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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
Tuesday, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
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- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Planning Commission, India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
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