Iran, India agree on payment system

Press TV - Iran and India have agreed upon a system to resolve the payment complications in the bilateral trade between the two countries, reads a statement by the Indian Finance Ministry.

The agreement followed negotiations between an Iranian delegation headed by the Vice-Governor of the Central Bank of Iran Seyyed Kamal Seyyed Ali and an Indian delegation led by the country's Department of Economic Affairs Secretary R. Gopalan on October 4 and 5, 2011, the statement said. 

The statement further added that both sides agreed to continue discussions on the matter. 

Indian firms have been struggling for more than six months to pay off the oil debts to Iran due to international banking sanctions imposed on the Islamic Republic over its nuclear program. 

Iran supplies 400,000 barrels of oil per day to India which constitutes about 12 percent of the fast-growing Asian giant's needs.