Oil companies may go for least Rs3 per litre hike in petrol price

 Oil companies are due to review fuel prices on Saturday. IOC, BPCL and HPCL use fortnightly average of benchmark oil price and exchange rate to fix the price to be paid to refineries on 1st and 16th of every month

New Delhi: State-owned oil firms are pushing for at least Rs3 per litre hike in petrol price from 1st April to cover part of the spike in cost of raw material, reports PTI.

“We are losing Rs6.43 per litre on petrol and after adding 20% sales tax, the desired increase in rates in Delhi is Rs7.72 per litre,” a senior oil company official said.

“We understand that it will be difficult to raise rates by Rs7.72 per litre in one go but a Rs3 or even Rs4 a litre increase is feasible,” he said.

As per the practice, oil companies are due to review fuel prices on Saturday. Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) use fortnightly average of benchmark oil price and exchange rate to fix the price to be paid to refineries on 1st and 16th of every month.

If the changes do not reflect in retail selling price, they become losses in the books of oil firms.

The international price of gasoline (against which domestic petrol prices are benchmarked) have risen from $109 a barrel at the time of last revision in December 2011 to $133-$134 per barrel.

Oil firms had last revised dates on 1st December when rates were cut by Rs0.78 per litre. Petrol at IOC pumps in Delhi is currently priced at Rs65.64 per litre and the rates vary by a couple of paise at the pumps of BPCL and HPCL.

Petrol price was freed from government control in June 2010 but public sector companies continue to informally consult their parent oil ministry before taking a decision.

“We are holding consultations,” the official said, dropping hints that oil firms have so far not received a go ahead from the government for raising prices.

Oil firms lost about Rs4,500 crore this fiscal on selling petrol below cost. The government does not compensate them for this loss as petrol is a decontrolled commodity.

The government continues to control rates of diesel, domestic LPG and kerosene which were sold way below cost to keep inflation under check. The oil firms lose Rs14.73 per litre on diesel, Rs30.10 a litre on kerosene and Rs439.50 per 14.2-kg LPG cylinder.

The government makes up roughly half of the cost that retailers lose on selling diesel, domestic LPG and kerosene below cost.

IOC, BPCL and HPCL together are projected to lose about Rs140,000 crore this fiscal on selling diesel, domestic LPG and kerosene.

 

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Low repayment capacity push NPAs to Rs1.27 lakh crore till Dec

“Main reasons for increase in NPAs of banks are due to switch over to system-based identification on NPAs, increase in interest rates and lower economic growth during 2011 impacting the repayment capacity of borrowers, especially small and medium enterprises,” finance minister Pranab Mukherjee said

New Delhi: High interest rates and lower economic growth impacted the repayment capacities of borrowers and pushed up the non-performing assets (NPAs) of banks to Rs1.27 lakh crore during April-December 2011, reports PTI.

Banks’ bad loans was Rs94,084 crore in 2010-11, Rs81,813 crore in 2009-10 and Rs68,220 crore in 2008-09, finance minister Pranab Mukherjee told the Lok Sabha in a written reply.

“Main reasons for increase in NPAs of banks are due to switch over to system-based identification on NPAs, increase in interest rates and lower economic growth during 2011 impacting the repayment capacity of borrowers, especially small and medium enterprises,” Mr Mukherjee said.

He said the government and RBI have, over the years, taken various steps to improve the financial health of banks, reduce bad loans, improve asset quality and for creating a good recovery climate.

RBI has issued guidelines for prevention of slippages, corporate debt restructuring and other restricting schemes.

In a separate written reply to the House, minister of state for finance Namo Narain Meena said a total of Rs2,481 crore in 1.12 crore accounts was lying as unclaimed deposits with the banks as of December 2011.

However, the Reserve Bank of India (RBI) has directed all banks to be more pro-active in finding the whereabouts of the account holders who have remained inoperative over the years, Mr Meena added.

RBI has also asked banks to put details of these account holders on their websites as well as to ensure that the amount reaches the genuine claimants.

Also, RBI reported Rs1,567 lakh loss in 1,184 cases due to defects in ATM machines in last four calendar years, Meena said in another written reply.

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Public Interest Exclusive
timtara customers complain about non-shipment, delivery delays

Contrary to company’s claim of making shopping funny and entertaining, consumer complaints suggest it is actually frustrating. However, timtara claimed that due to a spike in the orders resulting into three times growth in number of transactions, there could be some delays

E-commerce and group buying websites are the latest choice of private equity players and venture capitalists. But things are not so rosy for the customers. timtara, an online retail buying website offering huge discounts mainly on electronic items, has a large list of dissatisfied customers. Contrary to company’s claim of making shopping funny and entertaining, many consumer complaints suggest it is actually frustrating. However, the company believes that the growth in the number of transactions is the cause of such complaints.

The Internet is flooded with complaints against the online shopping portal regarding non-delivery of shipments or delayed deliveries. It also suggests non-responsive attitude of the company against the complaints.

Take the case of Mahesh (name changed). Considering the great discounts timtara is offering, he decided to buy a camera. On 6th March, he ordered it after making payment through his credit card. Despite company’s claim to deliver the product in six to ten days, Mahesh had to wait for the shipment even after 20 days.  

“Their customer service phone lines do not work. If we send them mails, half of them go unnoticed. For the remaining ones, they come back with standard greeting message and false commitment on delivering it in the next 3-4 days,” he told Moneylife.

Moneylife took interest in Mahesh’s case and e-mailed his complaint to the company. timtara replied, “The order is in process and the same will be delivered to the customer in 3-4 working days.”

Mahesh’s is not an isolated case. There several similar complaints posted on the Internet. In fact even on company’s Facebook page, where various discounts are displayed, there were many complaints (Timtara page is no more on Facebook). Ironically the company claims to be rated as the “No.1 online shopping website in India” by Dataquest Magazine Research.

“One month pass(ed) but still (there is) no delivery. No reply to my 35 emails and phone support is very bad. Lost (my) money,” reads one complaint on timtara’s Facebook page.

Another review on website mouthshut.com reads as, “This was my first experience with timtara.com when I ordered a cellphone on 12 March 2012. Till date (29 March 2012) the status on website shows ‘Awaiting Shipment’. I wasted hours trying to reach them on the customer care number mentioned on the website but either it comes busy or it keeps ringing and no one answers. I filed a complaint regarding the same on the website but have not heard from them so far. It’s really annoying and frustrating to see that they still send me their promotional mails with false promises regarding delivery.” (http://www.mouthshut.com/review/Timtara-com-review-qmopmsmtuq#)
In an e-mail reply to Moneylife, timtara said, “timtara is in operation since the last 18 months and we have been growing 50% on month-on-month basis. Additionally within the last quarter we have seen spike in the orders resulting into three times growth in number of transactions. Due to some rush, there could be a chance that some of the customers might not have been addressed. For these customers, we take corrective measures immediately by reaching out to them and ensuring speedy delivery.”

However, it did not reply to the query on complaints stating that company’s call centre does not reply and e-mails get auto response. It said that, “Regarding your query for registering complaints—we have provided an email id i.e. [email protected] to all the customers for giving any query/complaint. Furthermore customers can also write directly to our CCO (Chief Customer Officer).”

You may want to read-

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COMMENTS

Navneet Gupta

4 years ago

From: Navneet Gupta
Date: Mon, Dec 24, 2012 at 5:08 PM
Subject: Fwd: Query on Order #10366826
To: [email protected]
Cc: [email protected], [email protected], abose , [email protected], [email protected]


Hello ATOM Support Team,

Kindly look into my case, I have placed an order at Timtara website through your payment getway on 12/Dec/2012 at 01:11:42 am for the amount of Rs 16436.

It seems that Timtara changes there payment gateway on daily basis. Because In the above transaction I selected a wrong model for the product I want, So Timtara Customer Support Team was telling me to place a new order. And When I placed a new ordeer on 12/12/2012 that transaction was done through TimesMoney.

Since then I am regularly followup with Timtara for cancellation of my transaction made through ATOM, but they are not replying to me, their customer support team keep on saying same thing that we will reply you in next 24 hours. And nobody is reply to my email which I am sending regularly.

Timtara team is not having real status, they have delivered me both the models, then I have returned one product but still their status shows waiting for shipment.

This is my humble request, please intervene into this issue, please cancel this order and refund my money as earliest.
Thanks and Regards



---------- Forwarded message ----------
From: Navneet Gupta
Date: Wed, Dec 19, 2012 at 3:45 PM
Subject: Re: Query on Order #10366826
To: [email protected], [email protected], abose , [email protected], [email protected]


Hello Nisha

As requested earlier please cancel my below orders, current status is
showing awaiting shipment
One week has been passed but I am still waiting for cancellation from your end.

> Order #10366826,
> Order #10366824
> Order #10366822

Please consider the following orders as the final orders from my side.
> Order #10368414
> Order #10368412
> Order #10368410

Thanks and Regards
Navneet

On 12/13/12, Navneet Gupta wrote:
> Hello all
>
> As requested earlier, please cancel my below orders, current status is
> showing awaiting shipment
> Order #10366826,
> Order #10366824
> Order #10366822
> as I have book new orders in lieu of the above
> Order #10368414
> Order #10368412
> Order #10368410
>
> Thanks and Regards
> Navneet
>

Staryl

4 years ago

Fraud website. I request everyone to stay out of this website.They are big time cheaters.
They with accept your order and payment and will never deliver you the product.Iam still
waiting to get my refund after waiting for almost 3 months for the order to be shipped
after hearing the false commitments from the customer care and wasting money on the calls
as well...So stay away from this website all uuuuuuuuuuu guysssssss...

My order details are as follows:Order #10321146
Order Date: 06-09-2012

Dr Ram

4 years ago

Krish,At what capacity you are telling?

krish

4 years ago

CONTACT AT THIS NUMBER
THIS IS TIMTARA’S HEAD OFFICE NUMBER 01204267286
CONCERNED PERSON THERE NAMED HARISH 09716502440

PLEASE CONTACT FOR YOUR QUERIES

ALL THE QUERIES OF THE ORDER PENDING OR ANYTHING WOULD BE RESOLVED

Dr Ram

4 years ago

All should raise their voices through the LINKS provided

Rajeev

4 years ago

Join @ facebook

http://www.facebook.com/groups/220946158...

REPLY

krish

In Reply to Rajeev 4 years ago

CONTACT AT THIS NUMBER
THIS IS TIMTARA’S HEAD OFFICE NUMBER 01204267286
CONCERNED PERSON THERE NAMED HARISH 09716502440

PLEASE CONTACT FOR YOUR QUERIES

ALL THE QUERIES OF THE ORDER PENDING OR ANYTHING WOULD BE RESOLVED

Roshan

In Reply to krish 4 years ago

Bull shit no one answers the calls on these numbers....all fraud

Roshan
Mumbai

Rajeev

4 years ago

Hi all,

To voice our concern and to raise the issue at specific departments, I need email addresses and phone numbers of all timtara fraud victims at [email protected]

Format for sending in email at [email protected]

Transaction ID -
order no -
order date -
product details -
amount spent
payment mode -
customer name -
email ID -
phone number -

Please gather as many people to support for our cause.

Regards,

Rajeev
9999661199
[email protected]

Giti Thadani

4 years ago

Non delivery and non existent customercare seems to be a feature of timtara. I am waiting for almost 4 wks to get my product despite calling everyday - online complaints - legal notice. They offer lucrative discounts but then donot deliver the product within the stipulated period. This is amockery of consumer and company law and deserves to be fully investigated.
The amount of interest earned on deliberate delaying of delivery and refunds is also enormous - that is when the person actually manages to get their money back - in my case like many others - delaying harassing tactics are being used.
Please ensure that this is thoroughly investigated for it puts the entire ecommerce of online shopping into jeopardy. There must be very stringent punishments for such frauding

REPLY

Dr Ram

In Reply to Giti Thadani 4 years ago

Complain to Tlmtara payment gateway ieCCAVENUE,you will definitely get your refund as I got my refund after 5 months.

Rajeev

4 years ago

LETS BARGE IN TIMTARA....

How to Contact Us?

For any queries please Submit a Ticket or call at - 0135-3051500.

The phone lines work between 9.30 AM to 6:30 PM, Monday to Saturday (except national holidays).

We are in the process of opening up offices around India. Currently we have our Head Office in National Capital Region (NCR). The address and direction is given below.

Corporate Head Office

Infosecure Consulting Pvt. Ltd.
B-26 Second Floor, Sector 8
Noida
Uttar Pradesh -201301
India.

REPLY

Darshan Ashar

In Reply to Rajeev 4 years ago

Dear Rajeev,

Please understand when we calling on your 0135-3051500 there was unproffissional peopel setting to your team,
please check how many calls are comming to you, but not reslove problame by there side,
If you not able to fulfill customer demand so please closed your co. & don't show dummy & fack feedback of dummy customers,

Darshan Ashar

Rajeev

In Reply to Darshan Ashar 4 years ago

Dear Darshan,

I'm a victim like rest of us. I want each and every1 raise their voice against timtara's fraud and that is why i asked to stand on timtara's ceo arnidam bose's head at the above given address.

Regards,
Rajeev
9999661199

Dr Ram

4 years ago

I request all to post in social network regarding FRAUD & CHEAT web site of TIMTARA sothat lot of customers will be saved.This may pl. be noted that I had unsubscribed several times for promotional mail & messages but still I am getting them. Virtually there is no Facebook link as shown in the timtara web site.

REPLY

Rajeev

In Reply to Dr Ram 4 years ago

Join @ facebook

http://www.facebook.com/groups/220946158...

Darshan Ashar

In Reply to Dr Ram 4 years ago

thanks for comments

Darshan Ashar

4 years ago

Dear Sir/Madam,
I have purchase BSNL Penta Tab 701R of 8th June 2012, My order no is 10268990
& also I have paid payment in advance & Timtara committed product will be delivered in 15 to 20 working days, but till date my product is not received also i have continue calling but not response given to us,
Please closed this type of cheating company, please check consumer complaints more than 600 cases is pending & also others consumer portal many complaints pending, this company is showing dummy customer feedback on their site & cheat to consumer,
Please help to recover my money or product,
Darshan Ashar
9323108992

REPLY

krish

In Reply to Darshan Ashar 4 years ago

CONTACT AT THIS NUMBER
THIS IS TIMTARA’S HEAD OFFICE NUMBER 01204267286
CONCERNED PERSON THERE NAMED HARISH 09716502440

PLEASE CONTACT FOR YOUR QUERIES

ALL THE QUERIES OF THE ORDER PENDING OR ANYTHING WOULD BE RESOLVED

Darshan Ashar

4 years ago

Dear Sir/Madam,
I have purchase BSNL Penta Tab 701R of 8th June 2012, My order no is 10268990
& also I have paid payment in advance & Timtara committed product will be delivered in 15 to 20 working days, but till date my product is not received also i have continue calling but not response given to us,
Please closed this type of cheating company, please check consumer complaints more than 600 cases is pending & also others consumer portal many complaints pending, this company is showing dummy customer feedback on their site & cheat to consumer,
Please help to recover my money or product,
Darshan Ashar
9323108992

REPLY

Dr Ram

In Reply to Darshan Ashar 4 years ago

Lodge complaint through paymentgateway CcAvenue,you will definitely get your payment as I got after a gap of 6 months.

Dr Ram

In Reply to Darshan Ashar 4 years ago

You lodge complaint through payment gateway CC Avenue,you will definitely get back your payment as I got it after 6 months.

dhiresh

5 years ago

Dear Moneylife,
Can you please help us to sort out the issues with them? I know that media is a big power today.
Thanks & Best Regards

dhiresh

5 years ago

I placed order at timtara.com on 19 march'12 Order#10218082 & on 21 march'12 Order#10219804. Now almost two months have been passed and their website is showing 'Awaiting Payment Refund'. I emailed them and they give 6-7 days time always. I think my money Rs.9456/- has gone. But now the question is how to save others since the website is still operational?
Regards

SUMIT

5 years ago

i made a online purchase from timtara.com on 19 march 2012 of canon ixus220 HS CAMERA.I PAID RS 8665
THROUGH ONLINE TRANSACTION.MY PRODUCT WAS NOT DELIVERED NOR THE MONEY REFUNDED TO MY ACCOUNT.NOW THEY HAVE STOP RESPONDINDING TO MY EMAILS AND PHONE CALLS.MANY COMPLAINTS ARE PENDING AGAINST THE WEBSITE.
MY ORDER ID IS 10218494
Timtara.com is a fraud company cheating customers by taking their money and without delivering the goods. It is headed by a scamster bastard called Arindam Bose who is merrily looting the people of thier money. Unless this asshole is sent to jail, he will con some more people of their money.
thankS
SUMIT

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