To lessen pressure on the country's current account deficit (CAD) the government-owned oil companies have been asked by the Union government to fund their foreign acquisitions entirely with foreign debts instead of using their own cash reserves or taking domestic loans.
The government said that by doing so the companies don't spend India's foreign exchange reserves and put more pressure on the current account deficit.
Tag: Union government
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Use foreign debts for acquisitions, govt tells its oil firms
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Govt may sell six shale gas blocks soon
The Union government may auction six shale gas blocks, with estimated reserves of over 50 billion cubic metres, this year. When it happens it will become India's first auction of exploratory blocks for this fuel. Of the six blocks, two most prolific blocks are in the Ranigunj coalfields of the Damodar basin in West Bengal. The others are in Jharia, also in the Damodar basin, and in the Cauvery basin in the south India.
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Exim Bank to get Rs 700 cr capital infusion
To give a fillip to the future growth the lender bank Export-Import Bank of India, the Union government on September 12 approved a proposal of Rs 700 crore capital infusion. The fund infusion will ensure compliance to the regulatory norms on capital adequacy, cater to the credit needs of productive sectors of economy as well as to withstand impact of stress in the economy, an official statement said in Delhi.
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Centre transfers Rs 480 cr to beneficiaries via DBT
Under the Direct Benefit Transfer (DBT) scheme, the Union government has transferred Rs 480 crore so far into about nine million accounts of beneficiaries. The DBT was was kicked off on January 1, said the Union government on September 11.
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Centre asks States to cut VAT on jet fuel to 4%
The Union government on September 10 asked State governments to cut value added tax (VAT) on jet fuel to four per cent and ease a major burden on aviation industry in the country. The move comes as Indian airlines posting a combined loss of about Rs 10,000 crore in 2012-13 and a total debt of almost Rs 90,000 crore.
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Now Govt mulls Right to Housing Bill
After food security bill, the Union Government is now going ahead with the new proposal Ćā Right to Housing Ćā which is under discussion, said the Union Minister of State for Consumer Affairs, Food and Public Distribution System KV Thomas. The Union government has successfully passed the Food Security Bill in Parliament recently and now thinks a new Bill ensuring housing security for all citizens.
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Govt shelves plan to infuse Rs 14K cr into State-run banks
The Union government is to wait for some more time to infuse Rs 14,000 crore into State-run banks, at least till the next quarter. The Union Finance Ministry has deferred the as it wants to assess the banks' needs after the second quarter results before pumping the cash to shore up their capital adequacy ratio (CAR).
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Govt may amend toll policy soon
The Union government is likely to take a decision on the practice of toll collection by road developers in the country. The Highways Ministry has suggested to the Union Cabinet to end the toll collection by road developers once the road project of the particular developer comes to an end. The idea is to ensure that developers expedite projects' completion rather than delay construction and keep on collecting toll.
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Govt may amend toll policy soon
The Union government is likely to take a decision on the practice of toll collection by road developers in the country. The Highways Ministry has suggested to the Union Cabinet to end the toll collection by road developers once the road project of the particular developer comes to an end. The idea is to ensure that developers expedite projects' completion rather than delay construction and keep on collecting toll.
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Govt okays 17 FDI proposals of Rs 992.61 cr
The Union government has approved Rs 992.61 crore valued 17 proposals of Foreign Direct Investment (FDI). The approvals have been made based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on last July 29, 2013, the government reports said September 3.