Page 13 - BANKING FINANCE APRIL 2017

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NTPC installs largest Centre cuts base import price of edible oils
floating solar PV plant The Centre has cut the base import price of all edible oils, the Central Board of
Excise and Customs said in a notification. The
NTPC has installed India's largest
steepest cut, of $33 a trillion, was made in the
f l o a ti n g
base import price of crude soyoil. The base im-
solar pho- port price of crude soyoil is now at $814 per
tovoltaic trillion.
(PV) plant
at Rajiv Base import price of crude palm oil was cut by
Gandhi Combined Cycle Power Plant $30 per trillion to $784 per trillion while base
(RGCCPP) at Kayamkulam in Kerala. import price of crude palmolein and refined, bleached, and de-odorised palmolein
were cut by $11 a trillion each.
"A 100 kWp (kilowatt peak) floating
solar PV plant, the largest of its kind Base import prices of edible oils are revised every fortnight, based on movement
in India as on date, indigenously de- in the international market and changes in the foreign exchange rate. The prices
veloped as a part of 'Make In India' were last revised on February 15. India is a net importer of edible oils. In 2015-
initiative, was inaugurated by A K Jha, 16 (Nov-Oct), India imported a record 14.6 million tonnes of edible oils.
Director (Technical) NTPC," the com-
pany said. The floating platform has Note ban will have long-term benefits: OECD
been indigenously developed by Demonetisation of high-value currency notes by
NETRA (NTPC Energy Technology the Indian government will have long-term ben-
Research Alliance), the R&D arm of efits and complement other initiatives taken by
NTPC, in collaboration with Central the government to fight black money and reduce
Institute of Plastic Engineering & tax evasion, the Organisation for Economic Co-
Technology (CIPET), Chennai. operation and Development (OECD) said.
In its Economic Survey for India, the body of rich countries said implementing
Despite note ban, GDP demonetisation will have a transitory impact with short-term costs. "The shift
grows at 7.1% towards a less-cash economy and formalization should, however, improve the
financing of the economy and availability of loans and should promote tax com-
pliance", the survey quoted.

Show cause notice to 1018 companies for violating

CSR norms
The government has delivered show-cause notices to 1,018 companies in 2014-
15 for violating corporate social responsi-
bility (CSR) norms under the Companies
Contradicting the fears, that demon-
Act, 2013.
etization would have a severe impact
on economic activity, India's According to the Act, a certain class of
economy expanded by 7% in the profitable companies has to shell out at
third quarter of this financial year. least 2 per cent of their three-year annual
The Central Statistics Office has re- average net profit toward the listed CSR
tained the growth projection for the activities. In case of failure to spend the amount, the companies need to pro-
current fiscal at 7.1%, as projected in vide explanations to the government. The year 2014-15 was the first year of
the first advance estimate in January. implementation of CSR by companies under the Companies Act, 2013.
It has also marginally raised the GDP According to the assessment of CSR expenditure of 7,334 companies for 2014-
estimates for the first and the second 15 and 5,097 companies for 2015-16, as many as 12,431 companies shelled out
quarters to 7.2% and 7.4%. Rs 18,625 crore towards CSR activities in the past two financial years.

BANKING FINANCE | APRIL | 2017 | 13

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