calcuttatube.com/2011-02-27 - India is working out an arrangement through Deutsche Bundesbank (the German Central Bank) to pay Iran for crude oil purchases, an official statement said Friday.

Finance Minister Pranab Mukherjee has assured his Iranian counterpart, Finance and Economic Affairs Minister Seyyed Shamseddin Hooseini that India would like to make the payment due to Iran as expeditiously as possible especially on account of oil and oil products, the finance ministry said in a statement.

Hooseini called on Mukherjee at his North Block office here Thursday.

Assuring expeditious payments, the finance minister said both the countries should work out a mechanism that would facilitate timely payment by removing the bottlenecks.