DATSUN to be sold in India by NISSAN

Japanese auto major Nissan Motor Co will sell its upcoming small car Datsun Go and other models from the Datsun range on its own in India and not through its country sales and service partner Hover Automotive. "Selling the Datsun Go and future Datsun models through Nissan Motor represents a natural evolution of the company's operations in India, which are well recognised in the market," Datsun Global Head Vincent Cobee said in a statement. Cobee said an expanded model range.

BMW cars to cost more

German luxury car maker BMW today said it will increase prices of its vehicles in India by up to 10 percent from January 2014 as part of its sustainable and profitable growth strategy. The price increase from 7 to 10 percent will be across the BMW and MINI product range effective January 1, 2014, the company said in a statement. "At BMW Group, we believe that both profitability and growth are essential for a win-win situation at the end. We are making price decisions with all due care and consideration ensuring that they pay off in the long run," BMW Group India President Philipp von Sahr said. In August this year, the company had increased the prices of its vehicles by up to 5 per cent citing higher import costs due to declining rupee. At present, BMW sells a range of vehicles in India, including compact luxury car 1 series, sedans 3, 5, 6 and 7 Series, along with SUVs X1, X3, X5 and sports car M Series, which are priced between Rs 20.9 lakh and Rs 1.78 crore. BMW Group's luxury compact car, the Mini series is currently available between Rs 23.7 lakh and Rs 33.2 lakh (ex-showroom).

No single increase in diesel price

Even as the Union government considers deregulating diesel prices, petroleum minister M Veerappa Moily today informed that there will be no single stroke price rise in diesel prices but the government will increase diesel prices will be in a phased manner every month by 40-50 paise. “Diesel deregulation is fully on track. But we have no plan to do increase diesel prices in single stroke. There will be increase in diesel prices by 40-50 paise every month,” said Moily during an ONGC event at Jambusar near Bharuch today. When asked about the under recoveries of the oil public sector units, Moily maintained that several measures are being taken to bring down the under recoveries and diesel decontrol is a part of it. Notably, last week Moily had stated that the Diesel sector will be deregulated in six months to bring down the under recoveries on sale of diesel. The government on had in January this year allowed oil marketing comapnies (OMCs) to increase diesel prices by up to 50 paise per litre every month. Moily dedicated the country’s first exploratory shale gas well (JMSGA) of Oil and Natural Gas Corporation (ONGC) at Jambusar in Cambay Basin on Tuesday. Moily maintained that with the beginning in the shale gas exploration in the country, India can look forward to reduction in oil imports. “We have carved out a roadmap, that in 2020, 50% of our (oil) imports should be reduced, and by 2025, 75% of our imports should be reduced and by the year 2030 we should become energy independent,” Moily said during his address at the rig no. E 1400-VII. “This step can bring real freedom to the people of the country. Mahatma Gandhi’s land can bring real economic freedom to the people of this country,” he said. Moily further expressed confidence that India has potential to become the third country to become net exporter of oils after US and Canada. “Shale gas, CMB, these are all unconventional gas. This comes with the latest technology. The US, which was struggling for oils, and its appetite for oil has several times driven them to gulf war too. But now in six years they have become net exporter from net importer of oil,” said Moily. “Same thing happened in Canada. May be our country, India too will be the third country to lead in this technological war,” he added.

RIL bank guarantee issue to be resolved soon

Petroleum Minister M Veerappa Moily today said he is confident of resolving the issue of securing USD 135 million in bank guarantees from Reliance Industries within a fortnight to enable the company to charge higher gas price from April 1. "I am confident of settling the bank guarantee issue with Reliance within a fortnight," Moily told reporters when asked if he would set a timeline for resolving the vexed matter. According to the ministry, while the proposed bank guarantee would secure the government's interests on one hand, the higher pricing would protect the interests of RIL on the other. The bank guarantee is being sought as the government feels that the steep fall in KGD6 gas output is not because of geological reasons, as is being claimed by RIL, but on account of the company's hoarding gas with to make a windfall gain from next April when gas prices will be doubled. If the hoarding allegations are true, the bank guarantees would be encashed with interest for the period from April 1 to the date the charges are proved. Moily met investors, financial institutions and analysts here last night ahead of the forthcoming NELP Round X auctions beginning mid-January. He said unlike the flurry of negative news regarding the issues between the government and RIL, the only major issue is the arbitration settlement, which is pending with the courts now. "We have, over the past few months, cleared as many as USD 7 billion worth investment proposals submitted by RIL," the minister said, adding that the media was only headlining the negative news. Moily said he expects the Supreme Court to appoint a third arbitrator at the earliest so that the issues between the nation's largest private company and the government could be resolved at the earliest. The ministry had recently asked RIL to provide a bank guarantee of USD 135 million every quarter to get a higher price for natural gas from April 1. The guarantee will be encashed if it is proved that RIL hoarded gas or deliberately suppressed production at the Dhirubhai-1 and 3 (D1&D3) -- main gas fields in its Eastern offshore KG-D6 block. It will cover the difference between the current gas price of USD 4.2 per million British thermal units and the proposed new rate of USD 8.4 per million Btu. The ministry had earlier proposed that RIL should be forced to sell gas from the D1&D3 fields at the current rate until it is proved that the 80 per cent fall in output was due to natural reasons or it makes up for the shortfall in production since 2010-11. The penalty in the form of the lower gas price would have been the second imposed by the ministry on RIL for falling short of the stated production targets. It had already levied a USD 1.8 billion penalty for the output drop and the issue is before arbitration. Gas production from the D1&D3 fields has fallen to less than 10 million standard cubic metres per day from the peak of 54 mmscmd in March 2010. Production has been lower than the target since the latter half of the 2010-11 fiscal and it should currently have been 80 mmscmd, as per the 2006 investment plan.

TDS Refund will delay for 2013-14

Income tax department will delay payment of TDS for assessment year 2013-14.According to sources govt will delay large crunch of refund to taxpayers as govt wants to show less deficit.Govt thinks if return will be given on time then Govt have less funds,therefore rating agencies will get chance to downgrade the rating of Indian Economy.Downgrading of economy will effect FII Investment.whereas experts wants govt to pay interest with of return with the same rate it charge from Taxpayers.Lets see it will increase interest rate on refund or not.