GoM for scrapping vintage allowance to urea plants
New Delhi: The group of ministers (GoM), set up to formulate policy parameters and norms for determining retention prices of individual units, has recommended scrapping of the five per cent vintage allowance given to urea plants that are over 10 years.

The move is expected to result in the industry returning around Rs 2,000 crore to the government as past overdrawn subsidy amount.

Under the retention price-cum-subsidy scheme, urea units are paid on a per-tonne basis with reference to a normative `achievable' level of production, which, in turn, is reckoned at 90 per cent of their capacities for the gas-based plants and 85 per cent for the naphtha/fuel oil- based plants.

But, in case of plants that are more than 10 years old, the normative utilisation is fixed at 85 per cent for the gas-based units and 80 per cent for the naphtha/fuel oil-based units. For capacity utilisation in excess of these normative levels, the units are entitled to an extra recovery of capital-related charges.
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SBI to cut PLR
Mumbai: State Bank of India has reduced its prime lending rate (PLR) and medium term lending rate (MTLR) by 50 basis points to 11 per cent per annum and 11.5 per cent respectively effective from 1 April.

The bank has also cut interest rates on deposits by 25 to 75 basis points across various maturities, SBI said in a release.

The short term lending rate for maturities up to 180 days has been withdrawn and instead there would be 1 short term lending rate for maturities less than 1 year at 10.5 per cent per annum.

On interest for deposits up to Rs 1 crore, SBI has brought down the rates by 25 basis points for all maturities expect for that of 1 year to less than 2 years category, where the cut was 75 basis points.

The reduction was in same proportion in case of deposits of Rs 1 crore and above, it said.
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BJP voted out in Delhi civic polls
New Delhi: The Congress has swept the elections to the 134-member Delhi municipal corporation, delivering a deadly blow to the prestige of the Bharatiya Janata Party (BJP).

Of the 129 seats declared, the Congress had won 105 seats and the BJP just 15. The independents won four, the Jharkhand Mukti Morcha(JMM) two, the Janata Dal (Secular) two and the Bahujan Samaj party one.
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Bids invited for 27 oil and gas blocks
New Delhi: The government has invited global bids for exploration of 27 more oil and gas blocks, taking the total number to 47 under its new exploration licensing policy.

The total investment expected in these blocks could cross Rs 9,000 crore, specially in view of the fact that the income-tax rate for foreign companies is to be reduced from 48 per cent to 40 per cent as per the budget proposals.

International exploration services consulting firms Schlumberger and CWC Associates are advising the government on marketing of these blocks.

Of the nine deep water blocks on offer, four are in the Kerala-Konkan basin on the southern tip of the coast, two in the Cauvery-Palar basin and one block each in Palar, Cauvery and Krishna-Godavari basin on the eastern coast.

The shallow water blocks are in the Gujarat-Saurashtra, Kerala-Konkan (two blocks each) and Krishna-Godavari (three blocks). Eleven onland blocks are in Tripura, Mizoram, Assam, West Bengal, Nagaland, Bihar, Madhya Pradesh, Gujarat, Rajasthan, Andhra Pradesh and Himachal Pradesh.
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Swraj Paul to address CII, Ficci
London: Lord Swraj Paul, leading NRI industrialist and British ambassador for overseas business, will arrive in New Delhi on 28 March on a week-long visit.

During the visit, Lord Paul, who is also the co-chairman of the British-India Round Table, a bilateral forum for promotion of trade and cultural ties, will address the CII Round Table meeting on 1 April on 'Budget 2002 - Implications for foreign investment in India'.

He will also address a Ficci meeting on 2 April, focusing on WTO, recent developments and the implications for industry and investment.
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CII delegation to visit China
New Delhi: A high-level delegation of the Confederation of Indian Industry would undertake a week-long visit to China, beginning 29 March coinciding with the inaugural Delhi-Beijing flight of China Eastern Airlines.

The delegation, led by CII chairman Arun Bharat Ram, will visit Beijing and Sanghai and meet senior officials of Chinese ministry of foreign trade & economic cooperation, ministry of tourism and also hold business meetings with Chinese industry.
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