Crisis may prompt India to re-start Iran oil import

August 27, 2013
New Delhi, Aug 27: Prime Minister Manmohan Singh has sought USD 25 billion cut in oil import bill to narrow current account deficit, Oil Minister M Veerappa Moily today said.

manmohan

India, which paid about USD 170 billion last fiscal for importing oil, is renewing imports of the fuel from Iran as unlike imports from other countries, it pays the Persian Gulf nation in rupees.

"Oil (imports) is one of the components responsible for CAD. Prime Minister has told us to save USD 25 billion in import bill. As of today, we have pieced together a plan to save USD 22 billion in import bill," Oil Minister M Veerappa Moily told reporters here.

A large part of the plan includes restarting import of oil from Iran. As US and western sanctions blocked all payment routes, India pays Iran in rupees in a Uco Bank branch in Kolkata.

Officials said if India was to import 10 or 11 million tonnes oil from Iran this fiscal, it could save a minimum of USD 10 billion in foreign exchange outflow. India had last fiscal imported 13.1 million tonnes of oil from Iran.

India has been, since July 2011, paying in euros to clear 55 per cent of its purchases of Iranian oil through Ankara- based Halkbank. The remaining 45 per cent due amount was remitted in rupees in accounts Iranian oil company opened in Kolkata-based Uco Bank.

Payments in euro through Turkey ceased from February 6 this year and now Iran is paid only in rupees. Rupee payment helps save foreign exchange outgo, thereby reducing CAD.

Moily refused to divulge details of his plan to cut oil import bill but said the savings planned will be 1 per cent of the GDP.

India, which in June won another 180-day waiver from the US sanctions after it cut crude oil imports from Iran by over 27 per cent, did not buy any oil from the Persian Gulf nation in first four months of current fiscal as insurance firms refused to provide cover to refiners processing Iranian oil.

Imports have, however, resumed this month with Mangalore Refinery and Petrochemicals Ltd (MRPL) getting the first shipload on August 17.

Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) are likely to follow suit shortly while private sector Essar Oil, the other customer of Iranian oil, has continued to import oil from Tehran.

India had in 2012-13 imported 13.14 million tonnes of crude oil from Iran, down from 18.11 million tonnes of 2011-12. Iran was till 2010-11 India's second largest supplier after Saudi Arabia but has since slipped to the sixth place.

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News Network
May 18,2020

May 18: The Central Board of Secondary Education (CBSE) on Monday announced the date sheet for the pending class 10 and 12 board exams, which will now be held from July 1 to 15.

The exams were postponed due to the nationwide lockdown imposed on March 25 to contain the spread of COVID-19.

The Class 10 board exams are pending only in the North East Delhi.

"The Class 10 exams will be staggered on four dates, starting July 1. The first paper will be Social Science, while the next day students will be required to appear for the Science exam,” said Sanyam Bhardwaj, the Controller of Examination, CBSE.

“On July 10, exams will be conducted for both courses of Hindi and on July 15 for both courses of English," he said.

On health guidelines for students, Bhardwaj said that they will be required to carry their own sanitiser bottles and wear masks to examination centres.

"Parents will have to ensure that their ward is not sick and candidates will have to strictly follow physical-distancing norms," he said.

For Class 12, the Home Science exam will be held on July 1, followed by both courses of Hindi the next day.

The Class 12 Business Studies exam has been scheduled for July 9, followed by Biotechnology on July 10 and Geography on July 11.

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Agencies
June 19,2020

Srinagar, Jun 19: Suspended Jammu and Kashmir DSP Davinder Singh, arrested while ferrying two Hizb-ul-Mujahideen terrorists in a vehicle on the Srinagar-Jammu Highway earlier this year, was granted bail by a Delhi court on Friday, his lawyer said.

Singh and another accused in the case - Irfan Shafi Mir - were granted the relief by the court in a case filed by special cell of Delhi Police, noting that the probe agency failed to file charge sheet within 90 days from his arrest, as prescribed under law, their lawyer M S Khan said.

The bail was granted on a personal bond of Rs 1 lakh and two sureties of like amount.

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News Network
January 27,2020

Jaipur, Jan 27: Senior Congress leader Shashi Tharoor said that if the Citizenship Amendment Act leads to the implementation of the NPR and the NRC, it would be a complete victory for Pakistan's founding father, Muhammad Ali Jinnah.

He said that Jinnah's idea of a country was already winning in India with the contentious Citizenship Amendment Act (CAA) coming into effect, but asserted that there was still a choice available.

"I would not say Jinnah has completely won, but I would say Jinnah is winning. There is still a choice available to the nation between Jinnah's idea of a country and Gandhiji's idea of a country," he said on the sidelines of the Jaipur Literature Festival on Sunday.

The CAA came into force in India in December amid protests across the country and around the world.

The MP from Thiruvananthapuram said that the amended Citizenship Act took Jinnah's logic by declaring that religion shall be the basis of nationhood, reaffirming that Gandhi's idea is that all religions are equal .

"The CAA is, if you are talking Tennis, you would say one set up or big first set lead for Jinnah. But the next step would be if the CAA would lead to the National Population Register (NPR) and the National Register of Citizens (NRC). If that happens, then you would consider that Jinnah's victory is complete," he said.

The CAA seeks to grant citizenship to migrants belonging to Hindu, Sikh, Buddhist, Christian, Jain and Parsi communities who came to India from Pakistan, Bangladesh and Afghanistan on or before December 31, 2014.

On the BJP's defence that the NPR was carried out during the UPA regime, Tharoor said that the Congress government had utilised a decision of the NDA government led by former prime minister Atal Bihari Vajpayee.

"It never asked where were your parents born. It never authorised the enumerators to note on the margin 'dubious citizenship', a term used in the NPR rules crafted by this government. That is purely BJP's invention," he said.

If we go around this country authorising people to interview all the citizens, or identify some who have 'dubious citizenship', you can be pretty sure which Indians are going to be found on the 'dubious citizenship', he said.

"That will principally be one community that is not mentioned in the CAA. And if that happens, then it is indeed Jinnah's victory.

"From wherever he is, he can point to this place and say, 'see I was right in the 1940. We are separate nations and Muslims deserved their own country because Hindus cannot be just'," Tharoor said.

Speaking about the Delhi election, the three-time MP said that the maximum development in the national capital happened under the Congress government.

"What Sheila Dikshit did in her 15 years as Chief Minister of Delhi, no other leader could do it before or after her," he said.

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