Jul 9, 2014, 5:33 PM
News Code: 2720797
0 Persons
India pays 7th installment of debts to Iran

Tehran, July 9, IRNA – India has deposited the 7th installment of its pending debts to Iran in the account of the Central Bank of the Islamic Republic of Iran.

Public Relations Department of the Central Bank of Iran said following the Geneva nuclear deal between Iran and the P5+1, Iran received the 7th installment of its frozen funds from India to the tune of $550 million. The cash was received through the UAE Central Bank and deposited in the CBI account.

Iran and the world powers signed an interim deal on Tehran nuclear program, on November 24, 2013, according to which the world powers undertook to provide Iran with some sanctions relief and release of its frozen assets in exchange for Iran agreeing to limit certain aspects of its nuclear activities.

Based on the Geneva deal, 4.2 billion dollars of Iranian frozen assets would be released in eight stages.