Govt waives customs duty on goods for idle fields of ONGC, OIL
The Revenue Department said nil customs duty will apply to goods imported for petroleum operations under the Marginal Field Policy (MFP) Source:PTI The Union Cabinet had on September 2 last year approved MFP to bring idle fields of ONGC and OIL to production at the earliest so as to augment domestic production of oil and gas The government has waived customs duty on import of goods for producing oil and gas from 69 idle fields of state-owned ONGC and Oil India Ltd that will be auctioned this year. In a notification, the Revenue Department said nil customs duty will apply to goods imported in connection with petroleum operations undertaken under specified contracts under the Marginal Field Policy (MFP). The Union Cabinet had on September ...
Government okays auctioning of 69 oil fields under new policy
Source: PIB, Government of India The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval to the Marginal Fields Policy (MFP), for development of hydrocarbon discoveries made by national oil companies; Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL). These discoveries could not be monetized for many years due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, fiscal regime etc. Under the new policy, 69 oil fields which have been held by ONGC and OIL for many years, but have not been exploited, will be opened for competitive bidding. Under this policy, exploration companies will be able to submit bids for exploiting these oil fields. These ...
Centre softens norms to boost investment in food processing
The Dollar Business Bureau In an effort to boost investment in the food processing sector, the government has introduced some changes in its guidelines of the Mega Food Park scheme. The changes in guidelines, approved by the cabinet committee on economic affairs (CCEA), will streamline the setting up of modern food processing plants across the state. These modifications are expected to trigger further investment in the food processing sector and ensure smooth implementation of the Mega Food Parks scheme particularly, the projects that are at initial stages, a government statement said on Thursday. In March, the Centre had allocated the development of 17 Mega Food Parks across the country to at least 10 private companies and state governments. In 2008-09, ...
