CAG pulls up Odisha govt over Rs 112 cr royalty shortfall on coal

The Comptroller and Auditor

General (CAG) of India has pulled up the for non-inclusion of sizing charges in the Run-of-Mine price of coal during assessment, resulting in short levy of royalty of Rs 112.26 crore.

Mines and Minerals (Development and Regulation) Act, 1957, provides that the holder of a mining lease shall pay royalty in respect of any mineral removed or consumed by him from a lease area at the specified rate, the said in its report on revenue sector for the year ended March 2018.

In terms of a 2012 notification of the Ministry of Coal, royalty on coal is leviable at the flat rate of 14 per cent ad-valorem on the price of coal as reflected in the invoice excluding taxes, levies and other charges, said the report tabled in the Odisha Assembly on Tuesday.

As per the notification of Coal India Limited of December 2013 on price of coal, if the top size of coal is limited to 100 millimetres through manual facilities or mechanical means, sizing charge at the rate of Rs 79 per tonne shall be added to the price applicable

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Festival season sales: Over 50% consumers to shop online, says survey

About 51 per cent of consumers doing festive shopping this year will use e-commerce sites and apps as their primary channel, a sizable change from previous years, according to a survey by community platform LocalCircles. In September 2019 survey of LocalCircles, only 27 per cent of those planning festive spending had indicated using e-commerce sites as their primary channel for shopping.

Covid-19 has had a deep impact on the Indian economy and its businesses. The country has crossed 6 million positive cases. LocalCircles said many businesses have been struggling due to the reduced sales and flattened revenues, but the festive season is likely to throw them a lifeline.

The months of October and November are considered as festive months in India. People usually spend on major purchases during this time. New vehicles, consumer electronics, whitegoods, apparel, gifts for the family and home furnishing upgrades are some areas where Indians spend during the festive season.

Over the last few months, an increasing number of consumers have been shopping online to get things delivered at home. The primary reason for this is to reduce their exposure to crowded markets and protect

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North Cyprus To Open Disputed ‘Ghost Town’ With Turkish Backing

Authorities in breakaway northern Cyprus are to open the coastal section of the long-fenced-off disputed town of Varosha, a Turkish Cypriot leader announced Tuesday ahead of elections at the weekend.

The internationally-recognised government of the divided Mediterranean island swiftly condemned the decision as a “pre-election stunt” and said it would lodge protests to the UN Security Council and European Union.

Speaking after a meeting in Ankara with Turkey’s President Recep Tayyip Erdogan, Turkish Cypriot premier Ersin Tatar told reporters that “the coast will open to the public from Thursday morning”.

EU foreign policy chief Josep Borrell said the bloc was “very concerned” about the announcement concerning Varosha — part of the wider Famagusta area — and stressed the “urgency of restoring confidence and not of creating greater divisions.”

The Turkish army has kept Varosha fenced off since its Greek Cypriot residents fled when it invaded northern Cyprus in 1974 in response to an Athens-engineered coup attempting to unite the island with Greece.

Backed by Ankara, right-winger Tatar is running in Sunday’s presidential election in northern Cyprus against the incumbent, Mustafa Akinci, seen as a pro-reunification moderate.

Turkey, the only country that recognises the self-proclaimed Turkish Republic of Northern Cyprus (TRNC),

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