sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 How to submit Form 15H, Form 15G to avoid TDS on interest income
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department

Law ministry check may delay Nelp-VII by a month
November, 03rd 2007
Changes in contractual terms proposed for the seventh round of the New Exploration Licensing Policy (Nelp-VII) have come under the law ministrys scanner. Consequently, the launch of Nelp-VII is likely to be delayed by a month. The Nelp-VII was scheduled to be launched on November 5, on the eve of the two-day conclave of African oil producers.

There have been some changes in the bid evaluation criteria (BEC) and production sharing contract (PSC) for the forthcoming Nelp round. It is proper that the changes must get vetted by the law ministry before the government would formally announce Nelp-VII, an official said. The announcement is expected in December after the winter session of Parliament. The winter session starts from November 15 and would continue up to December 7.

There have been changes in BEC and model PSC for future Nelp rounds as per the suggestions of the empowered group of ministers (E-GoM) constituted to resolve the natural gas pricing and its allocation issues. Sources said the price discovery process on arms-length basis would be adopted in the future Nelp contracts only after the approval of the price formula or basis by the government.
It is also proposed that domestic oil companies interested in prolific oil and gas exploration blocks in the Indian deepwaters must form a consortium with an experienced foreign partners to emerge a winner in the forthcoming rounds of bidding. Joint venture with a minimum 10% foreign stake would get a maximum 10-point weightage while evaluating bids for deepwater blocks.

It is likely that about 55-60 blocks would be offered under Nelp-VII. According to sources; the identified blocks for Nelp-VII are located in the Rajasthan basin, Cambay basin, Himalayan Foreland and Punjab basin, Ganga basin, Kutch basin, Saurasthra basin, Vindhyan basin, Mumbai Offshore basin, Kerala- Konkan basin, Purnea basin, Bengal basin. Mahanadi basin, Krishna-Godavari basin, South Rewa basin, Palar basin, Assam-Arakan basin, Deccan Syneclise, Cuddapah basin and Andaman basin.

It is likely that some identified blocks would be dropped in this round due to security concerns or other considerations, sources said. It is understood that concerns have been raised by the home ministry over some of the prospective areas in Gujarat, Rajasthan, Punjab, Madhya Pradash and Jharkhand. Consequently, the number of blocks offered under the Nelp-VII may reduce from the identified 80-85 blocks.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions