Oil bonds during upa
BJP’s official twitter handle posted an infographic which said that the current government repaid more than ₹ 1.3 lakh crore worth oil bonds which were issued during the previous UPA government. RTI response from PPAC under the Ministry of Petroleum, confirms that the Modi government repaid only ₹ 3,500 crore worth oil bonds while bonds worth more than ₹ 1.3 lakh crore are still pending. UPA-2 paid a total of ₹53,163 crore in interest for oil bonds in the five-year period between 2009-10 and 2013-14.\\r\\n\\r\\nOn the other hand, the current NDA government paid a total of ₹40,225 crore in the four-year period between 2014-15 and 2017-18. The interest on these oil bonds paid by the BJP-led National Democratic Alliance during 2014-’18 amounts to Rs 40,226 crore, said Piyush Goyal in June 2018. The current government had inherited an outstanding bill of Rs 1.3 lakh crore because of oil bonds. Out of the Rs 1.44 lakh crore bonds issued by UPA, only two bonds worth Rs 3,500 crore matured during NDA’s term. 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 Oil bonds were invented more than a decade ago during the tenure of the United Front government when the present finance minister was serving in the same post. Arguably, they might have been a clever way of keeping rising petroleum subsidies off the government's budget books during a temporary spurt in world oil prices. The NDA government repaid over Rs 2 lakh crore, including Rs 70,000 crore interest, which was taken as loan through oil bonds by the previous Congress government at the Centre, Union Petroleum
14 Feb 2019 Even the previous NDA government under Atal Bihari Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance
16 Sep 2018 Oil bonds are a kind of special securities issued by the government of India to public entities like oil marketing companies, Food Corporation of 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. 21 Sep 2018 Even the previous NDA government under Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance Minister, 14 Feb 2019 Even the previous NDA government under Atal Bihari Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance 26 Jun 2018 The NDA government repaid over Rs 2 lakh crore, including Rs taken as loan through oil bonds by the previous Congress government at the
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
21 Sep 2018 Even the previous NDA government under Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance Minister, 14 Feb 2019 Even the previous NDA government under Atal Bihari Vajpayee issued oil bonds. In his budget speech of the 2002-03 budget, the then Finance 26 Jun 2018 The NDA government repaid over Rs 2 lakh crore, including Rs taken as loan through oil bonds by the previous Congress government at the 26 Jun 2018 India Business News: The NDA government repaid over Rs 2 lakh crore as a loan through oil bonds by the previous Congress government at Reality: The figure is around 43,000 crore in unpaid dues to Iran for the period Hence UPA issued oil bonds worth 1.4 lakh crs outstanding as of2014 to control 11 Feb 2020 "Oil bonds worth a total of Rs 1.40 lakh crore, or 1.9 per cent of the GDP, was issued during the UPA regime to subsidise the oil prices and its
That’s nearly three times the current year’s central outlay for NREGA, the flagship social security scheme of the UPA. But even Rs1,12,592 crore wasn’t enough to staunch the bleeding of Indian Oil, BPCL and HPCL.
Reality: The figure is around 43,000 crore in unpaid dues to Iran for the period Hence UPA issued oil bonds worth 1.4 lakh crs outstanding as of2014 to control
UPA-2 paid a total of ₹53,163 crore in interest for oil bonds in the five-year period between 2009-10 and 2013-14.\\r\\n\\r\\nOn the other hand, the current NDA government paid a total of ₹40,225 crore in the four-year period between 2014-15 and 2017-18.
An ‘oil bond’ is not money, it’s just a promise that the government will pay them in the future, preferably under a different ruling party that will be left to bear the brunt. Think of it as the UPA paying for oil with a post-dated check. Only worse, because when you issue a bond, you also have to pay interest on it. Also, interest paid on oil bonds between 2014-18 is Rs 40,226 crore. Goyal criticised the UPA government pointing out that central sales taxes reimbursement to states had not been paid for years by the UPA. We have inherited 1 lakh 30 thousand crores of oil bonds which are unpaid bills of oil companies from 2009-14. In the face of widespread criticism over its decision to tax petroleum products heavily, interim finance minister, Piyush Goyal blamed the UPA and its mismanagement of finances. Under UPA 2 petro We have inherited 1 lakh 30 thousand crores of oil bonds which are unpaid bills of oil companies from 2009-14, says Goyal. Union Minister Piyush Goyal said on Tuesday that oil bonds issued by the previous UPA government are being serviced currently by the National Democratic Alliance Many BJP leaders including the petroleum minister were quoted as saying that the current government repaid more than Rs 1.5 lakh crore worth oil bonds which were issued during the previous UPA
An ‘oil bond’ is not money, it’s just a promise that the government will pay them in the future, preferably under a different ruling party that will be left to bear the brunt. Think of it as the UPA paying for oil with a post-dated check. Only worse, because when you issue a bond, you also have to pay interest on it. Also, interest paid on oil bonds between 2014-18 is Rs 40,226 crore. Goyal criticised the UPA government pointing out that central sales taxes reimbursement to states had not been paid for years by the UPA. We have inherited 1 lakh 30 thousand crores of oil bonds which are unpaid bills of oil companies from 2009-14. In the face of widespread criticism over its decision to tax petroleum products heavily, interim finance minister, Piyush Goyal blamed the UPA and its mismanagement of finances. Under UPA 2 petro