Rs. 2,000-cr. deficit in oil pool account forecast

The Government is apprehensive of a Rs. 2,000-crore deficit in the oil pool account in the 1995-96 fiscal. The Oil Coordination Committee, say sources, has projected a Rs. 2,000-crore oil pool account deficit if petro-product prices are not hiked. The OCC estimates are based on the rising trend in international prices and the burgeoning domestic demand. The cumulative deficit, representing the outstanding claims of the oil companies against the pool, would be pushed up to Rs. 5,800 crores from Rs. 3,800 crores in 1995-96 as per the OCC projections.

DoT's indecision' leads to levy on unused ADB loan

A $13 5-million Asian Development Bank (ADB) loan sanctioned in May 1988 for modernisation of telecom facilities is being used only now, and that too partially, resulting in payment of a commitment fee of Rs.5.88 crores. This fee, payable up to March 31, 1994 (likely to go up as the loan is being used only now) could have been avoided if the Department of Telecommunications had not vacillated on its decision to purchase certain equipment.

Nine new items on duty drawback list

The revised All Industry Rates of drawback announced today has brought in nine new items and has significantly improved the rates for 158 items. Altogether, 564 entries of the drawback table have been rearranged under chapter heading 1-98 of the Customs Tariff Act, 1975. The new table accords special emphasis to boost export products in the thrust sector. The exercise carried out by the Department of Revenue, Ministry of Finance, was necessitated by the budgetary changes. The new rates come into effect from June 16.

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