Finance Ministry Seeks 30 Pc Dividend From Oil Psus

Presently, all profit-making central public sector undertakings (CPSU) are required to declare a minimum dividend on equity of 20 per cent or a minimum dividend payout of 20 per cent of post-tax profit, whichever is higher, subject to availability of disposable profits. However, for the 14 PSUs in the oil sector , including Oil & Natural Gas Corp, Indian Oil and GAIL India, the ministry has sought a 30 per cent dividend, official sources said. The Finance Ministry believes dividend from CPSUs is a return on investment made by the government and it should be commensurate with profits. “A lower than reasonable level of my secret dividend would be construed as an implicit subsidy, which the government can ill afford, given the level of its commitments, especially in the social sector, and its obligations to meet the fiscal targets,” it wrote to the Oil Ministry last month.
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PC Financial and TD Announce Ugo™ – Canada’s First Open Mobile Wallet


Ugo leverages existing near field communication (NFC) technology to process payments and will be available for use on Blackberry and Android NFC-enabled devices, with additional platforms planned for future releases. Initial Ugo features include: Ability to combine TD Visa and President’s Choice Financial MasterCard with PC points in one open mobile wallet; Quick, single tap-and-go technology that provides the ability to pay and to earn and redeem loyalty points at point-of-sale; The security features found on customers’ existing credit cards and peace of mind with additional mobile wallet security features; and Ability to use Visa payWave and MasterCard Paypass where they are accepted globally.
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Why the market just loves PC: Finance Minister makes clear he means business as he deals with flawed inheritance

Back in the finance ministry, Chidambaram has lost no time in restoring market confidence.

‘Wherever required,’ PC said, ‘corrective measures will be taken in bringing clarity into tax laws to have a stable tax regime, a non-adversarial tax administration and a fair mechanism for dispute resolution.’ He added: ‘I have also directed a review of tax provisions that have a retrospective effect in order to find fair and reasonable solutions to pending as well as likely disputes between the tax departments and the assesses concerned.’ Addressing the high interest rate regime, which is a cause of concern for seriously slowing manufacturing, he said, ‘We are conscious that current interest rates are high. ‘High interest rates inhibit the investor and are a burden on every class of borrowers – be it a manufacturer of goods or a purchaser of a home or a twowheeler or a student who takes education loan.’ A meeting with the RBI Governor, who in any case shares a good rapport with the new finance minister (D. Subba Rao was finance secretary in his earlier stint), took place immediately thereafter.
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