Oil bonds upa

11 Feb 2020 2005-2006 and 2010-11, every year there was issuance of oil bonds. Talking about previous UPA government, Sitharaman said “the entire  14 Sep 2018 But the subsequent NDA government have to pay the principal amount and almost 70,000 crore interest on these oil bonds. “Congress party 

12 Aug 2014 What's Oil companies' under-recovery on petrol,diesel,LPG? Earlier UPA Government had changed no. of subsidized LPGs to 6, then 9 and finally 12. So, Government would compensate by giving them “oil bonds”. 29 Jan 2020 Junk-rated energy bonds have plummeted after the spread of coronavirus hit oil prices, highlighting the strains on a sector that already led US  5 Jun 2008 The customs duty on other petroleum products like aviation turbine fuel the tune of Rs 65,000 crore and oil bonds worth Rs 95,000 crore will be issued. allies within the ruling UPA government like the Rashtriya Janata Dal  The UPA-2 paid a total of Rs 53,163 crore in interest for oil bonds in the 5-year of the period between 2009-10 and 2013-14. On the other hand, the current NDA government paid a total of Rs 40,225 crore in the 4 year period between 2014-15 and 2017-18. Oil bonds are a kind of special securities issued by the government of India to public entities like oil marketing companies, Food Corporation of India and fertiliser companies as a substitute for cash subsidies, according to a Reserve Bank of India report. Oil bonds were issued by the UPA government when fuel prices were regulated. By doing so, the government shielded customers and domestic businesses from the vagaries of the global market for crude oil. However, subsidies were soon done away with, and excise duties were also increased.

The OMCs import crude oil as the raw material (around 80% of total with the current fall in crude prices having perfectly complimented the UPA's move to often it would be through oil bonds that the companies sold to public to a discount .

The UPA government had issued oil bonds worth Rs 1.4 lakh crore between 2005-06 to 2008-09, to compensate OMCs who incurred under recoveries to the count of Rs 2.9 lakh crore owing to high international crude oil prices and the regulation of oil prices by the government, according to the Expert Committee report under Kirit Parikh. (Note: Under-recoveries are difference between the price at which the crude oil is purchased internationally and the retail selling price of refined petroleum Also, interest paid on oil bonds between 2014-18 is Rs 40,226 crore. Piyush Goyal plans to roll out incentives for digital transactions on a trial basis. Finance Minister Piyush Goyal said on Tuesday that National Democratic Alliance (NDA) government has been servicing oil bonds issued by the previous UPA government. Notice, OMCs receive their dubious oil bonds in a very tardy manner: the end-February government budget owned up to only Rs 11,257 crores of petro bond transfers, whereas the recently determined The UPA government artificially kept retail fuel prices lower but they achieved it by issuing long maturity dollar bonds for which even today interest payments are being made from taxpayers money (Refer Link# 5 for this). The biggest hit occurs in the year when the principal payments become due. The oil bonds issued by the government typically have maturities of ranging between 5-7 years, although maturities can be up to 20 years. Oil companies used these bonds to sell them in the bond markets or to use as collateral to raise cash. But there were several issues with them.

The UPA government had issued oil bonds worth Rs 1.4 lakh crore between 2005-06 to 2008-09, to compensate OMCs who incurred under recoveries to the count of Rs 2.9 lakh crore owing to high

6 Dec 2018 BJP leaders said the Modi government repaid ₹1.5 lakh crore worth of oil bonds which were issued during the previous UPA government. 26 Jun 2018 The NDA government repaid over Rs 2 lakh crore, including Rs 70000 crore interest, which was taken as loan through oil bonds by the 

14 Sep 2018 But the subsequent NDA government have to pay the principal amount and almost 70,000 crore interest on these oil bonds. “Congress party 

12 Aug 2014 What's Oil companies' under-recovery on petrol,diesel,LPG? Earlier UPA Government had changed no. of subsidized LPGs to 6, then 9 and finally 12. So, Government would compensate by giving them “oil bonds”. 29 Jan 2020 Junk-rated energy bonds have plummeted after the spread of coronavirus hit oil prices, highlighting the strains on a sector that already led US  5 Jun 2008 The customs duty on other petroleum products like aviation turbine fuel the tune of Rs 65,000 crore and oil bonds worth Rs 95,000 crore will be issued. allies within the ruling UPA government like the Rashtriya Janata Dal  The UPA-2 paid a total of Rs 53,163 crore in interest for oil bonds in the 5-year of the period between 2009-10 and 2013-14. On the other hand, the current NDA government paid a total of Rs 40,225 crore in the 4 year period between 2014-15 and 2017-18. Oil bonds are a kind of special securities issued by the government of India to public entities like oil marketing companies, Food Corporation of India and fertiliser companies as a substitute for cash subsidies, according to a Reserve Bank of India report.

30 Dec 2018 End of September, when Brent crude oil prices breached $80 a barrel, More importantly, the Narendra Modi-led ruling NDA government faces 2 lakh crore raised through oil bonds during the previous government's time, 

The UPA government had issued oil bonds worth Rs 1.4 lakh crore between 2005-06 to 2008-09, to compensate OMCs who incurred under recoveries to the count of Rs 2.9 lakh crore owing to high The UPA government had issued oil bonds worth Rs 1.4 lakh crore between 2005-06 to 2008-09, to compensate OMCs who incurred under recoveries to the count of Rs 2.9 lakh crore owing to high international crude oil prices and the regulation of oil prices by the government, according to the Expert Committee report under Kirit Parikh. (Note: Under-recoveries are difference between the price at which the crude oil is purchased internationally and the retail selling price of refined petroleum Also, interest paid on oil bonds between 2014-18 is Rs 40,226 crore. Piyush Goyal plans to roll out incentives for digital transactions on a trial basis. Finance Minister Piyush Goyal said on Tuesday that National Democratic Alliance (NDA) government has been servicing oil bonds issued by the previous UPA government. Notice, OMCs receive their dubious oil bonds in a very tardy manner: the end-February government budget owned up to only Rs 11,257 crores of petro bond transfers, whereas the recently determined The UPA government artificially kept retail fuel prices lower but they achieved it by issuing long maturity dollar bonds for which even today interest payments are being made from taxpayers money (Refer Link# 5 for this). The biggest hit occurs in the year when the principal payments become due. The oil bonds issued by the government typically have maturities of ranging between 5-7 years, although maturities can be up to 20 years. Oil companies used these bonds to sell them in the bond markets or to use as collateral to raise cash. But there were several issues with them. Oil bonds are a kind of special securities issued by the government of India to public entities like oil marketing companies, Food Corporation of India and fertiliser companies as a substitute for cash subsidies, according to a Reserve Bank of India report.

And, when funds proved quiteinadequate the exchequer issued oil bonds (that had long-term maturity commitments). Goyal says the NDA inherited Rs 1, 30,000 crore worth of oil bonds that will start Rs 1.3 lakh crore oil bond burden limits scope for tax cut. The oil price spike during the global economic boom may be history but the Centre is still dealing with unpaid subsidy bills of over Rs 1.3 lakh crore dating back to a decade, leaving the Narendra Modi government little fiscal headroom to reduce tax on petrol and diesel. Govt repaid over Rs 2 lakh crore on account of oil bonds taken: Pradhan. The NDA government repaid over Rs 2 lakh crore, including Rs 70,000 crore interest, which was taken as a loan through oil bonds by the previous Congress government at the Centre, Union Petroleum & Natural Gas Minister Dharmendra Pradhan said today.