Economy & Business   

Centre considering merger
of public sector oil giants

What is India News Service, August 13, 2004, 2000 hrs IST


The government today began discussions on restructuring public sector companies in the hydrocarbons sector. That could mean the merger of giants such as Indian Oil Corporation and the Oil and Natural Gas Corporation. 

With the present regime committed to retaining oil companies within the public sector, the issue of enabling them to meet the competition in the liberalised environment has assumed great importance. The previous government had plans to privatise at least one major oil company, the Hindustan Petroleum Corporation Limited (HPCL), and disinvest from the others.

Task forces on tax arrears: The finance minister has set in motion two task forces to collect tax arrears, and decided on a three-stage approach towards recovery. Tax authorities would first issue notices to companies and individuals who have not cleared arrears. In case they do not respond, they would be called for. And if that does not work, taxmen would go after them.

Thailand clears 82 items under FTA: Thailand\92s Cabinet has endorsed 82 items in the Free Trade Agreement (FTA), selected for \93early harvest\94. 

Tax arrears running a high of Rs 87,000 cr: The Finance Ministry swung into action by setting up two task forces to recover direct and indirect tax arrears running into a whopping Rs 87,000 crore.

Canara Bank to sell HDFC MF schemes: The bank is expecting to generate a turnover of Rs 100 crore by this fiscal from the mutual fund distribution business. 

BPCL, HPCL oppose move: BPCL and HPCL opposed the Petroleum Ministry's proposal of merging the oil companies. 

Service tax credit at assessee discretion: The Finance Ministry issued draft rules on the proposed extension of credit of input tax across goods and services.

Industrial output index up 7.3%: Industrial production grew by 7.3 per cent in June this year on the back of a high growth in the manufacturing sector, compared to 6.7 per cent in June .

Youth joblessness bringing down world economy: Warning that youth unemployment, which has skyrocketed to a record level, is dragging down the world economy, the United Nations has called for concerted and targeted measures to the tackle the problem.

Karnataka to support tobacco growers: The state government is planning to request the Centre not to levy a fine on unlicensed tobacco farmers.

Rajasthan nod for RIL petrol pumps: Rajasthan government has granted permission to Reliance Industries to set up petrol stations in the state after the Union Oil Ministry gave its no objection to the company to set up a retail chain.

Crude oil prices touch new high: The threat of sabotage on Iraq\92s two offshore terminals has increased fears of prices remaining high. 

Searches in Rolta India offices: As part of a drive to unearth unaccounted financial transactions, the income tax department today launched searches at nearly 25 premises of leading IT company, Rolta India Ltd.

Toyota studies market for Prado: The growing sports utility vehicle market in India has attracted Toyota, enough to "study" the segment. Market analysts suggest that Toyota would soon launch its premium model Prado in India.