TIOL-DDT 438 · the untouched capture
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<html> <head> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <title>Taxindiaonline's DDT 402</title> </head> <body > <p> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 438</font><br> 30 08 2006<br> Wednesday</b></font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">LNG for power projects exempted </font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Liquefied Natural Gas, imported for generating power by Ratnagiri Gas and Power Private Limited at their power project at Dabhol, District Ratnagiri, (<st1:place>Maharashtra</st1:place>) was exempted from customs duty. Now the exemption is extended even when the LNG is imported by any other Liquefied Natural Gas Mega Power Project which,</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) is established with an installed power generation capacity of 2000 MW or more, with integrated Liquefied Natural Gas re-gasification facility;</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) became defunct and is subsequently restructured and revived through a Special Purpose Vehicle in the nature of a project company owned by the Public Sector Undertakings as per a restructuring and revival proposal approved by the Central Government; and</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) supplies the power generated in such project to any State Electricity Board under a Power Purchase Agreement.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_083.htm">NOTIFICATION NO. 83/2006-Cus.,Dated: August 28, 2006</a></u></font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">Exchange rates announced for imported goods and export goods</font></b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2006/cnt06_092.htm">Notification Nos. <u>92/2006</u></a><b><u> and </u></b><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2006/cnt06_093.htm">93/2006-Cus., (N.T.), Dated: August 28, 2006 </a></u>fix the exchange rates for imports and exports respectively with effect from 1<sup>st</sup> August 2006. Notifications 83 and 84/2006-Cus. (N.T.), dated 26-07-2006 are superseded<i>.</i></font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Planning Commission doesn’t care for FRBM – is the FM on his way out?</font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Fiscal Responsibility and Budget Management – FRBM is a very favourite topic of the FM, but the Planning Commission Deputy Chairman, Dr. Montek Singh Ahluwalia is not impressed. Dr. Singh is reported to have said that he did not care for FRBM targets so long he gets the money for the planned programmes. This was in a response to a letter written by the FM to the planning commission. PC is said to be critical of the Planning Commission’s approach paper. He is reported to have sarcastically remarked, “You do not repair a leaking water supply pipe by stepping up the water pressure”. The Planning Commission feels thatthe burgeoning current account deficit (CAD) will hinder economic growth, but Chidambaram argues that CAD is not a problem; it’s the government’s inability to provide a supportive investment climate.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Is Ahluwalia the future FM? And is Chidambaram going to external affairs? Raisina Hill is agog with all kinds of rumours. But immediately the Chief Commissioners of customs and excise are going to have a tough time tomorrow facing the acidic FM in the annual Chief Commissioners’ conference. </font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Mumbai blasts – FM grants compensation </font></strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC has, with the approval of the FM, granted a compensation of Rs.5lakh to each of the families of the deceased. Compensation of Rs. 1 lakh each was also given to two persons who were seriously injured in the bomb blasts and Rs.25,000 each to nine persons who sustained less serious injuries and are now being treated in various hospitals. As we had already reported the two widows have been given employment on out of turn basis. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Meanwhile yet another federation of Inspectors Associations has sent us a copy of the thanks letter they sent to the Chairman of CBEC. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Five lakhs is too small a compensation for a life and a group C appointment is too small a compassion for a precious life lost, but the CBEC deserves all praise for the small step, but they could have been more liberal.</font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until tomorrow with more DDT </font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></p> <p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a> </font></p> </body> </html>