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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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Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
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- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
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