Governance & Social Justice
- Generic Only Model : Concepts and Concerns
- Consumer Protection Bill 2018 Passed By Lok Sabha
- Global Burden of Disease Report by Lancet
- Adivasis in Chhattisgarh & M.P.
- Menstrual Hygiene for Rural Women
- Global Nutrition Report 2018
- What Is Sextortion Law J&k
- Human Microbiome
- Tele-Robotic Surgery
- Prevention of Malaria’s Side Effects
- Opioid Overdose Crisis
- India To Give Bhutan Rs. 4500 Crore
- IMO’s New Rule for Oil
- G20 Summit 2018
- Geopolitical Importance of Island States
- Strengthening Of Boko Haram
- US China Trade War
- Why India Paying Iran with Rupees?
- Trans Regional Maritime Pact
- Trump’s Syria Withdrawal
- India will Give Maldives $1.4 Billion
- Australia Recognized West Jerusalem As Israeli Capital
- China Taiwan Relations Indepth analysis
- Shahpur Kandi Dam Project Get Approval
- Qatar Exit To OPEC
- Farm Loan Waivers Good or Bad?
- Issues with ultra mega power projects
- Importance of Soybean for Malwa Region
- What is Public Credit Registry ?
- Financial Literacy for Financial Inclusion, Jan Dhan Yojna
- Dharavi Redevelopment Project 2018
- Bogibeel Bridge
- Global Wage Report 2018
- RBI 5th Bi-Monthly Monetary Policy
- Direct Benefit Transfer for Electricity
- Pradhan Mantri Ujjwala Yojana
- National Pension System
- Troubling Power Sector
- Train 18: Fastest Train in Nation
- Oxytocin Ban Removed
Defence & Security
Science & Technology
- Mission Gaganyaan Approved
- Ethanol Blending
- Project Dragon Fly
- Swaminathan Calls GM Crops A Failure
- China’s Change E-4 Mission
- 3D printing in Pharma sector
- Womb Transplant
- Supreme Court On Rafale Deal
- GSAT-7A Launched
- Saturn to Lose Its Rings
- ISRO’s Small Satellite Launch Vehicle
- Bharat Net Project
- Indian Navy gets Submarine Rescue System
- Transgenic Rise with Reduced Arsenic
- Global Hackathon on Artificial Intelligence
- Cheap Hydrogen Production
- NASA’s Insight Spacecraft
- Mission Raksha Gyan Shakti
- Life on Titan (Saturn’s Moon)
- What is COP 24 ?
- What is rat-hole mining
- Structural Reform for Decarbonising India
- Marine Vegetation To Mitigate Ocean Acidification
- Impact of Ocean Warming On Great Southern Reef
- What is Bio-Diversity Offsetting
- Atmospheric Iodine Will Destroy bad Ozone
- UN’S WMO : 2018 4th Hottest Year On Record
- Effects of Drugs Discharge into Yamuna river
Spice of the Month
GS 2 || International Relations || India & Rest of the World || West Asia
Why in news :
- India will import crude oil from Iran using a rupee-based payment mechanism, adding that 50% of those payments will be used for exporting items to Tehran.
- The official said Iran is open to accepting rupee payment for oil and may use the money to pay for equipments and food items it buys from India.
Why is India doing this?
- Primary reason is because U.S has blocked payments of USD and Euro. Earlier India used European Channels to make payments to Iran.
- Iranian oil is a lucrative buy for refiners as the Iran provides 60 days of credit for purchases, terms not available from suppliers of substitute crudes — Saudi Arabia, Kuwait, Iraq, Nigeria, and the US.
India’s exemption from Iran sanctions
- India had won the exemption after it agreed to cut imports and escrow payments.
- Under the 180-day exemption, India is allowed to import a maximum of 300,000 barrels a day of crude oil. This compares to
- an average daily import of about 560,000 barrels this year.
- India, which is the second biggest purchaser of Iranian oil after China, has since then restricted its monthly purchase to 1.25 million tonne or 15 million tonne in a year (300,000 barrels per day), down from 22.6 million tonne (452,000 barrels per day) bought in 2017-18 financial year
- Under US sanctions, India will be allowed to export farm commodities, food, medicines, and medical devices to Iran. However, items such as petroleum and petrochemical products, automobiles, steel, precious metals and graphite are not allowed to be exported to Tehran.
How does paying in rupees help India?
- Iran will mostly use the Indian currency in buying goods from India that will help Indian businesses.
- It will create some sense of faith in the Indian rupee as a mode of transaction. Our rupees will gain huge on convertibility index.
Dominance of dollar as global currency :