North Lincolnshire Council is asking people along to environmental surgeries this week, where they can find out how to save energy and money and how to become an energy warden.
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Learn how to save energy and money at the North Lincolnshire environmental surgeries this week
- Wednesday, June 20 at Church Square House, Scunthorpe, 11am to 2pm
- Thursday, June 21 at Hewson House, Brigg, 11am to 2pm
- Friday, June 22, Civic Centre, Scunthorpe, 11am to 2pm
Did you know?
- A North Lincolnshire resident produces 11 tonnes of CO2 each year
- Recycling just one glass bottle or jar saves enough energy to run a Nintendo Wii for five hours!
- Recycling one tonne of paper saves 1.32 tonnes of CO2 – the equivalent of not driving 3,700 miles
- On average, each person in the UK uses 150 litres of water a day.
- A tap left dripping once a second can waste enough water in a year to run 135 baths.
The council will also be holding workshops at 13 schools across North Lincolnshire this week to discuss litter, recycling,
energy, water and bug hunting. Anglian Water will also provide a water workshop schools will take part in.
Councillor Nigel Sherwood (Brigg and Wolds), cabinet member for Highways and neighbourhood at North Lincolnshire Council, said: "Environment week provides a great opportunity to get involved and find out what you can do to help save money and energy.
"There are lots f useful tips, help and advice to get you started and on your way doing your bit to help. At a time when money is tight for many people, you will find out how you can save money. After all, it's better in your pocket and you can learn how to be energy savvy."
Man Group finance director Kevin Hayes steps down - BBC News
Kevin Hayes has stepped down as finance director of struggling hedge fund firm Man Group on the day the company is demoted from the FTSE 100.
Jonathan Sorrell, Man's head of strategy and corporate finance, will replace him at Europe's largest listed hedge fund.
Man, whose shares have slumped, is being replaced in the FTSE 100 list of the UK's leading companies by Babcock.
Mr Hayes is leaving to pursue "other interests", Man said in a statement.
He joined Man in 2007.
Man Group shares have tumbled since the last FTSE review in March, and are down almost two-thirds since last year.
The firm's funds have struggled as cautious clients withdraw money because of the market turmoil caused by the eurozone debt crisis.
Mr Sorrell, son of WPP advertising chief Sir Martin Sorrell, spent more than a decade at Goldman Sachs before joining Man last August.
In a statement, Man chief executive Peter Clarke said Mr Sorrell's experience "will be extremely valuable as we continue to develop and evolve in challenging world markets".
Finance Ministry favours proposal to give DMIC's 26% stake to Japanese government - Economic Times
"We have received comments from the Finance Ministry and they have supported the proposal. Soon we will move the final note for Cabinet Committee on Economic Affairs approval. We had moved the draft cabinet note in December 2011 itself," a commerce and industry ministry official said.
All the other concerned ministries including the labour ministry have already supported the proposal of the Department of Industrial Policy and Promotion (DIPP).
As per the draft cabinet note on the DMIC Development Corporation (DMICDC) re-structuring, 49 per cent stake will be held by the government, 26 per cent by the Japanese government and 25 per cent with state-run institutions - Life Insurance Corporation, HUDCO and India Infrastructure Finance Company.
The DMIC Development Corporation (DMICDC) is a special purpose vehicle for the implementation of the Delhi-Mumbai Industrial Corridor (DMIC) project. It will run the trust fund into which the government, multilateral agencies and Japanese entities will invest to finance the project.
The official said timely restructuring would help in fast-tracking the ambitious project.
The manufacturing sector, which constitutes over 75 per cent of the index of IIP, grew barely 0.1 per cent in April, as against 5.7 per cent in April 2011.
The Corporation will develop industrial enclaves along the Delhi-Mumbai rail corridor encompassing seven states - Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat, Maharashtra and Madhya Pradesh.
The Cabinet had approved equity restructuring of DMICDC and an expenditure of Rs 18,500 crore on development of infrastructure in September 2011.
This plan will make DMICDC a deemed government company. Japan, which has expressed keen interest in the DMIC project, intends to invest USD 4.5 billion in the project, which will cover 1,483 km between Delhi and Mumbai, over the next five years.
The DMIC project, which was conceptualised in 2006, is being developed in collaboration with Japan as a manufacturing and trading hub, though Japanese participation did not involve equity holding till now.
The project aims to create globally competitive environment and latest infrastructure to activate local commerce, enhance foreign investment, create employment opportunities, enhance exports and attain sustainable development.
According to experts, the progress and implementation of projects would depend upon the availability of land.
Money Matters with Martin Lewis - ITV
Everybody was Kung Fu Fighting – hooyah! OK, not quite, but armed only with plastic, Money Saving Expert Martin Lewis is here with his financial self-defence class.
1. Don't stash cash under the mattress — it's only covered for £750
I was recently sent this tweet (to @martinslewis): "My grandad just passed away. Found £22,000 in his flat. £3k in various jacket pockets and drawers, £19k in a suitcase." It's a shocking amount, and fills me with fear. Not only is it forgoing interest, which could be tax-free in a top cash Isa, but most home insurance policies only cover up to £750 cash and require proof via a receipt/bank statement, meaning if something happened to it, it’d be very difficult to claim back.
Plus, as fireman @ddukeofdarkness told me: "Money under the mattress makes a nice accelerant in house fires for us to deal with."
2. Save in a UK bank and you're covered for up to £85,000
The alternative is money in a bank, building society or credit union savings account or cash ISA (not supermarket or savings schemes). Provided it’s UK-registered, if the bank were to collapse, the Government's Financial Services Compensation Scheme promises to pay out up to £85,000 per person, per financial institution.
Don’t think means UK-registered means only UK banks. The vast majority of big banks have this protection including Santander, HSBC, ICICI and more. The only major players that don’t are ING Direct and the Bank of Cyprus. With those, you’re reliant on the Dutch and Cypriot governments, respectively, for protection.
To check your bank's protection, see Martin’s Are My Savings Safe? guide.
3. Pay 1p on a credit card to protect a £5,000 purchase
Another tip inspired from a sad tweet: "My 86-year-old dad put a £120 deposit at a restaurant (he doesn't believe in plastic). It's gone into administration, what can he do?" Unfortunately, the answer is not much.
If you need to pay, the safest way, counter-intuitively, is by plastic. Buy goods for £100-£30,000 on a credit card, and legally the card firm's jointly liable under Section 75 of the Consumer Credit Act, so you can claim a refund from it. This isn’t just for failed delivery but covers all your consumer rights (see trading standards info) so even if an item breaks later, you could claim from the card firm. Surprisingly, even if you pay just 1p on the card for, say, a £5,000 kitchen, it's still liable for the WHOLE amount.
So I always pay for big things on credit cards – yet crucially, set up a direct debit to repay in full each month so there’s no interest to pay, otherwise the cost dwarves the safety dividend.
4. Even debit cards have more protection than cash
While the credit card protection is legal, there is a lesser protection on a debit card. Pay on a Visa or Mastercard debit card (any amount on Visa, min £10 on Mastercard), and if a company goes bust or fails to deliver, you can ask your bank to get the money back from the firm’s bank via a chargeback scheme. It's only a last resort, and you must complain to your bank within 120 days of realising there’s a problem for it to work. But it's better than nowt.
5. Beware recurring payments
If a firm wants your long card number, beware. Direct debits are set up with bank account details, and allow easy cancellation rights. Yet if with subscriptions, eg, where telecoms firms, payday loan companies or websites want your credit OR debit card’s long number, it's a recurring payment (or continuous payment authority). These let them take payments when they want, and can be a nightmare to cancel.
They shouldn’t be a nightmare. In November 2009, rule changes now mean if retailers refuse to cancel, your bank/card firm MUST cancel if you ask – but they often don’t know this and it can be hell. If a bank refuses to cancel, take it to the free Financial Ombudsman Service.
6. Just because it's legal tender, shops needn't accept your cash
You may be surprised that NO bank notes are legal tender in Scotland. In England and Wales, only Bank of England notes are. Yet legal tender is meaningless in day-to-day life. Anyone can choose to accept or refuse any payment. Legal tender only means it can't be refused as settlement of court-ordered debt. But a quick word to English shopkeepers: please accept Scottish and Northern Irish notes. While not legal tender, they are UK Parliament-approved legal currency, which makes them a perfectly acceptable way to pay.
One last warning: As a last warning, I once put a pair of jeans with £60 in the pocket in the washing machine. Then I worried I'd be arrested for money laundering... (sorry).
Executive coach: 'Finance is an amoral world, bordering on the immoral' - The Guardian
This blog suffers from an inevitable selection bias, as it can only feature those people in finance who agree to be interviewed. Hence, a second category of interviews with people who come into close contact with the kind of bankers who are unlikely to talk to me. Such as this elegantly dressed man in his early 40s. A psychologist by training, he has been working as an 'executive coach' for the past few years. He orders a coffee, then a glass of red wine.
"In two decades as a psychologist I have encountered perhaps half a dozen people in whom I could not detect at least something positive, if only a sliver. The psychopaths are a really rare breed. But they seduce the rest.
"I am sure your readers are familiar with psychological research comparing the personality traits of prison populations with those of successful managers. It found remarkable similarities; they are narcissistic, egocentric, manipulative … The research has been replicated over at least 12 different populations and the findings are consistent. Criminals and CEOs are remarkably similar.
"We're moving slightly beyond my field of expertise but a question I often ask myself is: who are the owners of those major banks and corporations who figured out that if they want to make so much money, they need to get a psychopath in who will then turn the entire organisation into a ruthless money-making soul-destroying machine? That's pretty clever, isn't it? To find a psychopath to do that for you?
"In youth psychology there's a well-known phenomenon regarding collective self-harming. You have a shelter that's housing, say, 50 boys. All of a sudden and apparently out of nowhere, they all start mutilating themselves. A wave. It's only natural for outsiders to assume that something must be very wrong with that shelter. However, research and experience demonstrate that all you need to do is find the one person who started it. Isolate him from the group and lo and behold, the wave stops and everything goes back to normal.
"Individuals have very powerful influence over groups, and it makes you wonder about banks and financial firms; what if they were like the shelter, and you need to find that one switch, that one person, to turn a whole group around?
"I am an optimist, humans are good animals, we have a tendency to get distracted and be led astray. As for this financial crisis, well, it's only a crisis. That's right, psychologists consider a crisis as simply one point in a cycle of growth; it's when the patient is about to make a breakthrough, and evolve.
"This is what's intriguing about the current financial crisis so far … Where are the thought leaders indicating the path to a new phase in our economic evolution? Who will augur in the growth moment from this crisis? I don't see new ideas coming to the fore.
"My clients are predominantly working in finance, aged somewhere between 32 and 47. They are the cum laude crowd who were always at the head of the pack. All of a sudden and to their astonishment, they find themselves being overtaken by less talented people; it's office politics and they don't know how to play it.
"Firms are pyramids, and a lot of talented people in their late 30s get shunted out. It's a typical bottleneck and my clients come to learn how to navigate it.
"Mid-30s is also when people are just before their mid-life crisis. They have more or less found out who they are, they can sort of see the limit of their potential, and it leads to disenchantment, disillusionment. 'I will not become the next Richard Branson', they realise. "At the same time they see that all good intentions aside, the world is tough place, and you need to be tough to survive and succeed. This is the age when you see people suddenly become serious. They have lost their innocence.
"My clients are from all over the world and they've come to London to fight. This is the top of the top, over here, and the fighting can be ruthless. My clients are the slightly more creative ones, not the standard pin stripe/porte manteau types.
"You asked me earlier what kind of animal the executive coach might be. Maybe it's a salmon, naturally inclined to swim upstream, against the current.
"I have worked in many areas of counselling, including at the very bottom of society; from illiterate heroin prostitutes to bankers. Differences? Bankers and others in the corporate world have extremely high intelligence. They think very much in transactional terms; how can this guy help me get what I want? My first consult is free, and when there's a click between us, I can see them smell a profit. They decide, if I pay this guy his fee, he will help me make much more money myself.
"They have little time so when I work with bankers I am less suggestive. I take charge of the process, lead them to where I think they should go.
"About a quarter of my clients are corporate but not finance. Is there a difference? They are all incredibly tough and everyone says their motivation is money. But when you drill down into what's driving people in the corporate world, other motives come to the surface. With people in finance, it really is money, I find.
"Finance is an amoral world, bordering on the immoral. Take the financial transaction tax. The idea: there is horrific poverty so let's levy a tiny tax and use it to alleviate that. But when I suggest to my clients this might be a good idea, I practically get lynched. No way, they say. They want to pay as little tax as possible, and that's it.
"As I said, amoral bordering on the immoral. Take the PPI mis-selling where essentially banks sold people insurance that was worthless. They get caught and the banks have to pay people their money back. Next thing you know, banks hire incredibly expensive 'consultants' to find ways to pay as little as possible.
"It's almost a perversion. The CEOs such as Fred Goodwin and Jamie Dimon and the like. They present themselves as to the outside world as posh and erudite and sophisticated; as supermen. But they are just like you and me, with similar needs and fears. We shouldn't fall for their spiel.
"What would shock readers most when they saw what I see? Let me think. How so many brilliant, arrogant, super-talented young people get abused, sucked dry, burned out and then tossed aside by corporations and banks. In the early days of capitalism it seems the game was to exploit the less gifted; miners, factory workers etc. Today it's about taking advantage of talent. People are used, then discarded. Especially these days with the crisis. Fear rules supreme. You can get fired any moment, five minutes and you're gone. Corporations fan out over universities making all these promises. But very few people make it to 'the boardroom'. That's the key concept for everyone, 'the boardroom'.
"One of the chief causes of stress is boredom. Now, those people on the trading floor, they may go through hours and hours with nothing to do. Another cause of stress is when the level of control you have over your own life is very low. Banks are managed very badly, in fact they are over-managed. Imagine you have lots of bosses and every week you're told to do your job differently. It can drive people nuts.
"For psychologists like me the world of finance is very interesting, if only in purely clinical terms. You're a CEO and you pay yourself £8m. Now, look at the kind of organisation you need to put in place in order to make that amount … It's almost dirty.
"It gets more interesting still when your company has failed on a range of issues, and at the end of the year you still pay yourself those £8m. There's an outcry but you say: 'it's in my contract'. Now, take a step back, how has that £8m become so important to you that you can't even see why you shouldn't get them? Apparently your need for the money is so strong you stop registering the anger you provoke.
"Those CEOs and managing directors at banks with their millions … They deserve our pity, really. They are the victims of their own twisted minds. And it will bring them down. Whether you are a paedophile or pervert or control freak or psychopath; sooner or later a twisted mind will turn on itself.
"For many years I worked with paedophiles. It is simply astonishing how vulpine, how cunning these people have become. The same with hard drug addicts; their brain seems to have taken on a life of its own, and developed into something so clever, so entirely focused on satisfying their needs. For those brains, lying and cheating become acceptable, normal even.
"When we treated them, or tried to, the key was to make them realise that they created victims, that people suffered because of them. One thing that struck me about this group of patients – we'd call them 'clients' – was how they seemed to derive immense pleasure from surreptitiously screwing people over, then getting away with it. At the same time they seemed to have a deep urge to get caught.
"The biggest misunderstanding about the people I work with? That they are going to solve this.
"The truth is, there is no system, there is no 'they'. There are just individuals."
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EU ministers to end sanctions on Hungary, diplomats say - ibtimes.co.uk
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Another diplomat briefed on member states' positions concurred. "It is guaranteed," the diplomat said.
Commission President Jose Manuel Barroso made his recommendation to lift sanctions after the EU executive improved its forecast for Hungary's fiscal deficit to 2.7 percent of economic output in 2013, below the EU's 3 percent ceiling.
Budapest had angered the Commission and other EU countries by failing to rein in its deficit in a sustainable manner since it joined the EU in 2004 and the Commission's new powers to police budget deficits across the bloc served to put more pressure on Orban's government.
The sanctions, used for the first time against an EU country on a budget issue, marked a low point between Brussels and Orban, whose centralising style prompted Barroso to raise concerns about authoritarianism in Hungary.
But relations have warmed in recent weeks as Budapest has also moved on bringing new central bank laws in line with EU norms.
(Reporting by Robin Emmott; editing by Rex Merrifield)
More money means more pain for fans - FOXSports.com
LONDON, England
If money is the root of all evil, then somebody forgot to tell supporters of Manchester City and Chelsea - both of whom get to spend the summer floating in a happy daze.
Before the arrival of their sugar daddies, backed by petrodollars from Abu Dhabi and Russia respectively, City were light years away from winning the Premier League title and Chelsea were hardly earmarked as contenders for the Champions League. Now, they are trophy-holders and serious contenders for next season.
Cash is not always king in football but it sure helps. For all the teams without billionaire benefactors, the mission to keep up with the spiraling salaries and trumped-up transfer fees is a challenge that is as overwhelming as it is risky. Some 60 per cent of Premier League clubs reported a loss when the last financial accounts were released.
Competing with the likes of City and Chelsea in the money league is an impossible task, so the rest have to be resourceful, and hope that the new regulations designed to try to encourage clubs to run themselves as a sustainable business (a pan-European initiative called Financial Fair Play) actually begin to shackle the spending power of the super rich. Not everyone, it must be said, is holding their breath on that one even if it is a nice idea.
And now there is suddenly even more money sloshing around for every Premier League club to get their hands on. A new, record-breaking television deal, worth a record $4.7 billion over three years — up a whopping 71 per cent on the previous arrangement — will soon be boosting the coffers everywhere. This is just a deal for domestic television rights, so when internet and overseas deals are factored in, the Premier League’s broadcasting worth is estimated at closer to a stunning $8 billion.
Each club is guaranteed at least $22 million more each year than they previously received. To put that into perspective, that means the last-placed finisher in 2013 will probably get more than Manchester City earned for finishing top of the Premier League pile last season. That sum, incidentally, totaled $95 million.
The Premier League’s chief executive, Richard Scudamore, believes the deal is very significant in comparison to major overseas clubs such as Real Madrid, Barcelona, AC Milan, Bayern Munich and so on.
"It allows people to plan and gives us a degree of financial security. I don't underestimate that,” he said. “The idea you can plan with some certainty your revenues for the next four years is a big thing."
And in fact, there is an interesting comparison with Spain’s La Liga, in which the heavyweighs from Barcelona and Madrid negotiate their own television rights individually. They can pull in around $200 million per season, but the smallest clubs earn a fraction – in the region of $20 million. The Premier League have a system where the deal is struck collectively. All boats are raised in England under this new deal – and suddenly, a leap to the Premier League means so much more to the teams in the Championship, a rung below.
It is questionable how great all this will turn out to be for fans, however. Somebody has to pay for these mega-deals, and part of the cost will presumably be passed on to the consumers in the form of price hikes for subscription channels that deliver football coverage. Live games have been the preserve of the pay-per-view channels in England for 20 years now. In that time, the cost of attending a match inside the stadium has ballooned, too.
But the increase is fabulous news, obviously, for clubs, players and the wheeler-dealer agents who squeeze every drop of earnings out that they can. It is likely that the $300,000 a week salary that Carlos Tevez takes home will soon be dwarfed. And with some big stars — Emmanuel Adebayor, Luka Modric and Robin van Persie come to mind — seeking improved deals, there are fewer reasons for clubs to stretch their payrolls.
As yet , there has not been an obvious knock-on effect in terms of the Premier League’s transfer activity. Only Chelsea have been notably lavish in advance of the European Championship, with the Belgian playmaker Eden Hazard arriving and Porto’s Hulk very strongly linked with a big money move. A greater indication of whether this gives clubs more clout in the market will come when the Euros finish.
Bruce Buck, Chelsea’s chairman, predicted Abramovich is eager to up the ante to help his team to build on the Champions League win. “We’ve seen him, year after year, invest and put his hand in his pocket and spend big money. He may go to another level now,” said Buck.
Chelsea, which starts next season's Premier League campaign at Wigan, are desperate for a stronger challenge in the league. City will kick off its title defense at home to Southampton but are eager to make more of a go of it in the Champions League.
Manchester United are intent on bouncing back, but have a tough start to the season against Everton - the team that wrecked United's title dream. Arsenal, who host Sunderland on the opening day, have to try to stay in the top four. Liverpool, who face Tottenham, Arsenal and Manchester City, in three of their first four fixtures, are under pressure to improve.
Now there is even more money to make the football world go round.
Orange Money reaches 4 million customers and launches in Jordan and Mauritius - Modern Ghana
PARIS, France, June 18, 2012/African Press Organization (APO)/ -- Orange Money (http://www.orange.com) has reached the threshold of 4 million customers in Africa and the Middle East and celebrates its commercial launch in Jordan and Mauritius. These two additional countries mean that the service is now available in 10 countries across the region.
Logo Orange: http://www.photos.apo-opa.com/plog-content/images/apo/logos/orange-logo.jpg
Orange Money, the Group's mobile payment service, was first launched in Cte d'Ivoire in December 2008. It has since been made available in Botswana, Cameroon, Kenya, Madagascar, Mali, Niger and Senegal. Over the past few weeks, the service has also been launched in Jordan and Mauritius, in line with Orange's goal to launch the service in all 22 countries in Africa and the Middle East where the Group operates.
In only eighteen months, Orange Money has quadrupled its customer base, which now covers 14% of all Orange customers in these 10 countries. In Madagascar, over a third of all customers have opened an Orange Money account, while in Cte d'Ivoire daily transactions now exceed one billion CFA francs per day. This exponential growth attests to the strong consumer appetite for this innovative, simple and practical mobile payment service in countries where the population has limited access to bank accounts but is widely equipped with mobile phones.
Access to Orange Money is very easy: mobile phone customers may open an Orange Money account for free whether or not they have a bank account. It allows customers to carry out simple banking operations and transactions in total security. The three key services include:
? money transfers, where users can send money using their phone to any Orange Money customer in the country;
? financial services, including solutions facilitating savings and insurance (according to the country);
? payments, giving users an easier way to pay their bills, as well as providing a simple way to buy mobile phone credit.
These two last categories of service are growing quickly. Thanks to partnerships with local service providers, Orange Money customers can pay some of their bills with their mobile phone. This is enables customers to benefit from the comfort and flexibility of a remote payment system and in many cases allows them to avoid a long and difficult journey. For example, Orange Money customers can already pay their electricity bills in Senegal or their water bills in Jordan.
In addition to payment, Orange Money also provides customers who do not have a bank account with a way to save money. In Madagascar, for example, customers can now sign-up to a life insurance scheme.
Commenting on the development of Orange Money, Marc Rennard, Orange's Executive Director for AMEA operations, stated that: Orange Money plays an important role in driving growth in our activities in emerging markets, allowing us to contribute to the economic and social development of these countries, while improving our customers' loyalty.
Distributed by the African Press Organization on behalf of Orange.
Discover the presentation of Orange Money: www.orange-innovation.tv/en/webtv/info_interviews/world-pulse/africa_middle_east/orange_money_4_millions_users_already
About Orange
France Telecom-Orange (http://www.orange.com) is one of the world's leading telecommunications operators with 171,000 employees worldwide, including 105,000 employees in France, and sales of 10.9 billion euros in the first three months of 2012. Present in 33 countries, the Group had a customer base of 225 million customers at 31 March 2012, including 181 million customers under the Orange brand, the Group's single brand for internet, television and mobile services in the majority of countries where the company operates. At 31 March 2012, the Group had 166 million mobile customers and 15 million broadband internet (ADSL, fibre) customers worldwide. Orange is one of the main European operators for mobile and broadband internet services and, under the brand Orange Business Services, is one of the world leaders in providing telecommunication services to multinational companies.
With its industrial project, "conquests 2015", Orange is simultaneously addressing its employees, customers and shareholders, as well as the society in which the company operates, through a concrete set of action plans. These commitments are expressed through a new vision of human resources for employees; through the deployment of a network infrastructure upon which the Group will build its future growth; through the Group's ambition to offer a superior customer experience thanks in particular to improved quality of service; and through the acceleration of international development.
France Telecom (NYSE:FTE) is listed on Euronext Paris (compartment A) and on the New York Stock Exchange.
For more information (on the internet and on your mobile): http://www.orange.com, http://www.orange-business.com, http://www.orange-innovation.tv or to follow us on Twitter: @presseorange.
Orange and any other Orange product or service names included in this material are trade marks of Orange Brand Services Limited, Orange France or France Telecom.
Press contacts: +33 1 44 44 93 93
Tom Wright, tom.wright@orange.com
Mylne Blin, mylene.blin@orange.com
Rupee payments for Iran oil exempted from local taxes: Finance Ministry - Economic Times
The notification, under Section 10 (48) of the Income Tax Act, related with tax exemptions in regard to foreign oil companies selling crude oil in India has notified the National Iranian Oil Company has as a "foreign company".
"This notification shall be deemed to have come into effect from the first day of April, 2012, and shall, accordingly, apply in relation to the income of the assessment year 2012-13 and the subsequent years," it added.
The notification, issued by the Central Board of Direct Taxes (CBDT) in the Finance Ministry, clears the way for oil refiners to pay Iran in rupees.
As per an agreement, India will pay 45 per cent of the value of its oil exports from Iran in rupees. The rest will continue to be paid in euros through a bank in Turkey.
Finance Minister Pranab Mukhejree had in his Budget for 2012-13 exempted payments to Iran from taxes in "national interest".
It was feared that the money paid to National Iranian Oil Co (NIOC) may be considered as income generated by Iranian firm in the country and liable to be taxed. The withholding tax was up to 40 per cent, which neither NIOC or the Indian refiners wanted to pay.
Iran is India's third largest crude oil supplier accounting for for less than 10 per cent of its total crude oil imports. Despite Western sanctions, New Delhi is keen to retain Tehran as its key supplier but has faced problems paying for oil imports.
India will import 15.5 million tons of crude oil from Iran this fiscal, down from 17.44 million tons last year.
India currently pays about USD 1 billion a month through a Turkish bank but there are fears that US and European sanctions against Iran may block even this route.
As a way out, rupee payments have been agreed to. Under the mechanism agreed, NIOC will accept 45 per cent of the payments in an account opened in Kolkata-based UCO Bank. UCO Bank has been chosen because it has no US or European exposure and its overseas presence is limited to Hong Kong, Singapore and China.
Without sanctions waiver, imports from Iran could come to a halt as shippers have refused to transport oil without an insurance cover.
India is the world's fourth-largest oil importer and second biggest customer of Iran.
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