Indian Rupee

Event Diary – 3rd March 2012 Saturday

Iran agrees to accept payment in rupee

The longstanding issue of payments for export shipments between India and Iran is finally resolved and a high-level delegation of Indian officials, including businessmen, will head towards Tehran on March 10 to explore the massive business potential in view of sanctions by the U.S. and the European Union.

Both India and Iran have agreed to accept payment in rupee form, a move that could unlock huge sums pending on both sides.

Federation of Indian Export Organisations (FIEO) president Rafeeque Ahmed said on Friday that the payment problem with Iran has been resolved with operationalisation of the rupee payment mechanism through UCO Bank. The payments which have been stuck in the past will be cleared expeditiously. Mr. Ahmed felt it was a very positive step by the government and it would encourage exporters to aggressively export to Iran and optimise utilisation of rupee balance in oil import pool.

Central Government asks for review of ruling in 2G case

The Union government on Friday urged the Supreme Court to review the 2G judgment which quashed spectrum licences and directed issuance of fresh ones on the basis of auction, while justifying the first come, first served (FCFS) policy.

The Centre said it was only questioning the conclusion of the judgment that all national resources should be auctioned. As, auction of 2G licences would adversely affect and hamper the objective of promoting teledensity in semi-urban and rural areas.Because it would burden the new entrants with very high acquisition costs for licence and spectrum, thus making it unlikely that they would penetrate new markets and offer services at a competitive cost to consumers in terms of urban and rural areas.

Contending that the FCFS policy had the twin objective of a level-playing field and providing affordability, the Centre sought a direction to review the February 2 verdict.

Defence Ministry says there are no U.S. special forces in India

The Defence Ministry on Friday denied reports that the United States Special Forces are positioned in India. This is in response to a top Pentagon commander of U.S. saying that Special Forces teams are stationed in five South Asian countries, including India, as part of the counter-terrorism cooperation with these nations.

These teams have been deployed by the U.S. Pacific Command as part of its effort to enhance their counter-terrorism capabilities, in particular in the maritime domain, PACOM Commander Admiral Robert Willard said on Thursday.

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