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Though Dubai depends less on oil income, fluctuations in crude oil prices have affected all sectors of its economy. The slowdown took its toll on the small and unorganised sectors in the form of unpaid outstanding dues for companies, unpaid wages for workers and large scale job losses.

India will pay in rupees for Iran oil post-US sanctions

The Reserve Bank of India (RBI) has given its nod to Iranian Bank Pasargad to set up a branch in Mumbai.

1 Nov 2018 10:48 AM IST

Higher opening in domestic stock market limited rupee losses. (Photo: PTI).

Govt exempts rupee payments for Iran oil from taxes

Any income a foreign company receives in an Indian bank account is subject to a withholding tax of 40 per cent

1 Jan 2019 3:49 PM IST

ONGC on Thursday reported a 8.2 per cent drop in its June quarter net profit after sharp reduction in natural gas rates.

Sudan wants ONGC Videsh to withdraw arbitration over oil payment dues

At the centre of dispute is ONGC's 25 per cent stake that the company had acquired in GNOP in Sudan in 2003.

17 Aug 2018 11:02 AM IST