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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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Tuesday, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
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