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february 20 | Updated on March 09, 2018 Published on February 19, 2015

february 20, 1995

Jt venture crude projects to be exempted from cess

No cess or royalty will be required to be paid on any crude produced in the blocks offered for bidding under the proposed joint venture exploration programme. The public sector undertakings will be the main beneficiaries of the exemption as the private sector does not, in any case, contribute to these costs. The current rules stipulate that companies engaged in oil and natural gas production pay a cess of Rs. 900 per tonne and royalty of Rs. 528 per tonne of crude produced. This translates into an outgo of about $ 6.2 per barrel at the prevailing rate of $ 16 per barrel.

CBEC notifications through E-Mail

The Central Board of Excise and Customs (CBEC) and the National Informatics Centre have chalked out a scheme for instant despatch of public notices, circulars and clarifications to representatives of trade and industry through E-Mail. The scheme will ensure that all apex chambers of trade and commerce, industry associations, export promotion councils, export units and corporate houses get all such communiques as soon they are issued by the CBEC. To make use of this facility, trade and industry associations will have subscribe to it.

BSE seeks SEBI action against Mardia Chem.

The Bombay Stock Exchange has asked the Securities Exchange Board of India to take action against the Ahmedabad-based Mardia Chemicals Ltd (MCL) for violating the listing agreement. The BSE wants the regulator to take action against the company for not delivering shares sent to it for splitting within the stipulated period. The shares were sent to the company by the Bombay-based broker, SSKI. Mardia Chemicals manufactures dye-intermediates.

Published on February 19, 2015
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