Iran 's Economy and Finance Minister Shamsaddin Husseini is on an official visit to India, the Iranian website mojnews.com reported.
During his visit, Husseini will hand over Iranian President Mahmoud Ahmadinejad's invitation letter to Indian Prime Minister Manmohan Singh. Ahmadinejad invites Singh to take part in the festivities on the occasion of Novruz, which will be held in Iran on March 28-29.
Husseini will also hold meetings with the ministers of foreign and economy. The sides will also mull creation of a commission to improve economic relations between the two countries.
Trade turnover between Iran and India is $14 billion. Earlier, the Central Bank of India announced that it will not pay for imports of Iranian crude oil and this matter has caused problems in the oil trade between the two countries. Prior to that, Iran was receiving money for the oil sold in India through "Asia Clearing Unit".
India buys 426,000 barrels of oil per day from Iran. Iran states about uncertainty in the issue of through what mechanism it will be getting paid for the oil sold in India, as well as yhat India does not repay the resulting debt to Iran for the purchase of oil at a rate of $ 1 billion.