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New FTP clarifications to benefit Customs, excise officials
The Central Board of Excise and Customs (CBEC) has issued Circular number 26/2009-cus dated September 30, 2009, clarifying various changes made consequent to announcement of the new Foreign Trade Policy (FTP). Exporters must take note of the following:

Govt to push Bill for setting up green body in current session
The government will try to pass the National Green Tribunal Bill, 2009, in the current Parliament session. The Bill aims at establishing an autonomous tribunal, independent of the Ministry of Environment and Forests (MoEF), for environmental clearance of development projects and providing relief and compensation to people affected by natural calamities.

News of the day

That's diplomacy
The ambitious East–West Metro corridor project of Kolkata— which includes the country’s first underwater rail link—is set to be constructed jointly by the urban development ministry and the West Bengal government. After becoming railway minister, Mamata Banerjee has been keen that her ministry take over the project. After a Cabinet meeting, Banerjee confronted Urban Development Minister Jaipal Reddy and said, “Jaipalji, why don’t you give that project to my ministry?” Reddy smiled but didn’t say anything and that made Banerjee jittery: “Please don’t smile. I am serious. Give it to me,” Banerjee repeated. Reddy finally broke his silence and said, “OK. When you become the chief minister of West Bengal, I’ll hand over the project to you.”
Small Business

ONGC profit rises 23% to Rs 3,053 cr in Q3

Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters. - Maharatna status to top PSUs likely in six months - ONGC-Mittal exit Turkmenistan oil block - ONGC to pay Rs 3,497 cr fuel subsidy in Q3 - Underrecoveries to exceed gas revenue: ONGC - ONGC to lend Rs 5,000 cr to MRPL for expansion - ONGC to foot Rs 3,500 cr as fuel subsidy The company’s turnover, including sale of Mangalore Refineries and Petrochemical"s (MRPL) products, rose 23 per cent to Rs 15,373 crore for December quarter, as against Rs 12,521 crore in the same period of previous fiscal. The company made seven new discoveries during FY10 and two more in January 2010. The board has also approved Rs 2,887 crore investments for integrated development of D1 marginal field in Mumbai offshore and for acquisition of a new Multi Support Vessel. The stock outperformed the Sensex in falling market, declined by 1.98 per cent to Rs 1,140 today, as compared to 2.42 per cent fall in the index.


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