EGoM will also decide on ways to deal with the revenue lost on selling domestic LPG and PDS kerosene below cost
An Empowered Group of Ministers (EGoM) headed by finance minister Pranab Mukherjee is likely to meet on 21st May to decide on freeing petrol and diesel prices from government control, reports PTI.
The ministerial panel will also decide on ways to deal with the revenue lost on selling domestic liquefied petroleum gas (LPG) and public distribution system (PDS) kerosene below cost, an official in know of the development said.
"The EGoM meeting has been tentatively scheduled for 21st May. There are availability issues about one or two ministers on that day and if they are unable to make it on that day, the meeting may be postponed," he said.
Besides Mukherjee, the EGoM also includes oil minister Murli Deora, agriculture minister Sharad Pawar, chemical and fertiliser minister MK Alagiri, railway minister Mamata Banerjee, road transport minister Kamal Nath and Planning Commission deputy chairman Montek Singh Ahluwalia.
According to the terms of reference (ToR), the EGoM is to consider a pricing policy for petrol and diesel, including decontrol, he said, adding that it also has to decide on ways to bridge the deficit between imported cost and retail price of LPG and kerosene through a marginal price hike.
For petrol and diesel prices to be freed from government control, rates would have to be raised by over Rs6 a litre.
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Maximus Trades Inc (MAXFOREX), a Mauritius-based company which provides a trading platform in foreign exchange through an e-portal, is encouraging high-risk investment through an MLM model
The roots of Multi-Level Marketing (MLM) seem to be sinking in stronger. Maximus Trades Inc, a company formed by a few bankers and forex dealers in 1996, is operating a chain marketing model through trading in foreign exchange.
“We want your investment to continually grow, so that it can produce regular wealth and income for you and your family. We also have a desire to provide endless education on the value of forex trading and how that value can benefit you. This is a system unlike any other that you’ve seen before. Investors have the opportunity to direct their assets in an exciting Multi-Level Marketing plan that generates a steady flow of income through commissions and other sources,” states the company website.
The payments for trading are made through the company’s portal. Trading is supported by two Web-based platforms and a downloadable trading station.
“They claim to be operating from Bangkok because of high taxes in India. Some virtual transactions are done online. They also offer Rs1,500 per month on a deposit of Rs12,000. It is flourishing rapidly. Over the past 15 days, at least five marketing guys have approached me to join this scheme,” said a Moneylife reader who received such calls.
The company website claims to have offices in Athens, Barcelona, Bucharest, Istanbul, Shanghai and Tokyo.
Despite the fact that the US-based Federal Trade Commission (FTC) had already warned people against being part of such a pyramid scheme some years back, people are still lured into investing in such models without realising the ramifications.
MAXFOREX claims that it does not manage investment portfolios and is not engaged in foreign trading consulting.
It claims to have made asset allocation for 20 companies in the areas of real estate, Internet technology, insurance and retail.
Chain marketing schemes are illegal in countries like Albania, Australia, Brazil, Bulgaria, Canada, China, Colombia, Hungary, Iceland, Italy, Japan, Malaysia, The Netherlands, New Zealand, Norway, the Philippines, Taiwan, Thailand and UK.