Resisting US pressure to further scale down oil imports from sanction-hit Iran, India on Monday made it clear that it has to look at the issue involved beyond the energy trade as it has "vital" security stakes in the Gulf region.
The United States is set to bolster its military presence in the Persian Gulf by posting combat forces in Kuwait to respond to a collapse of security in Iraq or a military confrontation with Iran.
Private sector lender ICICI Bank on Monday launched I-Express, an instant cross-border money transfer option for Non-Resident Indians (NRIs).
Even as their killer drones strike at ranking members of the Al Qaeda linked Haqqani network, United States officials secretly met leaders of the group this summer in a Persian Gulf country, in an effort to draw them into talks on winding down the war.
Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax.
"We will be guided by our national interest," he said.
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
In a repeat of the M V Wisdom episode, a much-smaller cargo vessel ran aground near the Juhu beach in north-west Mumbai on Sunday, officials said.
The United States says its expects India to enforce United Nations sanctions against Iran but left it to that country to decide on steps to "convince" the Persian Gulf state to abandon its pursuit of nuclear weapons.
"We have been importing 3 million barrels of crude oil per month from Iran. There is no change in that status... there has been no disruption in supplies... We continue to import same volumes (this month)," Essar Oil Managing Director and CEO Naresh Nayyar said.
State-own oil explorer Oil and Natural Gas Corporation and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.
"We are exploring if Indian oil firms can open accounts in banks like Dubai-based Noor Islamic Bank so they can undertake a direct transfer of money for oil they buy from Iran," a senior government official said.
The trilateral alliance between India, Afghanistan and Iran on the strategic Chabahar port is a security threat to Pakistan, defence experts in Islamabad have said and asked the government to use diplomatic manoeuvres to avert falling into an "abyss of isolation".
After a two-year lull, India has proposed to resume talks with Iran on importing gas through a pipeline passing through Pakistan, but the Persian Gulf state wants the meeting to happen in Tehran.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
Investigators working on the Mumbai terror attack have unearthed vital information about how the terrorists managed to enter Mumbai.The interrogations of the two arrested terrorists, Abu Ismail and Ajmal Kamal, have revealed that 20 men were involved in the terror attack. While eight terrorists set up base in Hotel Trident and Taj Mahal Hotel, 12 others came to Mumbai in a boat.
"There is an enormous amount of interest in investing in India," Mehra said at ICICI Bank's office in Dubai. "We could be doing at least another 10 deals over the next year".
To this end, India has recently committed USD 400 million in steel to construction of the railway connecting Chabahar and Zahedan, near Afghan border, the report said.
The research, published in the journal Proceedings of the National Academy of Sciences, found that a significant portion of this ocean plastic debris is expected to make its way onto either beaches or the seabed within three to four years.
Billionaire investor George Soros said that although the price of oil is rising due to a combination of rise in demand from China, a weakening dollar and the reduction in supply from the Persian Gulf nations, the main reason for the unprecedented spurt in crude price is speculation.
The Chabahar port, located in the Sistan-Balochistan province on the energy-rich Persian Gulf nations southern coast, lies outside the Persian Gulf and can be easily accessed from India's western coast, bypassing Pakistan.
Tata Steel's global footprint is spreading at a furious pace.
The deal, which would allow Russia to import and store spent nuclear fuel, is likely to face stiff opposition from Congress.
ccording to the MEA plan shared with the ministry of civil aviation that is set to begin from May 7, approximately 14,800 passengers will be evacuated from 13 different countries. F
The direction comes hours after Iran fired over a dozen ballistic missiles targeting at least two American bases in response to the killing of its General Qasem Soleimani in a drone strike.
Shipping Corporation of India's oil tanker, MT Desh Shanti, which was detained in Iran for 26 days, arrived at Visakhapatnam port in the early hours on Wednesday, sources said.
The government on Friday decided to extend 'open sky' policy to all foreign airlines, including those from the Persian Gulf for three months in the peak winter season, subject to commercial arrangements with the national flag carriers.
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has begun drilling for oil in Farshi offshore block of Iran.
The tata group intends to invest Rs 1,500 crore (Rs 15 billion) in setting up 150 'value hotels' in India and abroad over the next five years.
The government on Monday informed that the European Union ban on single hull oil tankers of over 23 years of age would not impact privatisation-bound Shipping Corporation of India.\n\n\n\n
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