NEW DELHI: Training his guns again on sports utility vehicles (SUVs), environment minister Jairam Ramesh today asked the users of these fuel-guzzling cars to pay full market price for diesel which is subsidised for the benefit of farmers.
Ramesh, however, made it clear that his "deliberate" criticism of the SUVs need not be seen as him being against the automobile sector.
He had recently called SUVs as "criminals" and "Socially Useless Vehicles" for being bad emitters, fuelling a controversy in the auto sector. Germany, which is home to auto major BMW, had also taken strong exception to the remarks.
"Why should they get subsidised fuel meant for farmers," Ramesh asked while speaking at a conference on 5th Sustainability Summit organised by CII.
"We introduce the (diesel) subsidy for a certain economic purposes but have ended up with a wholly different purpose...," he said while favouring incentives to the firms aiming at sustainable development.
Ramesh made it clear that he is not trying to hurt the growth of the auto industry in the country.
"I am not knocking the growth of the automotive industry but those who want to use diesel cars must pay the full market price for the fuel. Why should they get subsidised fuel meant for farmers?" he said.
Ramesh said there was a need for creating an incentive structure from a fiscal point of view particularly which rewards and added that stimulating sustainable development at the producer-end is absolutely important.
The Minister also called for an incentive structure which has to be skewed in favour of sustainable development choice as far as consumers are ready to embrace such mechanism.
"We need to move to a system which looks at rewarding or incentivise those companies that actually promote the objective of sustainable development, that promote energy conservation, water conservation and protection and preservation of natural resources," Ramesh said.
source:http://timesofindia.indiatimes.com/business/india-business/SUV-owners-should-pay-full-market-price-of-diesel-Ramesh/articleshow/7015405.cms
Tuesday, November 30, 2010
Tuesday, November 16, 2010
Govt not considering diesel price decontrol : Deora
Govt not considering diesel price
decontrol : Deora
16 Nov, 2010, 1516 hrs IST , PTI
NEW DELHI: The Government is not
considering freeing diesel pricing from its
control yet, Oil Minister Murli Deora said in
Parliament today .
" Currently , there is no proposal under
consideration to fully decontrol the price of
diesel , " Deora said in a written reply to a
question in the Rajya Sabha here .
State - owned Indian Oil Corp , Hindustan
Petroleum Corp and Bharat Petroleum Corp
sell diesel at a rate which is Rs 2 .62 per litre
below its imported cost , he said.
The Government had, on June 26, decided to
give public sector oil firms freedom to price
petrol and diesel in line with cost . However ,
while petrol pricing was freed with immediate
effect , for diesel it was stated that complete
decontrol will be done in stages .
Deora said the move resulted in price of petrol
going up by Rs 3 .50 a litre in Delhi .
Besides , the government decided to raise the
diesel price by an ad - hoc Rs 2 per litre even
though the difference between the domestic
retail price and imported cost of the fuel was
almost twice that.
Since then , diesel rates have not been
changed, Deora said , without saying as to
when diesel pricing will be freed completely .
Meanwhile, petrol price has risen by Rs 1 .48
per litre on top of the June 26 increase, he
said .
Deora said that for the current fiscal , the
public sector oil marketing companies were
projected to lose Rs 72, 000 crore in revenues
on selling petrol, diesel , domestic LPG and
kerosene below cost .
But after the June 26 decision , when kerosene
price was raised by Rs 3 per a litre and LPG
rates went up by Rs 35 per cylinder , the
projected revenue loss has come down to Rs
53, 000 crore , provided crude oil ( raw material
for making these products ) stays around USD
75 per barrel, Deora added .
" However , the OMCs ' actual under- recovery
( revenue loss ) will depend upon the
movement of international oil prices during
the current financial year , " he said.
decontrol : Deora
16 Nov, 2010, 1516 hrs IST , PTI
NEW DELHI: The Government is not
considering freeing diesel pricing from its
control yet, Oil Minister Murli Deora said in
Parliament today .
" Currently , there is no proposal under
consideration to fully decontrol the price of
diesel , " Deora said in a written reply to a
question in the Rajya Sabha here .
State - owned Indian Oil Corp , Hindustan
Petroleum Corp and Bharat Petroleum Corp
sell diesel at a rate which is Rs 2 .62 per litre
below its imported cost , he said.
The Government had, on June 26, decided to
give public sector oil firms freedom to price
petrol and diesel in line with cost . However ,
while petrol pricing was freed with immediate
effect , for diesel it was stated that complete
decontrol will be done in stages .
Deora said the move resulted in price of petrol
going up by Rs 3 .50 a litre in Delhi .
Besides , the government decided to raise the
diesel price by an ad - hoc Rs 2 per litre even
though the difference between the domestic
retail price and imported cost of the fuel was
almost twice that.
Since then , diesel rates have not been
changed, Deora said , without saying as to
when diesel pricing will be freed completely .
Meanwhile, petrol price has risen by Rs 1 .48
per litre on top of the June 26 increase, he
said .
Deora said that for the current fiscal , the
public sector oil marketing companies were
projected to lose Rs 72, 000 crore in revenues
on selling petrol, diesel , domestic LPG and
kerosene below cost .
But after the June 26 decision , when kerosene
price was raised by Rs 3 per a litre and LPG
rates went up by Rs 35 per cylinder , the
projected revenue loss has come down to Rs
53, 000 crore , provided crude oil ( raw material
for making these products ) stays around USD
75 per barrel, Deora added .
" However , the OMCs ' actual under- recovery
( revenue loss ) will depend upon the
movement of international oil prices during
the current financial year , " he said.
Saturday, November 13, 2010
RTGS THRESHHOLD LIMIT
Notifications & Circulars
Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT
Notice Date : 03 November 2010
Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT
RBI/2010-11/259
DPSS (CO) RTGS No.1008/04.04.002/2010-2011
November 03, 2010
Chairman and Managing Director /
Chief Executive Officer of all banks participating in RTGS and NEFT
Madam / Dear Sir,
Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT
Please refer to our earlier circulars DPSS (CO) RTGS No. 729/04.04.002/2006 – 2007 dated December 1, 2006 (introducing the threshold value limit for customer transactions in RTGS to Rs. 1 lakh) and DPSS (CO) No. 611 / 03.01.03 (P) / 2008 – 09 dated October 8, 2008 (levy of service charges for electronic payment products).
2. The Indian RTGS system has displayed tremendous growth in both transactions volume and the values that it has been processing since its inception in March, 2004. With the increasing number of electronic payment transactions, it has become expedient to position the Indian RTGS system primarily for processing and settling large value payment orders. Further, RBI has set up a robust retail electronic funds transfer system in the form of National Electronic Funds Transfer (NEFT) system, with near real-time settlement finality with 11 settlement cycles in a day.
3. It has, therefore, been decided in consultation with system participants to increase the threshold value limit for RTGS transactions from the present limit of ` 1 lakh to ` 2 lakhs. As an incentive to customers to move their transactions to NEFT, a new value band in the ` 1 lakh to ` 2 lakh segment has been created, with customers having to pay lower charges vis-à-vis RTGS transactions. The details of the existing service charges and the revised service charges are given below :
System
Value Band
Customer Charges
RTGS
Existing
Revised
` 1 lakh to ` 2 lakhs
` 25
-
above ` 2 lakhs to ` 5 lakhs
` 25
` 25
above ` 5 lakhs
` 50
` 50
NEFT
up to ` 1 lakh
` 5
` 5
above ` 1 lakh to ` 2 lakhs
` 25
`15
above ` 2 lakhs
` 25
` 25
4. The service charges in the value band ` 1 lakh to ` 2 lakhs at ` 15/- per transaction in NEFT, effectively provides a saving of ` 10/- per transaction to the customer. Thus, the special niche value band created in NEFT, is a value proposition for customers providing funds transfer in a timely manner with wider geographical coverage at a lesser cost. This measure would also significantly contribute to further improving the efficiency of the RTGS system.
5. The revised threshold limits for customer transactions in RTGS system and revised NEFT service charges will be implemented with effect from November 15, 2010.
6. All member banks are advised to encourage customers to take advantage of this facility.
Please acknowledge receipt.
Yours faithfully,
(G. Padmanabhan)
Chief General Manager
__________________
Note : Circular DPSS (CO) No. 611 / 03.01.03 (P) / 2008 – 09 dated October 8, 2008 is mentioned below
Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
RBI / 2008-09 / 207
DPSS.CO.No. 611 / 03.01.03(P) / 2008-09
October 8, 2008
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks
Madam / Dear Sir,
Levy of Service Charges for Electronic Payment Products and
Outstation Cheque Collection
With immediate effect, the framework of charges to be levied by banks for offering various electronic products and for outstation cheque collection service shall be as under : –
1. Electronic products
a) Inward RTGS / NEFT / ECS transactions – free, no charge to be levied.
b) Outward transactions –
(i) RTGS – Rs. 1 to 5 lakh – not exceeding Rs. 25 per transaction
– Rs. 5 lakh and above – not exceeding Rs. 50 per transaction
(ii) NEFT – Up to Rs. 1 lakh – not exceeding Rs. 5 per transaction
– Rs. 1 lakh and above – not exceeding Rs. 25 per transaction
c) Banks may prescribe charges not higher than cheque return charges for ECS debit returns.
d) These charges shall be applicable for all types of transactions, including inter-bank funds transfers.
2. Outstation cheque collection
a) – Up to Rs. 10,000 – not exceeding Rs. 50 per instrument
– Rs. 10,000 to Rs. 1,00,000 – not exceeding Rs. 100 per instrument
– Rs. 1,00,001 and above – not exceeding Rs. 150 per instrument
b) The above charges will be all inclusive. No additional charges such as courier charges, out of pocket expenses, etc., should be levied from the customers.
c) To reduce the clearing cycle and to promote electronic modes of payment, the drawee banks should use electronic modes like RTGS / NEFT, wherever available, to remit proceeds to the collecting bank branch.
d) Banks may make increased use of Speed Clearing and National Clearing facilities for providing efficient service.
3. The above charges are applicable only to transactions originated and payable within India.
4. The provisions of this circular shall not be applicable to cash handling charges levied by banks for handling large value cash transactions.
5. No bank should refuse to offer the products to its customers or decline to accept outstation cheques deposited by its customers for collection.
6. These Directions are issued by the Reserve Bank of India, in exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully
(G. Padmanabhan)
Chief General Manager
Notification No : DPSS (CO) RTGS No.1008/04.04.002/2010-2011
Source : ,
Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT
Notice Date : 03 November 2010
Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT
RBI/2010-11/259
DPSS (CO) RTGS No.1008/04.04.002/2010-2011
November 03, 2010
Chairman and Managing Director /
Chief Executive Officer of all banks participating in RTGS and NEFT
Madam / Dear Sir,
Electronic Funds Transfer Infrastructure in India – Usage of RTGS and NEFT
Please refer to our earlier circulars DPSS (CO) RTGS No. 729/04.04.002/2006 – 2007 dated December 1, 2006 (introducing the threshold value limit for customer transactions in RTGS to Rs. 1 lakh) and DPSS (CO) No. 611 / 03.01.03 (P) / 2008 – 09 dated October 8, 2008 (levy of service charges for electronic payment products).
2. The Indian RTGS system has displayed tremendous growth in both transactions volume and the values that it has been processing since its inception in March, 2004. With the increasing number of electronic payment transactions, it has become expedient to position the Indian RTGS system primarily for processing and settling large value payment orders. Further, RBI has set up a robust retail electronic funds transfer system in the form of National Electronic Funds Transfer (NEFT) system, with near real-time settlement finality with 11 settlement cycles in a day.
3. It has, therefore, been decided in consultation with system participants to increase the threshold value limit for RTGS transactions from the present limit of ` 1 lakh to ` 2 lakhs. As an incentive to customers to move their transactions to NEFT, a new value band in the ` 1 lakh to ` 2 lakh segment has been created, with customers having to pay lower charges vis-à-vis RTGS transactions. The details of the existing service charges and the revised service charges are given below :
System
Value Band
Customer Charges
RTGS
Existing
Revised
` 1 lakh to ` 2 lakhs
` 25
-
above ` 2 lakhs to ` 5 lakhs
` 25
` 25
above ` 5 lakhs
` 50
` 50
NEFT
up to ` 1 lakh
` 5
` 5
above ` 1 lakh to ` 2 lakhs
` 25
`15
above ` 2 lakhs
` 25
` 25
4. The service charges in the value band ` 1 lakh to ` 2 lakhs at ` 15/- per transaction in NEFT, effectively provides a saving of ` 10/- per transaction to the customer. Thus, the special niche value band created in NEFT, is a value proposition for customers providing funds transfer in a timely manner with wider geographical coverage at a lesser cost. This measure would also significantly contribute to further improving the efficiency of the RTGS system.
5. The revised threshold limits for customer transactions in RTGS system and revised NEFT service charges will be implemented with effect from November 15, 2010.
6. All member banks are advised to encourage customers to take advantage of this facility.
Please acknowledge receipt.
Yours faithfully,
(G. Padmanabhan)
Chief General Manager
__________________
Note : Circular DPSS (CO) No. 611 / 03.01.03 (P) / 2008 – 09 dated October 8, 2008 is mentioned below
Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
RBI / 2008-09 / 207
DPSS.CO.No. 611 / 03.01.03(P) / 2008-09
October 8, 2008
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks
Madam / Dear Sir,
Levy of Service Charges for Electronic Payment Products and
Outstation Cheque Collection
With immediate effect, the framework of charges to be levied by banks for offering various electronic products and for outstation cheque collection service shall be as under : –
1. Electronic products
a) Inward RTGS / NEFT / ECS transactions – free, no charge to be levied.
b) Outward transactions –
(i) RTGS – Rs. 1 to 5 lakh – not exceeding Rs. 25 per transaction
– Rs. 5 lakh and above – not exceeding Rs. 50 per transaction
(ii) NEFT – Up to Rs. 1 lakh – not exceeding Rs. 5 per transaction
– Rs. 1 lakh and above – not exceeding Rs. 25 per transaction
c) Banks may prescribe charges not higher than cheque return charges for ECS debit returns.
d) These charges shall be applicable for all types of transactions, including inter-bank funds transfers.
2. Outstation cheque collection
a) – Up to Rs. 10,000 – not exceeding Rs. 50 per instrument
– Rs. 10,000 to Rs. 1,00,000 – not exceeding Rs. 100 per instrument
– Rs. 1,00,001 and above – not exceeding Rs. 150 per instrument
b) The above charges will be all inclusive. No additional charges such as courier charges, out of pocket expenses, etc., should be levied from the customers.
c) To reduce the clearing cycle and to promote electronic modes of payment, the drawee banks should use electronic modes like RTGS / NEFT, wherever available, to remit proceeds to the collecting bank branch.
d) Banks may make increased use of Speed Clearing and National Clearing facilities for providing efficient service.
3. The above charges are applicable only to transactions originated and payable within India.
4. The provisions of this circular shall not be applicable to cash handling charges levied by banks for handling large value cash transactions.
5. No bank should refuse to offer the products to its customers or decline to accept outstation cheques deposited by its customers for collection.
6. These Directions are issued by the Reserve Bank of India, in exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully
(G. Padmanabhan)
Chief General Manager
Notification No : DPSS (CO) RTGS No.1008/04.04.002/2010-2011
Source : ,
Tuesday, November 9, 2010
Oil PSUs raise petrol price by 31 paise
OIL & GAS
Oil PSUs raise petrol price by 31 paise
9 Nov , 2010, 0634 hrs IST , ET Bureau
NEW DELHI : State - run oil marketers have raised
petrol prices by approximately 31- 33 paise a
litre , the fourth time since the government
lifted control on pricing of the motor fuel on
June 25.
Hindustan Petroleum revised its pump price by
31 paise on Monday and flagship refiner -
marketer Indian Oil Corporation will do so from
midnight , while Bharat Petroleum will follow
suit on Tuesday .
The companies are staggering their revisions to
avoid allegations of cartelization by state - run
firms, which control almost 90% of the market .
“We are increasing petrol price because of
sharp rise in price of crude oil, ” IOC chairman
B M Bansal said on Monday. In the previous
three increases on September 8 , September 21
and October 17, IOC had raised petrol price by
an aggregate of Rs 1 . 16 a litre.
The increase is less than a third of the Rs 1 .10
the state run marketers are losing on each litre
of petrol .
International crude has climbed to $ 87 per
barrel . Though officially the companies are free
to revise petrol prices in tune with price of
international crude , the companies still are
“advised ” against any steep hike .
Oil PSUs raise petrol price by 31 paise
9 Nov , 2010, 0634 hrs IST , ET Bureau
NEW DELHI : State - run oil marketers have raised
petrol prices by approximately 31- 33 paise a
litre , the fourth time since the government
lifted control on pricing of the motor fuel on
June 25.
Hindustan Petroleum revised its pump price by
31 paise on Monday and flagship refiner -
marketer Indian Oil Corporation will do so from
midnight , while Bharat Petroleum will follow
suit on Tuesday .
The companies are staggering their revisions to
avoid allegations of cartelization by state - run
firms, which control almost 90% of the market .
“We are increasing petrol price because of
sharp rise in price of crude oil, ” IOC chairman
B M Bansal said on Monday. In the previous
three increases on September 8 , September 21
and October 17, IOC had raised petrol price by
an aggregate of Rs 1 . 16 a litre.
The increase is less than a third of the Rs 1 .10
the state run marketers are losing on each litre
of petrol .
International crude has climbed to $ 87 per
barrel . Though officially the companies are free
to revise petrol prices in tune with price of
international crude , the companies still are
“advised ” against any steep hike .
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