Following a meet with Iran's Foreign Minister Md Javad Zarif in New Delhi, Union Minister Nitin Gadkari on Tuesday said the government has allowed an Iranian bank to open a branch in Mumbai. Iran's Bank Pasargad is set to open its branch within the next three months.
“The Government of India has already given permission to Iran to open a bank branch in Mumbai. They are going to open a branch in Mumbai in three months. That will be used for transactions,” Gadkari said.
Commenting on the meeting, Gadkari said, “We had detailed discussions... Our meeting was very fruitful and we have resolved a lot of issues.”
“We have had a good discussion with the minister (Md Javad Zarif). The first ship from Brazil has already been received at Chabahar... The financial arrangement is ready. There were some problems, but we have resolved the issues,” Gadkari said.
“Proposals on barter system between the two nations can also be considered”, he added.
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"They need steel, particularly real steel and locomotive engines, and they are ready to supply urea," he stated.
India has placed USD 85 million machinery order for Chabahar, which is a port on the coast of the Gulf of Oman and is Iran's southernmost city.