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Currently, India pays its third largest oil supplier in euros using European banking channels. These channels would get blocked from November.
Swaraj had explained India's strategy on India and has said Sri Lanka could also follow the process and promised further information.
Though India, one of the biggest importers of Iranian oil, has already reduced its import, it has indicated that it is unlikely to go down to zero given its massive energy needs.
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.
India, the world's leading cooking oil buyer, had purchased 13.61 lakh tonnes of edible and non-edible oils from the global market in the same month last year.
The minister also stressed the need for promoting waterways as a mode of transportation urging investors to come up with offers for plying catamarans and seaplanes.
The move would help sugar mills quickly release arrears of cane farmers, which stands at over Rs 13,000 crore.
With around 200 million barrels per annum,India is the third largest consumer of fossil fuels after the US and China and is one of the few markets that has a steady demand growth.
India's oil ministry held a meeting with refiners on Thursday, urging them to scout for alternatives to Iranian oil, the sources said.
President Donald Trump withdrew the US from the Iran nuclear deal in May to pursue a maximum pressure campaign against Tehran's atomic programme.
Jaitley also announced a cut to the import tax for liquefied natural gas to 2.5 percent from 5 percent.