OMCs cut petrol price by Rs2.22 a litre

State-owned oil companies have passed on the Rs1.85 a litre that they gained from a fall in global oil prices and a marginal appreciation in rupee value. The reduction comes days after state-owned oil companies raised petrol prices by a steep Rs1.80 per litre

New Delhi: State-owned oil marketing companies (OMCs) have slashed petrol price by Rs2.22 a litre, the first reduction in 33 months, reports PTI.

Petrol in Delhi will cost Rs66.42 per litre with effect from midnight tonight as against Rs68.64 a litre now.

The reduction comes days after state-owned oil companies raised petrol prices by a steep Rs1.80 per litre.

State-owned oil companies have passed on the Rs1.85 a litre that they gained from a fall in global oil prices and a marginal appreciation in rupee value. Adding 20% local sales tax, the decrease in Delhi comes to Rs2.22 per litre.

The reduction in Mumbai was Rs2.34 per litre while in Kolkata it was Rs2.31 a litre. The price cut in Chennai was Rs2.35 per litre.

Earlier today, a senior official in one of the OMCs had said, “Gasoline (petrol) averaged $115.8 per barrel in November against the $121 per barrel price taken at the time of the Rs1.80 per litre hike in petrol price. Also, the rupee has averaged Rs49.20 per US dollar, which is less than the October average.”

State-owned oil firms had on 3rd November hiked petrol prices by Rs1.80 per litre, the fourth increase this year, as the rupee fell from 46.29 a dollar to Rs 49.40 a dollar.

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Mayawati for splitting Uttar Pradesh into 4 new states

Uttar Pradesh chief minister Mayawati aid that the cabinet has approved a resolution for creation of Purvanchal, Bundelkhand, Awadh Pradesh and Paschim Pradesh which would be tabled in the session beginning 21st November

Lucknow: In a bid to outsmart rivals ahead of the assembly elections, Uttar Pradesh chief minister Mayawati today announced bringing a resolution in the state assembly for carving out four new states in the winter session beginning next week, reports PTI.

Addressing a press conference here, she said that the cabinet has approved a resolution for creation of Purvanchal, Bundelkhand, Awadh Pradesh and Paschim Pradesh which would be tabled in the session beginning 21st November.

Seeking to throw the ball into the Centre’s court, where the Congress heads the UPA coalition, the chief minister maintained that as per Schedule 3 of the Constitution, the Centre has to take a decision with regard to renaming, reorganisation or creation of new states.

However, she said that as no positive initiative has been taken so far, the cabinet has decided to get the resolution passed and send it to the Centre hoping for a speedy action on it.

The chief minister, who had earlier written a letter for reorganisation of the state to the prime minister maintaining that it was not in the jurisdiction of the state, today said that this decision has been taken after proper consideration to mount pressure on the Centre.

This demand is also in keeping with the aspirations and ambitions of these regions, she said.

Uttar Pradesh has 80 Lok Sabha MPs and an Assembly with 403 MLAs. Ms Mayawati’s move today is seen as an attempt by her to cash in on the sentiments in favour of small states in the western and eastern regions and the Bundelkhand area of the state during the assembly elections.

Parties like Rashtriya Lok Dal (RLD) headed by Ajit Singh have been campaigning for small states like Harit Pradesh comprising the western region.

Ms Mayawati’s main rival, Samajwadi Party, is strongly opposed to the division of the state, while the Congress has sought to counter her demanding that she take the initiative.

Without making it clear whether it was in favour or against such a move, the BJP has favoured setting up of a States Reorganisation Commission to go into demand for smaller states.

Stressing that reorganisation of the state would help in all-round and balanced development and give a better future to the people, Ms Mayawati said that Uttar Pradesh as per the 2011 census has a population of over 19 crore which means that almost 16% people of the country live here.

It is also among one of the biggest states going by its area, she said, regretting that because of the wrong policies of earlier state and central governments led by Congress, BJP, Samajwadi Party and others, the state could not witness all-round development and lagged behind.

Ms Mayawati said her party and government supported the view of Dr BR Ambedkar on smaller states and units which can be better managed administratively.

“Therefore, whenever the BSP has been in the power, new divisions and districts have been created in the state,” she said.

The chief minister said that she had hoped that in keeping with the regional aspirations, the Centre would adopt a positive attitude and then her government would convene a special session of the Assembly to send a formal proposal for creation of new states, but no concrete steps were taken.

Though the state gave maximum prime ministers to the country, major steps for the development of the state were not taken, she alleged.

She said it was for the proper and all-round development of the state that after coming to power in 2007 she demanded a special package for the state, which is yet to elicit a positive initiative from the central government.

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COMMENTS

Sonu

5 years ago

Moola Ram is an anti social element who can do anything wrong in the country. He is continuously threatening me and people nearby my house. The concern has already been reported to the Delhi Police, but nothing is happening from their side. If you want that these kinds of people should not persist any more inside and outside the country who can hamper peoples of India, I would request to file a complaint against them. He is working in Rajasthan Police Force. He is operating from the Rajasthan Police force camp in Gazipur (Delhi, India). Kindly help people of India. They have links with many other anti social elements who are uniformly hampering the entire country.

Regards.

Need to monitor ad expenses of ponzi schemes, says top official

Authorities also ask for a separate regulator for MLMs like Speak Asia

“Move should be made to monitor advertising expenses of ponzi schemes like Speak Asia and for schemes that try to lure gullible public and a central regulator should be established to curtail these multi-level marketing (MLM) and ponzi schemes,” said Rajvardhan, additional commissioner of police, Economic Offences Wing (EOW), Mumbai. He was speaking at a National Seminar on Economic Offences, organised by Mumbai Police.

Identifying MLM and ponzi schemes as a ‘social menace’, Mr Rajvardhan said, “If advertising expenses of such schemes are monitored then advertising agencies themselves will be more cautious about the kind of client they are working for. He said that now, even gold is becoming the focus of some MLM schemes, and the Reserve Bank of India (RBI) also recently issued a warning to people for not falling for such money multiplier schemes.

Endorsing the stand taken by Moneylife, that there should be a separate regulator for MLMs, the additional CP said it would ensure that the promoters would not get away by cheating people easily. “In case of City Limousine, the promoters ultimately got away. The difficulty with ponzi and MLM schemes is that they are neither regulated by RBI nor by the Securities and Exchange Board of India (SEBI),” he said.

Many times the police face a dilemma about the timing to intervene into the MLM schemes. Mr Rajvardhan said that authorities find it difficult. “If we intervene before the scheme goes bust people involved say that there is nothing wrong as they are still getting their money. On the contrary, if we do not interfere before the scheme collapses, people say that Police failed to take any action,” he said.

He said that generally, these MLM or ponzi schemes are run by promoters who collects all the money. They appoint a director and when the scheme collapses, he is made the scapegoat, while the promoters go to some other place and start afresh.

Speaking about Speak Asia, Mr Rajvardhan said that the company had accumulated around Rs2,300 crore between February 2008 to 2011; and if the reward points collected in the ‘e-wallets’ of the panellists is considered, the total amount goes to almost Rs30,000 crore.

“Entire population of Raigarh appears to have invested in Speak Asia and when we continued our investigation, we discovered that the scheme has even spread to places like Lakshadweep,” said Mr Rajvardhan.

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COMMENTS

Das

6 years ago

The department of Income Tax is not doing anything to curb the menace of chain marketing.

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