Search Result for : Crude

Use of Aadhaar as identity document for delivery of services

Dated 15th December, 2017 | Copy of | Finance Notification Sl.136 Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing multiple documents to prove one’s identity;And whereas, the Department of Financial Services (hereinafter referred to as the Department), Ministry of Finance in the Government of India is administering the Varishtha Pension Bima Yojana (VPBY) (hereinafter referred to as the Scheme) as a pension scheme for the senior citizens, implemented through Life Insurance Corporation of India (LIC) (hereinafter referred to as the Implementing Agency). The ...

Tariff value of specified goods further revised

Dated 15th December, 2017 | Copy of | Notification No.116/2017-Customs In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.748 (E), dated the 3rd August, 2001, namely:- In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-   Sd/- (Zubair Riaz) Director (Customs)   F.No.467/01/2017-Cus-V Issued by: Ministry ...

IIP growth dips to 3.1% in Apr 2017

By Abin Daya Thanks to many exporter conferences that I have been involved in, I have had the opportunity to meet and interact with quite a few businesses recently. A very common theme that is emerging in my discussions with them is a sense of frustration and exhaustion with the sheer number of ‘disruptive changes’ that have been coming through one after the other. Starting with the demonetisation in Nov 2016, they have had to handle the fall-out of the exporters’ caution list, and now are preparing to be compliant for GST, all of which have negatively impacted business in the short-term. Businesses do not have time to do business as they are busy with complying with the changing requirements, the cost of ...

Russia, Saudi Arabia agree to extend oil output cuts for another 9 months

The Dollar Business Bureau Russia and Saudi Arabia agreed on Monday to extend oil output cuts for another nine months till March 2018, to address the global crude glut and the increase in oil prices. The timing of the announcement sends a clear signal to other OPEC member countries before their next meeting on May 25, to follow suit. The ministers of both the countries, Khalid al-Falih and Alexander Novak in a joint statement said, they pledged ‘to do whatever it takes to reduce the global inventories to their five-year average’, has surprised the stock markets, raising crude prices up more than 1.5% in the Asian trade markets. Addressing the media in Beijing, Falih and Novak said, "There has been a marked reduction ...

India's crude imports from Russia on the rise

The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import.  ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...

Nigeria loses N88bn as India, US reduce oil imports

The Dollar Business Bureau The US and India have drastically reduced their crude oil imports from Nigeria by 53% and 43%. This has translated to a loss of N88bn for the African state as revealed in the latest report by the Nigerian National Petroleum Corporation. Nigeria had replaced Saudi Arabia in the race to supply crude oil to India last year. This was a major setback to the Middle East kingdom, which lost its top spot to the African country. India which became the single largest buyer of Nigerian crude in 2013, reduced its imports in May as it bought 7.74 million barrels, showing a reduction from 13.51 million barrels bought in April, 12.51 million barrels in March and 12.70 million barrels in Feb. Reports suggest ...

Logistics is the backbone for any industry: Somani

Sharath Chowdary The Maritime India Summit held in Mumbai last month, was met with a lot of enthusiasm by the cargo and logistics sector. The summit concluded with 141 business agreements for investments worth Rs.82,905 crore. These agreements will play a positive role in port led development to enhance the economic growth of the country. The Dollar Business Bureau had spoken to Praveen Somani (PS), Director, Inland World Logistics, one of the active participants in the summit. The excerpts of the exclusive interview are given below: TDB: Over 5000 delegates from across the world have participated in the three-day summit. How do you think this summit will help the country's ports and shipping companies? PS: Hosting the Maritime India Summit 2016 is a ...

WTI crude oil fluctuates, while Brent steadies

The Dollar Business Bureau Brent price, the global proxy benchmark, has regained steadiness, post the ISIS sponsored attacks on Brussels. Meanwhile, West Texas Intermediate (WTI) crude oil, hailed as the sweet American benchmark saw fluctuations and losses on account of a "stockpile build". Trading terminals at NYSE's FXCM, on 16th and 17th March 2016 (the day of the Brussels attacks), witnessed volatile intra-day positions of both grades. However, Brent showed signs of easing on 18th March bringing it to $41.37 by end of day trading. WTI crude witnessed moderate to volatile fluctuations, and is currently trading at $41.08 for the same unit. American Petroleum Institute (API) in a report shared that the US crude stockpiles reached 532 million, a record high, ...