Oil slippages

| Updated on January 11, 2011

We have been buying oilfields/ interest in various parts of the world (Sakhalin, being one). Why are we still vulnerable to the fluctuating oil prices? Are our fields abroad not producing oil?Are we not able to bring them here?

Ramkumar R, e-mail

We import close to 75 per cent of the crude oil requirement. The overseas investments can only meet a minuscule part of our needs, with bulk of them being in the form of production sharing agreements. China has entered into oil-for-infrastructure deal with a few African nations. We are trying to emulate China, but China seems to have stolen a march.

PPF year

What is the financial year for PPF---calendar or April to March? I want to deposit Rs 70,000.

Faheema Syeda, e-mail

It is April to March.

PPF account closure

My PPF account completed 15Years on March 2009. During March 2010 I applied for an extension and remitted Rs. 10000. Now I am urgently in need of money in connection with the education of my daughter. Please advise of how to close the account.

Parag Pavitran, e-mail

In case of accounts extended beyond maturity period partial withdrawals are allowed once in a year with the condition that the amount of withdrawal during a five year block period should not exceed 60 per cent of the balance in the account at the commencement of the block period. Having extended the account by five years, you have to stay put, but I am sure the facility to withdraw 60 per cent should help. You can keep the account alive for the next four years by depositing the minimum required.

Sound move

It seems the government is going to stop closing of Provident Fund accounts on cessation of employment. Is it a good move?

Padma Srinivasan, Hyderabad

I think so because there are statistics to show that 80% of people close their Provident Fund account on change of employment whereas PF is meant for one's post retirement life i.e. to provide for the rainy days. Therefore the move to permit closure on retirement or death is a sound one. While changing jobs, the PF balance must be mandated to be transferred to the new employer.

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Published on January 11, 2011
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