BG India to develop Panna
Mumbai: The British oil major BG India has said that along with partners ONGC and Reliance, it would invest $140 million in targeting undeveloped areas of the Panna oil field in the country's western offshore region. According to BG by applying advanced drilling techniques to extract oil and gas from the field's complex reservoir, and with gas rate management, the consortium intends to access economic reserves to realise the full potential of the field.

The development plan comprises construction and installation of two new well-head platforms and associated infield pipelines to connect to the existing processing and compression platform. The expansion programme is expected to increase in recovery by a gross 18 million barrels of oil and 74 billion cubic feet of gas. First production is expected in the third quarter of 2005. BG and Reliance hold 30 per cent stake each in the Panna-Mukta oil and gas and Tapti gas fields and ONGC holds the remaining 40 per cent.
Back to News Review index page  

Construction sector to go on strike
Mumbai: Three real estate developer associations have called for a nation-wide strike on March 15 this year, in protest against the recent hike in cement and steel prices. Representatives of the three associations have said that all building activity, as well as purchase of cement and steel will be called to a halt that day. The three bodies were the Confederation of Real Estate Developers Association of India (CREDAI), the Maharashtra Chamber of Housing Industry (MCHI) and Builders Association of India (BAI).

The associations said that they had started a dialogue with China, Indonesia and Korea for import of steel and cement. They said that it would be cheaper to import than to buy from Indian suppliers. The overall rise of 50 per cent in prices of both cement and steel, according to the builders is unnatural, though a moderate price increase might have been in order.
Back to News Review index page  

I-T refunds will now be through ECS
Mumbai: The central bank has said that income-tax refunds will now be credited electronically through its electronic clearing system (ECS). In a notification addressed to chiefs of banks the RBI has said, "The Government has since taken a decision to implement ECS credit for direct tax refunds. The Government will issue a notification in this regard shortly.

Banks should waive ECS charges in respect of Income Tax Refund Orders (ITROs) as and when the ECS mode is adopted by Government for refund of taxes.''

Currently, paper-based ITROs are being issued by the Income Tax Department for refund of income-tax to assesses. This procedure, according to RBI, entails elaborate manual handling of these instruments at banks' branches, which exposes them to a variety of risks such as loss, frauds and tampering.
Back to News Review index page