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Business & Economy

Global crude oil price of Indian basket rises to $ 53.63/bbl

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The international crude oil price of the Indian basket, as computed and published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas, rose to $ 53.63 per barrel (bbl) on September 8 from $ 53.39 per bbl on the previous day.
 
In rupee terms, the price of the Indian basket increased to Rs. 3424.94 per bbl on 08.09.2017 as compared to Rs. 3418.64 per bbl on 07.09.2017, an official press release said.
 
The rupee closed stronger at Rs. 63.87 per US$ on 08.09.2017 as compared to Rs. 64.03 per US$ on 07.09.2017, it added.
 
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Infosys completes acquisition of digital innovation and customer experience studo Brilliant Basics

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IT services major Infosys today announced that it had completed the acquisition of Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class design thinking-led approach and experience in executing global programs. 
 
The acquisition is in accordance with the terms set out in the agreement announced by the company on August 3, 2017, a press release from Infosys said.
 
"Through this acquisition, Infosys further expands its worldwide connected network of Digital Studios that are focused on fulfilling the needs of global clients for end-to-end Digital Transformation solutions required to meet customer demand for next-generation enhanced customer experiences. The addition of Brilliant Basics extends Infosys’ digital design services network to include Europe and the Middle East, and enhances the company’s expertise across financial services, retail and telco sectors," the release added.
 
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Kharif crop sowing crosses 1041 lakh hectares: Govt.

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Sowing of Kharif crops in the country has crossed 1041.17  lakh hectares (ha) as on September 8, as compared to 1049.87 lakh ha at this time of the season last year, an official statement said here, quoting reports from the States.
 
The statement said rice had been sown in 371.46 lakh ha (as compared to 376.89 lakh ha at this time last year), pulses in 139.17 lakh ha (144.84 lakh ha) and coarse cereals in 183.43 lakh ha (186.06 lakh ha).
 
According to it, oilseeds have been sown in 169.20 lakh ha (187.16 lakh ha), sugarcane in 49.88 lakh ha (45.64 lakh ha), jute and mesta in 7.05 lakh ha (7.56 lakh ha) and cotton in 120.98 lakh ha (101.72 lakh ha).
 
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Centre allows import of 3 lakh tonnes of raw sugar through southern ports of India at 25% duty

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The Government has decided to allow the import of three lakh tonnes of raw sugar through southern ports of India at 25% import duty under open general license (tariff rate quota) through millers and refiners.
 
An official press release said that this was being done to supplement the availability of sugar in southern India and to stabilize the price of the commodity.
 
The release said the import shall be open to millers/refiners who have their own capacity to convert raw sugar into refined /white. The imports will be allowed through the ports of Tuticorin, Karaikal, Chennai, Mangalore, Kakinada, Gangavaram and Vishakapatnam in the south. 
 
The scheme shall be operated by the Directorate General of Foreign Trade (DGFT) as per their rules and regulations. Applications shall be received online by DGFT at sugarimporttrq-dgft@nic.in from 8th to 12th September, 2017. Details of the scheme can be seen on the website of DGFT, the release added.
 
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India's forex reserves soar by $ 3.572 billion to record $ 398.122 billion

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India's foreign exchange reserves soared by $ 3.572 billion to a new high of $ 398.122 billion during the week ended September 1, the Reserve Bank of India (RBI) said here today.
 
The country's forex reserves had gone up by $ 1.148 billion to $ 394.550 billion during the previous week.
 
In its weekly statistical supplement, the central bank said that  foreign currency assets, which constitute a major chunk of the forex reserves, had increased by $ 2.808 billion to $ 373.641 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves went up by $ 748.3 million to $ 20.692 billion, while its special drawing rights (SDRs) went up by $ 6.5 million to $ 1.506 billion.
 
India’s reserve position in the International Monetary Fund (IMF) increased by $ 9.8 million to $ 2.283 billion during the week, the bulletin added.
 
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Suresh Prabhu says committed to promoting start-ups

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Expressing his commitment to promoting start-ups, Commerce and Industry Minister Suresh Prabhu said here yesterday that, in a fast changing world, start-ups are poised not only to take advantage of change but also trigger change.
 
Going live on social media to address the start-up community in India, Mr Prabhu appreciated the role of start-ups in building the economy and society. The future is bright for people who are willing to take risks, he said.
 
Talking about the role of Government, he said this Government is working to remove obstacles and promote start-ups. The "power of the State" will push the start-up ecosystem towards greater success, he added.
 
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Global crude oil price of Indian basket rises to $ 53.39/bbl

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The international crude oil price of the Indian basket, as computed and published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas, rose to $ 53.39 per barrel (bbl) yesterday from $ 52.97 per bbl on the previous day.
 
In rupee terms, the price of the Indian basket increased to Rs. 3418.64 per bbl on 07.09.2017 as compared to Rs. 3401.13 per bbl on 06.09.2017, an official press release said.
 
The rupee closed stronger at Rs. 64.03 per US$ on 07.09.2017 as compared to Rs. 64.21 per US$ on 06.09.2017, the release added.
 
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Six wagons of goods train derail on Kalyana-Lonavala section in Maharashtra

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Six wagons of a goods train derailed between Monkey Hill and Khandala on the Kalyan-Lonavala section of Central Railway this afternoon.
 
The derailment occurred on the down line on the Mumbai-Pune route at 1555 hours, infringing the middle line, the Central Railway said.
 
Breakdown train and tool vans have left for the site immediately to restore the line, it said.
 
Due to the derailment, at least ten trains have been cancelled, five were short-terminated and eight were diverted, it added.
 
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Global crude oil price of Indian basket rises to $ 52.97/bbl

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The international crude oil price of the Indian basket, as computed and published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas, rose to $ 52.97 per barrel (bbl) yesterday from $ 51.95 per bbl on the previous day.
 
In rupee terms, the price of the Indian basket increased to Rs. 3401.13 per bbl on 06.09.2017 as compared to Rs. 3330.58 per bbl on 05.09.2017, an official press release said.
 
The rupee closed weaker at Rs. 64.21 per US$ on 06.09.2017 as compared to Rs. 64.12 per US$ on 05.09.2017, the release added.
 
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India's EESL launches UJALA scheme in Malaysia

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The public sector Energy Efficiency Services Limited ( EESL) launched the UJALA (Unnat Jyoti by Affordable Lighting for All) scheme in the state of Melaka in Malaysia yesterday.
 
The successful Indian model of UJALA scheme had become a sought-after example for different countries and is now being implemented in Melaka to extend programme benefits to people of the region, an official press release said.
 
Under this scheme, each household in Melaka will get 10 high-quality 9-watt LED bulbs at a cost of only RM 10, which is a special price and is almost half of what is being offered in the market.
 
The distribution of these LED bulbs will take place from 28 Japerun, which are  community welfare and engagement centres located across Melaka.
 
EESL plans to distribute about 1 million 9W LED bulbs, which will replace 18W CFLs, the release said.
 
The initiative will have logistical assistance and facilitation support from Green Growth Asia, which is a not-for-profit organization. 
 
Each bulb provided by EESL in Melaka comes with a three-year free replacement warranty against any technical defects. These bulbs sent from India will be of leading brands and manufacturers like Osram and Philips.
 
Melaka Chief Minister Idris Bin Haron, said, “India’s zero-subsidy UJALA programme has paved the way for a brighter future and has now travelled to our country. We will do our bit to seize the learnings of this programme and replicate the same in the Malaysian State of Melaka.
 
“This will not only benefit the environment but will also foster new avenues of economic growth in the region,” he added.
 
Mr Rajkumar Rakhra, National Programme Manager of the UJALA scheme at EESL said, “It is a joyous occasion for us all that EESL’s UJALA scheme has taken a new stride. Post the United Kingdom, the latest entrant is the Malaysian market."
 
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Tax collection should be smooth process with minimum discomfort for tax-payer: Kovind

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Tax collection should be a smooth process with minimum discomfort to the tax-payer, President Ram Nath Kovind said here today.
 
The President was addressing a group of probationers of the 67th (2015) batch of the Indian Revenue Service (Customs & Central Excise) who called on him at Rashtrapati Bhavan.
 
Collection of revenue is critical to the task of nation building. The revenue collected by the officers is used for the development of the country, he said.
 
He advised them to remember what Chanakya had said about tax collection in the Arthashastra that a government should collect taxes like a honeybee, which collects just the right amount of honey from the flower so that both can survive.
 
The President said that in a sense the young officers would drive GST, which is one of India’s biggest economic reforms since independence. In this age of globalization and technological advance, enormous opportunities are available for trade and investment.
 
Unfortunately, it also creates avenues for fraud and money laundering. It is their job to promote economic activity and curb fraud. Both these goals are important, he said.
 
The work performed by revenue officers has implications for India and its reputation in the world as a trusted business destination, with a fair and predictable tax regime. He asked them to be mindful of this big responsibility.
 
He reminded the officers that their integrity is not negotiable. A credible tax system can only be built by credible tax officers, he added.
 
The probationers are currently undergoing professional training at the National Academy of Customs, Indirect Taxes & Narcotics, Faridabad.
 
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Petronet to set up LNG terminal near Colombo through JV with Japanese, Sri Lankan companies

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Petronet LNG Limited, India's largest importer of liquefied natural gas (LNG), will soon form a joint venture with Japanese and Sri Lankan companies for setting up an LNG terminal near Colombo in Sri Lanka.
 
This follows a decision taken by the Sri Lankan government to go ahead with the project with Indian and Japanese companies, a press release from Petronet said here today.
 
The two countries in their efforts to strengthen relations have been in discussions on this issue for more than a year, it said.
 
According to the release, the Sri Lankan government issued a letter of intent to the Government of India during External Affairs Minister Sushma Swaraj's visit to Colombo on September 1.
 
"Important discussions were held between Minister of Petroleum Resources Development, Sri Lanka and Minister of Petroleum and Natural Gas, India in New Delhi in October 2016 which was followed by numerous meetings at Secretary/ Joint Secretary Level," it said.
 
The release said the joint venture would develop an LNG terminal to provide regassified natural gas to various power plants, domestic and transport sectors in Sri Lanka. The capacity of the LNG Terminal will be decided upon the gas demand in Sri Lanka and is expected to be developed in twp years after completion of initial formalities.
 
The LNG terminal would be set up on the western coast of Sri Lanka in close vicinity of Colombo where most of the power projects (operating mainly on costly liquid fuel) are located. The Colombo Metropolitan Area is inhabited by more than 5 million people or roughly 25% of the total population of Sri Lanka, generating over 50% of the island nation's GDP. 
 
"The LNG terminal near Colombo would improve economics of various power plants and also generate immense direct and indirect benefits for vast majority of Sri Lankan people.
 
"Sri Lankan economy is growing at a rapid pace of 4 to 5% and primary energy consumption is estimated to increase to 19 MMTOE by the year 1930. As of now, 82% of the primary energy consumption is met through petroleum products and bio-mass. Not much success has been achieved so far in development of any indigenous gas fields. LNG imports is a significant solution to fuel the growth of this nation. This will also usher in green economic growth in Sri  Lanka with development of a gas based economy and also reaffirm traditionally and friendly relations between two countries and their continuing endeavors to enhance bilateral relations throughincreased economic, investment and development cooperation for mutual benefits of the two nations.
 
"It is a giant step towards energy security of Sri Lanka and underscores the 'neighbourhood first' policy of Prime Minister Narendra Modi. It shall pave the way for further cementing primeval bonds," the release added.
 
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RIL to acquire assets of Kemrock Industries, to foray into new materials business

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Energy and petrochemicals Reliance Industries Limited (RIL) has acquired the assets of Kemrock Industries and Exports Limited of Vadodara in Gujarat as part of its foray into the new materials business.
 
A press release from RIL said the company won the online bidding process held by Allahabad Bank, as the leader of the consortium of 11 banks, to sell and dispose of the assets of Kemrock.
 
The release said RIL's participation in the process was part of its efforts to enter the composites business and establish a leadership position in this large and growing market in India. 
 
Composites are used in a variety of applications and industries such as renewable energy, mass transportation, infrastructure and a host of other industrial products, it said.
 
The release said the assets would pave the way for Reliance to foray into new materials (Composites and Carbon Fibre) and further strengthen its petrochemicals business portfolio.
 
"The company is in the process of complying with the necessary formalities for acquisition of assets," the release added.
 
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Global crude oil price of Indian basket rises to $ 51.95/bbl

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The international crude oil price of the Indian basket, as computed and published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas, rose to $ 51.95 per barrel (bbl) yesterday from $ 51.34 per bbl on the previous day.
 
In rupee terms, the price of the Indian basket increased to Rs. 3330.58 per bbl on 05.09.2017 as compared to Rs. 3288.10 per bbl on 04.09.2017, an official press release said.
 
The rupee closed weaker at Rs. 64.12 per US$ on 05.09.2017 as compared to Rs. 64.05 per US$ on 04.09.2017, it added.
 
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Govt. tells banks to put restrictions of accounts of companies struck off the rolls of Register of Companies

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The Department of Financial Services has, through the Indian Banks Association (IBA), advised all banks that they should take immediate steps to put restrictions on bank accounts of companies which had been struck off from the Register of Companies.
 
The Government had recently struck off the names of 2,09,032 companies falling within the ambit of Section 248 (5) of the Companies Act.
 
The existing Directors and Authorized Signatories of such struck off companies will now become ex-Directors or ex Authorized Signatories, an official press release said.
 
These individuals will, therefore, not be able to operate bank accounts of such companies till they are legally restored under Section 252 of the Companies Act by an order of the National Company Law Tribunal.
 
The restoration, as and when it happens, shall be reflected by a change in the status of the company from ‘Struck off’ to ‘Active’, the release added.
 
Since such ‘Struck off`’ companies have ceased to exist, action has been initiated to restrict the operation of bank accounts of such companies, it said.
 
A list of such companies, Registrar of Companies wise, has been published on the website of the Ministry of Corporate Affairs.
 
In addition to such struck off companies, banks have also been advised to go in for enhanced diligence while dealing with companies in general.
 
A company even having an active status on the website of the Ministry of Corporate Affairs but defaulting in filing of its due Financial Statement (s) or Annual Return (s) of Particular of Charges on its assets on the secured loan should be seen with suspicion as, prima facie, the company is not complying with its mandatory statutory obligations to file this vital information for availability to its stakeholder, the release added.
 
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Prabhu meets Invest India officials, discusses ways of promoting investment

Invest India CEO & MD Deepak Bagla briefing new Commerce and Industry Minister Suresh Prabhu, in New Delhi on September 5, 2017.
Invest India CEO & MD Deepak Bagla briefing new Commerce and Industry Minister Suresh Prabhu, in New Delhi on September 5, 2017.
Commerce and Industry Minister Suresh Prabhu met officials of Invest India, the official investment promotion and facilitation agency of the Government of India, and discussed with them ways of boosting foreign direct investment in the country.
 
Mr. Prabhu, who has taken charge of the Ministry this week, called for a paradigm shift in the approach for enhancing investments.
 
He called for a proactive approach to reach out to global companies. In a bottom-up approach, he suggested the preparation of district-wise plans and creation of core competencies for states based on such plans.
 
He said India's long coastline is a natural advantage and asked India Invest to also focus on this for bringing in investment.
 
Mr. Prabhu  said that, part from Make in India, there should be stress on Design in India to be present in entire value chain.
 
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Oil PSUs contribute Rs 15 crore towards Gujarat CM Flood Relief Fund

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Six Central oil public sector undertakings (PSUs) -- ONGC, IOC, BPCL, HPCL, GAIL and OIL -- under the administrative control of the Ministry of Petroleum & Natural Gas have contributed Rs 15 crore to the Gujarat Chief Minister's Flood Relief Fund to aid the flood-affected people of the state.
 
While Oil and Natural Gas Corporation  (ONGC) and Indian Oil Corporation  (IOC) have contributed Rs. 3.2 crore each, Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), GAIL (India) Limited and Oil India Limited (OIL) -- have contributed Rs. 2.15 crore each, a press release from ONGC said.
 
A cheque for Rs. 15 crore was handed over to Gujarat Chief Minister Vijay Rupani by the representatives of the oil companies led by ONGC Chairman and Managing Director D. K. Sarraf in Gandhingar, near here,t oday.
 
This is an initiative taken by the Central Oil PSUs under the leadership of Union Petroleum and Natural Gas Minister Dharmendra Pradhan, the release said.
 
Additionally, as part of its corporate social responsibility (CSR) initiative, ONGC’s Ahmedabad and Mehsana Asset had carried out flood relief activity through distribution of food packets, drinking water, preventive medicine, utensil sets and hygiene kits in association with the district administration in the districts of Banaskantha, Palanpur and Patan. 
 
A state-of-the-art dewatering unit was also pressed into service for removal of flood water from a 66 KV power sub-station which supplies electricity to Gandhinagar district.
 
The Chief Minister appreciated and thanked all the oil PSUs for extending their helping hand to the flood affected people of Gujarat.
 
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Global crude oil price of Indian basket rises to $ 51.34/bbl

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The international crude oil price of the Indian basket, as computed and published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas, rose to $ 51.34 per barrel (bbl) yesterday from $ 50.32 per bbl on previous publishing day of September 1.
 
In rupee terms, the price of the Indian basket increased to Rs. 3288.10 per bbl on 04.09.2017 as compared to Rs. 3219.57 per bbl on 01.09.2017, an official press release said.
 
The rupee closed weaker at Rs. 64.05 per US$ on 04.09.2017 as compared to Rs. 63.98 per US$ on 01.09.2017, it added.
 
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CIPAM-DIPP launches social media campaign to promote Geographical Indications

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The Cell for IPR Promotions & Management (CIPAM) under the aegis of Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, has launched a social media campaign to promote Indian Geographical Indications (GIs) with #LetsTalkIP.
 
The campaign is part of an ongoing movement initiated by CIPAM to make more people aware about the importance of Intellectual Property Rights (IPR), an official press release said.
 
A GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. Such a name conveys an assurance of quality and distinctiveness which is essentially attributable to its origin in that defined geographical locality. Darjeeling Tea, Mahabaleshwar Strawberry, Blue Pottery of Jaipur, Banarasi Sarees and Tirupati Laddus are some of the GIs.
 
The release said GIs are of utmost importance to the country as they are an integral part of India’s rich culture and collective intellectual heritage. 
 
"The promotion of GIs is in line with the Government’s ‘Make in India’ campaign. It’s an area of strength and optimism for India, whereby the GI tag has accorded protection to a number of hand-made and manufactured products, especially in the informal sector," it said.
 
According to the release, certain GI products can benefit the rural economy in remote areas, by supplementing the incomes of artisans, farmers, weavers and craftsmen. "Our rural artisans possess unique skills and knowledge of traditional practices and methods, passed down from generation to generation, which need to be protected and promoted," it said.
 
In the recent past, the government had launched similar initiatives such as #IWearHandloom and #CottonIsCool to promote and revive traditional handwoven textiles.
 
This time around, CIPAM will be talking about interesting facts and stories related to GIs from across the country on its Twitter handle @CIPAM_India and Facebook Page @CIPAMIndia using #LetsTalkIP hashtag. The government will also be coming up with various other initiatives to promote registered GIs in the future, the release added.
 
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CBDT signs four more Advanced Pricing Agreements during August

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The Central Board of Direct Taxes (CBDT) has entered into four more Advance Pricing Agreements (APAs) during August, 2017, including three unilateral agreements and one bilateral.
 
The bilateral APA is for international transactions between an Indian company and a UK-based company. This is the 8th Bilateral APA with the United Kingdom and 13th overall (the other five being with Japan), an official press release said.
 
With the signing of these four agreements, the total number of APAs entered into by CBDT has reached 175. They includes 162 Unilateral APAs and 13 Bilateral APAs. In the current financial year, a total of 23 APAs (2 Bilateral and 21 Unilateral) have been signed till date, the release said.
 
The four APAs entered into during August, 2017 pertain to various sectors of the economy like Telecom, Banking, Manufacturing and Education. The international transactions covered in these agreements include payment of Royalty, Provision of IT Enabled Services, Provision of Software Development Services, Provision of Manpower Services, Import of Raw Materials, Export of Finished Goods, Provision of Engineering Design Services, and so on. 
 
The APA provisions were introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014. The APA scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has been well-accepted by taxpayers and that has resulted in more than 800 applications (both Unilateral and Bilateral) being filed so far in five years. 
 
The progress of the APA scheme strengthens the Government’s resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner, the release added.
 
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India despatches first diesel consignment to Myanmar

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The first consignment of 30 MT of high speed diesel (HSD) was sent from India to Myanmar by land route, symbolising the growing hydrocarbon engagement between the two countries.
 
An official press release said Numaligarh Refinery Ltd. (NRL), which has been supplying HSD to Bangladesh, despatched the first diesel consignment through NH 37 across the Moreh Custom Check Point on the Indian side and Tamu Custom Check Point on the Myanmar side. 
 
The release said the supply of diesel consignment to Myanmar is another step in realizing the vision of Prime Minister Narendra Modi to enhance hydrocarbon synergy with neighbouring countries as well as promoting India’s Act East Policy. 
 
NRL has entered into an agreement with Parami Energy Group of Companies for the supply of diesel and collaboration in the retail petroleum sector of Myanmar.  NRL refinery, situated at 420 km from the India-Myanmar border, is ideally suited to supply diesel to Northern Myanmar where connectivity is a challenge, particularly in the rainy season, it said.
 
Minister of Petroleum and Natural Gas Dharmendra Pradhan visited Myanmar in February this year during which he discussed opportunities for collaboration in the oil and gas sector including setting up of LNG terminal, retail marketing, refurbishment of refineries, participation in upstream sector and capacity building. 
 
ONGC Videsh Ltd. (OVL), GAIL India Ltd. and Oil India Ltd. have assets in the upstream sector as well as pipelines. In their effort to strengthen the oil and gas engagement, more Indian companies are planning to set up their offices in Myanmar soon. OVL has an office in Yangon, the release said.
 
NRL has already exported 1700 MT of paraffin wax to Myanmar.  It was a special privilege for India to contribute hand made wax candles to the 2500 year old Shwedagon Pagoda earlier this year, the release added.
 
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Kharif crops sowing crosses 1028 lakh hectares: Govt.

A rice field in Kerala. NetIndian Photo/Vinita Abraham
A rice field in Kerala. NetIndian Photo/Vinita Abraham
Sowing of Kharif crops in the country has crossed 1028.14 lakh hectares (ha) as on September 1, as compared to1034.28 lakh ha at this time of the season last year, an official statement said here, quoting reports from the States.
 
The statement said rice had been sown/transplanted in 366.30 lakh ha (as compared to 372.03 lakh ha at this time last year), pulses in 137.61 lakh ha (143.08 lakh ha) and coarse cereals in 180.60 lakh ha (183.44 lakh ha).
 
According to it, oilseeds have been sown in 166.80 lakh ha (180.81 lakh ha), sugarcane in 49.88 lakh ha (45.64 lakh ha), jute & mesta in 7.05 lakh ha (7.56 lakh ha) and cotton in 119.88 lakh ha (101.72 lakh ha).
 
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IGL hikes price of CNG in Noida, Greater Noida and Ghaziabad

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The public sector Indraprastha Gas Limited (IGL) today hiked the selling price of compressed natural gas (CNG) being supplied by it in Noida, Greater Noida and Ghaziabad cities of Uttar Pradesh by Rs. 3.52 per kg with effect from midnight tonight.
 
The increase has been made due to the increase in value added tax (VAT) in Uttar Pradesh on natural gas, which is used as input for CNG, a press release from IGL, a joint venture of GAIL (India) Ltd. and BPCL, said.
 
"The consumer price of CNG in these cities shall increase from existing Rs. 44.42 per kg to Rs. 47.94 per kg due to recent amendment in UP VAT Act w.e.f July 2017. Since natural gas is out of the ambit of GST, therefore UP state VAT continues to be effective on purchases of natural gas within the state. The new price shall be applicable from midnight of 2nd/3rd September 2017," the release said.
 
"IGL will continue to offer a discount of Rs 1.50 per kg in the selling prices of CNG for filling between 12.30 am to 5.30 am at select outlets. Thus, the consumer price of CNG would be Rs 46.44 per kg during 12.30 am to 5.30 am at the select CNG stations in Noida, Greater Noida & Ghaziabad," it added.
 
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Late fee waived for tax-payers who could not file GSTR 3B for July 2017

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The Government today said the late fee for all taxpayers who could not file GSTR 3B for the month of July 2017, under the new Goods and Service Tax (GST) regime, had been waived but not the interest on late payment of tax liability.
 
GST was introduced on July 1 and the last date for payment of GST for the month of July 2017 was 25th August 2017.  Payment of GST is complete only when amount of tax payable is debited from electronic cash / credit ledger, an official press release said.
 
GSTR 1 is to be filed by all taxpayers by 5th of September 2017 and GSTR 2 and GSTR 3 to be filed by all taxpayers by 10th and 15th of September 2017, respectively.
 
Taxpayers who have committed errors in GSTR 3B will be able to put the correct details in GSTR 1-2-3. However, interest will be leviable from all taxpayers who have not discharged their complete tax liability for July 2017 by 25-08-2017, the release added.
 
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New NITI Aayog Vice-Chairman Rajiv Kumar emphasises improving Govt. capacity at state level

Rajiv Kumar
Rajiv Kumar
Noted economist Rajiv Kumar took over as the Vice-Chairman of NITI Aayog here yesterday and said there would be more emphasis on improving Government capacity at the state level to ensure the values of cooperative and competitive federalism.
 
Dr. Kumar was a senior fellow at the Centre for Policy and Research (CPR), New Delhi and had earlier served as Secretary General of th Federation of Indian Chambers of Commerce and Industry (FICCI).
 
He has succeeded Dr. Arvind Panagariya, who resigned from the position with effect from August 31 to return to academics in the United States.
 
Talking to journalists after assuming office, Dr. Kumar said his priority would be to carry forward the spirit of Team India for a better future, keeping in mind the aspirations of millions across the country.
 
He underlined the need to bring in out of the box thinking and ideas to bring about transformational changes in the country to fulfil Prime Minister Narendra Modi's dreams of a "Shreshtha Bharat".
 
Dr. Kumar said policy making should not be elitist but rooted in ground realities. He added that participative governance involving various sections of society can ensure that development becomes a mass movement. He said that in the Indian context, cross cutting issues are very important be it agriculture, environment, water, finances, investment and so on. 
 
He felt NITI Aayog was well placed to play the role of a platform that cuts across these issues. The thematic focus will be on generating employment, enhancing investment, improving ease of doing business, transforming agriculture, and reforming education and health.
 
Dr. Kumar highlighted the need to tap into the potential of the social capital of the country to have an Indian model of development. The focus would be on generating employment to meet the rising aspirations of the people and for India to earn the demographic dividend. There is also the need to capitalize on the country's intellectual capacity, he said.
 
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Dr. Kumar said he would visit all states over the next three months, beginning with the North-Eastern states. He said it would be a good idea to have sub-groups of states such as Himalayan or NE/ Gangetic / Blue economy states and they should have state specific blue prints of their own. That would be more effective in reducing regional inequalities. NITI would play the role of a consultant as well as a catalyst to help States achieve their goals, he said.
 
Terming his new assignment as a dream job for an economist, Dr Kumar thanked the Prime Minister for the opportunity given to him to serve the country. He lauded the contributions of his predecessor, Dr. Panagariya, for nurturing the NITI Aayog and leaving behind a rich legacy. Members of NITI Aayog Ramesh Chand, V KSaraswat, V KPaul and NITI Aayog CEO Amitabh Kant were present on the occasion.
 
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