United Arab Emirates wants to invest in refining-petrochemical project
Considering the ever-increasing demand for oil, the UAE has proposed to increase investment in the refinery and petrochemical sector of India. Sultan Ahmed Al-Jabar, the Minister of State of the UAE and ADNOC, said, "India is not just a market for us but it is also an important strategic partner. We just do not want to be India as a country to sell crude oil. We want to bring our relationship into a strategic partnership. "In this way, we want to increase our investment in refining and petrochemical sector in India.
UAE's Abu Dhabi National Oil Company (ADNOC) and its partner Saudi Aramco have taken 50 percent stake in the proposed 44 billion Dollar Refinery and Petrochemical project in Ratnagiri in Maharashtra. When asked about the shareholding of his company, ADNOC, in Ratnagiri, the proposed 60 million tonne refinery, he said, "We are in the early stages. The format of the project is being fixed. "ADNOC has taken the initiative to keep its oil in strategic underground oil warehouses built in Mangalore and Padur of Karnataka. He said that India is far above our strategic agenda. Increasing strategic reserves in India is involved in this agenda.
Modi Government has planned to expedite the work of exploration of Shell Gas and Oil reserves in the country. The companies concerned have been asked to present a plan about this. According to the information, the Directorate of Oil and Gas Regulatory Hydrocarbons (DGH) met with representatives of various private and government companies in January and requested to move forward to exploit shell resources in the oil and gas blocks.
Qatar has urged the Modi government to bring natural gas to the GST scope
Nearly 19 months after the implementation of Goods and Services Tax (GST), the Gulf country Qatar has urged the Modi government to bring natural gas to the GST scope. Qatar has been told that after coming to GST, India's energy demand will help us increase our stake. Here, Qatar supplies 80.5 lakh tonnes of Liquefied Natural Gas (LNG) to India every year. This is the highest supply from India to any country. Qatar is considered the largest exporter of LNG in the world. Almost 30 percent of the world's LNG is produced here.
Khalid bin Khalifa al-Thani, Chief Executive Officer of Qatar Gas said that India is a very important market for us. He said, "India needs to develop infrastructure so that clean fuel can be delivered to every part of the country." He further said that Liquidated Natural Gas should get all the advantages of GST. We will work together with the government in this regard. If the government brings it within the realm of GST, it will help increase its share of India's energy demand and increase the supply of this fuel-friendly fuel. Let's say that in October last year, Russian company Rosneft also criticized the country's taxation policy. He had said that this is a major bottleneck in his expansion plans in India.
Opec is out of countries Qatar
Referring to natural gas production, in January this year, Organization of the Petroleum Exporting Countries (OPEC) has been organized by the Organization of the Petroleum Exporting Countries (OPEC) of Qatar oil producing countries. Say that OPEC is the organization of the largest oil-producing nations in the world and its leader is Saudi Arabia. This organization includes countries like Iraq, Kuwait, United Arab Emirates, Qatar, Nigeria, Algeria, Angola, Ecuador, Iran, Libya, Venezuela, and Junkia.
Drop of over 400 points in the Indian stock market
In the last trading day of the week, there was a huge drop of over 400 points in the Indian stock market. The Sensex's fall in the last hour of business reached 470 points. At around 3.20 a Sensex was trading at 36,500 level. The Nifty breaks 140 points to 10,930 level. Earlier on Friday, the Sensex slipped 200 points to 36,760 in early trading. On the other hand, the Nifty dropped 50 points to below 11,000.
Reason for the decline
The Sensex has seen such a major drop due to weak global gains and Tata Motors' stock has dropped 22 percent between the US-China import duties, due to the situation of distress. On Friday, the biggest drop in the shares of Tata Motors was recorded. Apart from this, the fall in stocks - Sun Pharma, Vedanta, L & T, SBI, ICICI Bank, M & M, Tata Steel, Infosys, HDFC and Tata Steel. These stocks declined by 1.58 percent. Power Grid, HCL Tech, IndusInd Bank, Bajaj Finance, NTPC, Coal India and RIL were up 1.38 percent.
Tata Motors net loss of 26,960
Explain that the company's biggest quarterly loss has so far in the quarter results released on Thursday. Tata Motors had a net loss of Rs 26,960.8 crore in the October-December, 2018 quarter.
Rupee strengthens 13 paise
After the Reserve Bank of India reduced the repo rate and the policy stance changed to 'neutral', the rupee gained 13 percent against the dollar on Friday. In the initial trading, it reached the level of 71.32 against the dollar. The rupee had climbed 11 paise to close at 71.45 against the dollar on Thursday.
Now EMI will be less, common man is going to get the benefit of the reduction in repo rate
The monetary policy committee (MPC) of the Reserve Bank of India has imposed a stamp on the 0.25% reduction in the repo rate. Now the repo has reduced from 6.50% to 6.25%. In fact, the RBI has cut 25 basis points in the repo rate. Four out of 6 MPCs supported the decision to cut the repo rate, while the Viral Acharya and Chetan Ghat were not in favor of a cut in the repo rate.
Home loan will be cheap
Now the common man is going to get the benefit of the cuts in the repo rate on behalf of the RBI. Banks can soon announce reductions in home loan interest rates. Reduction in home loan interest rate will reduce the EMI of people. Because now banks will get affordable funding from RBI, which will have a direct impact on the bank loan. With the introduction of bank loan cheaper, you will get the benefit of deducting your EMI or loan repayment period.
RBI estimate of GDP
While the reverse repo rate has also been reduced to 6.00%. Das, the governor of RBI, said that the GDP growth rate for the financial year 2019-20 is estimated to be 7.4. While they said that the retail inflation is estimated to be 2.4 percent in January-March and 3.2-3.4 percent in April-September.
Shantikant Das told that the RBI has increased the debt limit for farmers. The agricultural loan ceiling has been increased to 60,000 rupees for farmers without any mortgage. Farmers can now take a loan of up to 1.60 lakhs without any guarantee.
At the same time, with the cut in the repo rate, the RBI says banks need to keep the deposit rates balanced. Banks' exposure rules have been changed in NBFCs, new rules will be issued for NBFCs by the end of February.
Investigation of 1.5 lakh cases of depositing old notes after demonetisation, People of Gujarat at the forefront
At such a time when the Modi government is facing political attacks on the failure of the ban on filing, the Income Tax department is investigating 1.5 lakh cases of depositing large amounts after the ban was imposed. These are cases where large numbers of 500 and 1000 notes were deposited and where they came from, that is, what is the source of this earning, it is not clear. These are people who have not previously announced such earnings. Interestingly, in this case, the people of Gujarat are at the forefront in the year 2017-18 to 2018-19.
During the year 2017-18, the Income Tax Department has started investigating 20,088 cases of large deposits in banks. These cases are to be deposited in large quantities during Demonetisation (November 8, 2016, to December 31, 2016), when old 500 and 1000 notes were being deposited in the bank after declaring them illegal. During the year 2017-18 to 2018-19, the maximum number of cases related to collecting old notes came from Gujarat for investigation.
During the year 2018-19, 1,34,574 such cases were selected for investigation by the Income Tax Department. During the year 2017-18, notice was sent to 2,99,937 depositors under section 142 (1) of Income Tax Income Act, 1961, which deposited huge amount during Demonetisation but did not file an income tax return.
It is noteworthy that the Income Tax Department had already anticipated that in November 2016, people who had black money after bankrolling would try to deposit large amounts, so the department had taken all steps to curb it. First of all, it came to the fore that PAN will be mandatory for deposits of more than 2.5 lakh rupees between November 9 and December 30, 2016. But people also broke it and kept depositing it in pieces of less than Rs. 50 thousand rupees. After this, there was a change in the Annual Information Return Rule (AIR). It was made compulsory for banks and post offices that between August 9 and December 30, 2016, more than 2.5 lakh cash deposits in Savings Bank and AIR for more than 12.5 cash deposits in the current account should be given to the Income Tax Department. .Because of all this, all such large deposits were found whose source of income was not clear.
In response to a question in Parliament, Minister of Finance Shiv Pratap Shukla had given a detailed estimate of how many cases such investigators are in the state. He had told that during the year 2018-19, Gujarat was at the forefront in this matter. This is followed by Karnataka, Goa, Tamil Nadu, Andhra Pradesh, and Telangana. Tamil Nadu was at the forefront of the year 2017-18, after which Gujarat was in place.