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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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Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
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Showing 2416 to 2420 news of total 6871 |
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- Planning Commission, India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
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