TEHRAN – Indian oil minister said that in order to revive the trademechanism in rupee, his country will soon sign an agreement with Iran inwhich New Delhi will use the rupee to trade with Tehran.

BTVI TV network of India reported in a tweet that Indian Oil MinisterDharmendra Pradhan announced Wednesday that he will sign an agreement withIran on the revival of the trade mechanism in Rupee. According to theagreement, the payment mechanism between India and Iran will change to therupee, IRNA has reported.

BTVI TV network reported on Twitter that the text of the bill in parliamenthas come to an end and is likely to be signed in the next few days. TheCentral Bank of India has also agreed with Pasargad Bank of Iran toestablish branches in India.

Dharmendra Pradhan has already informed about New Delhi’s decision on thecontinued import of oil from Iran based on national interests, saying thatIndia considers theh US sanctions against Iran as a challenge because NewDelhi has close ties With the Islamic Republic of Iran.