- Tag results for Oil imports
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.
Prime Minister Narendra Modi on Friday said that the government is aiming to triple ethanol production in four years to help save `12,000 crore in oil import bill.
The US delegation is in India as part of the Trump administration's efforts to reach out to countries who are major importers of oil from Iran.
Brian Hook, the State Department's director of policy planning, told a news conference that the US goal was to get as many countries as possible down to zero Iranian oil imports.
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.
India's oil imports from Venezuela averaged around 300,000 barrels per day between November, 2017 and February, 2018, a drop of about 20 percent from the same period a year earlier.
To meet its growing fuel demand India, the world's third-biggest oil consumer, raised its refining capacity in the second half of 2017.