Cash-strapped oil firms seek $4-bn forex loan from RBI

Anupama Airy
Posted: Tuesday, Aug 26, 2008 at 0200 hrs IST
Updated: Tuesday, Aug 26, 2008 at 0200 hrs IST

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New Delhi, Aug 25: in December 2008. In order to reduce such borrowings, the oil companies have asked the government to issue oil bonds on a monthly basis after the release of bonds in October.

The oil companies have already told the petroleum ministry that if the oil bonds are not issued on time, payment of advance income tax would have to be made only on the basis of their cash profit (in other words, excluding oil bonds). Moreover, the three firms have also decided to defer payments to be made to ONGC, OIL, GAIL and MRPL for crude and product purchases. Furthermore, they have asked the government to defer excise duty payments without any interest or penalty....

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Cash-strapped oil firms seek $4-bn forex loan from RBI

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