Finmin turns down oil ministry plea for Rs 1 lakh cr cess pool

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SummaryThe finance ministry has once again turned down the oil ministryís request to release the R1 lakh crore

the licensee is one of the NOCs. The cess is not levied on production from NELP blocks..

The affected parties are public sector majors ONGC and Oil India Limited (OIL), which hold nomination and pre-NELP blocks. Cairn India is the only private company that is paying a cess as a contractor under a pre-NELP block in Rajasthan. In 2012-13, ONGC contributed Rs 9,997 crore while Cairn paid Rs 2,808 crore and OIL around Rs 1,800 crore.

The Comptroller and Auditor General of India, in its audit report on the accounts of the OIDB for the year ended March 31, 2012, pointed out that the government failing to transfer the cess to OIDB is not in conformity with the objective of the establishment of OIDB and levy of excise duty under the provisions of the OID Act 1974.

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