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US sanctions against Iran kick in from November, which will block payment routes.
The United States and India are engaged in very detailed conversations over Washington's request to completely stop India's oil imports from Iran.
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.
In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed.
As per sources, India is hoping to hold engagement on this subject with the US within the span of a month but it is unlikely for the US to grant a waiver.