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For the last two years, Indian refineries have been transacting business with Iranian companies through the ACU — a regional payment mechanism between nine countries including, Iran, India, Pakistan, Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka and Burma — which allows settlement of payments for intra-regional transactions with representative central banks, side-stepping American and European restrictions in doing business with Tehran.The RBI says its decision is prompted by the need to iron out difficulties experienced by importers and exporters while dealing with Iran.
Following the RBI's order, Indian oil companies are faced with a major problem as the State Bank of India has stopped issuing fresh Letters of Credit until Iran notifies a bank that is not covered by the US sanctions.
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Obviously, a decision of such import could not have been taken without factoring in the consequences.
As the country's central bank, the RBI no doubt is fully empowered to act independently and in the best interests of India.
Is he willing to risk getting alienated from the national mainstream?