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India, Iran working on rupee-rial facility for Chabahar port
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India, Iran working on rupee-rial facility for Chabahar port

Iran : importance of Chabahar port project for both Iran and India, saying that the two countries were working out ways to sidestep the US sanctions.

According to Islamic Republic News Agency (IRNA) on Sunday, the ‘Hindu business line’ noted, “India is weighing a rupee-rial payment mechanism for the Chabahar project in Iran as it weaves a way around the impending sanctions imposed by the US on the Persian Gulf nation from November 4, to kickstart the port that is considered critical to the country’s geopolitical and trade interests.”

Quoting the senior Indian official related to the project Gopal Krishna, it said, “India was trying for a rupee-riyal payment mechanism for Chabahar port project. Basically, the guarantees will have to be given in rupees now instead of in dollars or euros.”

He said that the issue was discussed with a high-level delegation led by Mohammad Rastad, Iran’s Deputy Minister and Managing Director for Ports and Maritime Organization, during his visit to India last week.