limit on when the payment would be finished.
He, however, refused to be pinned down for a specific figure on the payments to be made for oil imports.
Indian and Iranian officials were scheduled to meet this week to discuss how to unlock the first oil payments to Iran since the US and other world powers eased sanctions in November in exchange for curbs in Iran?s nuclear programme.
Last month, six world powers and Tehran reached an interim deal that provided a limited relief to Iran from economic sanctions, opening the way for some oil payments to resume.
