- Large number
of modification of piping drawings necessitated due
to site conditions.
- Carrying
out detailed safety checks on alloy steel materials
and bolts at site.
- Delay in
delivery of certain critical materials.
As
on 15 November 1999, Rs.849.97 crore have been spent
on the project. Crude processing capacity of the refinery
will go up by 3 million metric tonnes per annum.
Oil
Pool Deficit
The
total oil import bill during the year, 1998-99 was $
6482 million (provisional) (Rs.27,484 crore approximately).
The total oil import bill during the current financial
year is estimated to be around $ 12,525 million (Rs.54,484
crore approximately). The deficit in the oil pool account
by the end of the current financial year is estimated
to be around Rs.5000 crore, as of now.
Government
is taking to bring down the import of petroleum products
and consumption thereof. These include:
- Measures
for increasing crude oil production in the country
through application of improved technologies and development
of new fields.
- Attaining
self-sufficiency in refining capacity by expansion
of the existing refineries and setting up of new refineries
in public, joint and private sectors.
- Laying emphasis
on petroleum conservation measures and use of alternative
sources of energy like Coal Bed Methane (CBM).
Unauthorised
gas cylinders
The
number of unauthorized gas cylinders detected during
the last three years are as under:
Cylinders
received at LPG bottling plants are checked thoroughly
while unloading for their genuiness. Inspections of
distributors' godowns are done to check the cylinders.
Recoveries are made from the concerned Transporter/Distributors
at penal rate for unauthorised/spurious cylinders. .
All concerned persons are given training for identifying
unauthorised cylinders periodically.
Pesticides
industry asked to develop ideas to
woo foreign investment in R&D
The
Minister of Chemicals & Fertilizers, Suresh Prabhu
has asked the pesticides industry to develop ideas that
could attract foreign investment in Research & Development
(R & D) in the sector.
The
Minister said that R & D would increasingly become
the core area in the new millennium. With liberalisation
of the economy and opening up of the world market, the
industry faces new challenges, the Minister said. The
stipulations under the World Trade Organisation (WTO)
and Intellectual Property Rights are, in particular,
relevant to the pesticides industry. The pesticides
industry would have to gear up its R & D efforts
and bring in technologies which would give products
that are user friendly and cause least harm to the farmers
using it. The Minister said the pesticides industry
should, therefore, make efforts to switch over to greener
technologies. It should make an effort also to adhere
to the ISO 14000 norms. This will also make Indian products
acceptable in the world market. Prabhu felt that there
was also a need to develop bio-pesticides to supplement
the use of chemical pesticides.
Mineral
production – October 1999
The
total value of mineral production (excluding atomic
& minor minerals) in the country during October,
1999 has increased to Rs.3141 crore from Rs.2950 crore
in September, 1999. The contribution of coal is the
highest at Rs.1465 crore (47 per cent). Next in the
order of importance follows: petroleum (crude) Rs.924
crore, natural gas (utilised) Rs 329 crore, iron ore
Rs.138crore, limestone Rs.100 crore and lignite Rs.56
crore. These six minerals together contribute nearly
96 per cent of the total value of mineral production.
Production
levels of important minerals in October, 1999 are: coal
244 lakh tonnes, petroleum (crude) 27 lakh tonnes, natural
gas (utilised) 17110 lakh cu.m., iron ore 51 lakh tonnes,
lignite 1421 thousand tonnes, manganese ore 114 thousand
tonnes, chromite 81 thousand tonnes, bauxite 402 thousand
tonnes, copper ore 213 thousand tonnes, gold 174kg.,
lead (conc.) 5700 tonnes, zinc (conc.) 33147 tonnes,
limestone 99 lakh tonnes, apatite and phosphorite 138
thousand tonnes, dolomite 213 thousand tonnes and magnesite
28 thousand tonnes.
During
October, 1999 the output of copper ore increased by
19 per cent, coal 17 per cent, lead (conc.) 14 per cent,
natural gas (utilised) 4 per cent, apatite & phosphorite
3 per cent, iron ore and manganese ore 2 per cent each.
The output of lignite decreased by 28 per cent, chromite
9 per cent, gold 6 per cent, bauxite and limestone 5
per cent each, dolomite 4 per cent, magnesite 2 per
cent and zinc (conc.) one per cent. The output of petroleum
(crude) has remained at the same level as in previous
month.
The
index number of mineral production (Base 1993-94=100)
in October, 1999 works out to 118 as compared to 113
in September, 1999 showing that the mineral production
as a whole in October, 1999 increased by 4 per cent
compared to September, 1999.
Control
centres to be set up by DTS for Y2K
compliance in telecom
The
Department of Telecom Services (DTS) is setting up control
centres for Y2K compliance at national level, circle
level and telecom district levels from 25 December 1999
to 7 January 2000. This measure is part of the contingency
plan of telecom sector, which is fully Y2K ready. The
national level control centre is being set up at Sanchar
Bhavan, New Delhi backed up by the Telecom Engineering
Centre control room (having department technology experts)
and which will be linked with control rooms of the various
technology vendors. The National level control room
at Sanchar Bhavan is being linked to 22 Telecom Circles/Metro
Telecom Districts, which in turn will be linked with
322 telecom districts.
The
entire telecom sector in the country covering DTS, MTNL,
VSNL, ITI, HTL, TCIL and all private telecom operators
is fully Y2K ready and at present concentrating on operation
of contingency plans and setting up of control centres
all over the country. The complete information on Y2K
readiness has been placed by the International Telecom
Union (ITU) on its web site www.itu.int/updates.htm.
Balance
of payments situation
The
rise in international crude oil prices will result in
significant increase in the value of POL imports during
1999-2000. However, the current account deficit in 1999-2000
is expected to be contained within sustainable level,
because of significant recovery of exports, slow down
in non-oil imports and buoyancy in net inflow of invisibles.
The trends in capital flows in the current financial
year so far have also been encouraging. The movement
in foreign exchange reserves, which reflect the net
outcome of overall balance of payments, shows that the
foreign currency assets of the RBI have increased by
$ 1795 million during the first eight months of the
current financial year (1999-2000).
Collection
of income tax from private entrepreneurs
Assessees
whose income are not subject to tax deduction at source
at all unlike salaried employees, are liable to pay
advance tax in accordance with the provisions of sections
208 to 219 of the Income Tax Act, 1961 in respect of
the total income of the financial year. Such advance
tax is payable during the financial year in every case
where the amount of such tax payable by the assessees
is Rs.5,000 or more. The balance of tax, if any, is
paid as self-assessment tax at the time of filing of
Return of income. In view of this, all assessees are
required to pay the tax payable on their total income
by way of tax deducted at source, advance tax and self-assessment
tax, as the case may be.