RBI to scan pending overseas deals in light of new norms
New Delhi: Faced with a steep fall in value of rupee, the Reserve Bank will scrutinise all pending applications, including that of Apollo Tyres, in the light of revised norms for outward investments. “All pending applications for overseas investment will be decided on the basis of new norms,” a senior finance ministry official told PTI. In order to check outflow of foreign exchange, the Reserve Bank had earlier this month imposed restrictions on Overseas Direct Investment (ODI) by Indian companies.
Under the new norms, corporates can acquire those businesses overseas which are 100% of their networth under the automatic route, as against 400% allowed earlier. Higher levels of ODI would now need prior approval from RBI.
Immigration Bill: Wipro seeks PM’s help
New Delhi: IT services major Wipro has asked Prime Minister Manmohan Singh to seek Obama administration’s intervention to remove provisions in a proposed US immigration bill that are discriminatory towards Indian IT firms. “Provisions of the Senate Bill that are discriminatory and target Indian companies are — outplacement bans and restrictions; attestation on recruitment of US workers; and higher wages to H1B employees vs American employees,” Wipro Chairman Azim Premji said in a letter addressed to PM. “We want your support to seek White House intervention to eliminate the discriminatory provisions in both the Senate and House Bills and to treat Indian IT service providers at par. This is in the interest of Indo-US trade relations and in keeping with your vision to increase bilateral trade by five times from the current level of USD 100 billion,” Premji said.
Private airlines owe Rs 357 cr to AAI
New Delhi: Five private airlines, including those that have closed down, have nearly Rs 357 crore as dues pending towards Airport Authority of India, says data provided by the AAI in response to an RTI application. The figures available as on March 31 show that the largest sum of dues were pending against Kingfisher Airlines which owes Rs 175.30 crore followed by Jet Airlines with Rs 80.38 crore, Spicejet with Rs 80.17 crore, Jetlite Airlines with Rs 19.76 crore and Paramount Airways with Rs 1.75 crore as on March. The authority said it is taking action for litigation against Kingfisher Airlines and Paramount Airways for realising its pending dues.
Indian crude basket rises to $108.54/bbl
New Delhi: The international crude oil price of Indian basket as computed/published by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas went up to US$ 108.54/per barrel (bbl) on August 22. This was higher than the price of US$ 107.97/bbl which prevailed on August 21. In rupee terms, the crude oil price increased sharply to Rs 7100.69 per bbl on August 22 as compared to Rs 6851.78 /bbl on August 21. This was due to rupee price increase in dollar terms with rupee depreciation adding to price rise.
Tender floated for 133 cr litres of Ethanol
New Delhi: The Minister of Petroleum & Natural Gas Dr. M. Veerappa Moily informed the Lok Sabha that the Centre has further decided on July 3 that Oil Marketing Companies (OMCs) will procure ethanol from domestic sources to achieve the mandatory requirement of 5% ethanol blending with petrol by October, 2013 in areas/parts of the country where sufficient quantity of ethanol is available. In other parts of the country, blending of ethanol may be increased progressively depending upon the availability of ethanol to reach the 5% mandatory level. OMCs have been directed to implement the programme accordingly.