AI,pilot agencies to discuss wage cut MUMBAI: Air India has convened a meeting of foreign pilots recruitment agencies on Wednesday to discuss its proposal to slash wages by 10 per cent,in its bid to reduce costs and the differences between the pay packets of Indian and foreign pilots. The meeting comes in the backdrop of the agencies opposing any unilateral move on lowering foreign pilots wages and allowances and demanding negotiations before any such decision being implemented. ONGC seeks windfall tax on crude oil NEW DELHI: Opposing the present ad-hoc subsidy regime,ONGC has suggested that a Special Oil Tax (SOT) or Windfall Tax to be levied on crude oil producers if their produce fetched any price over $60 per barrel. In a presentation to the Expert Group of Pricing of Petroleum Products headed by Kirit Parikh,ONGC said 20 per cent of the incremental price over $60 per barrel can be taken as tax to subsidies petrol,diesel,LPG and kerosene. Debit card payment rises 40 pc in April-Oct MUMBAI: Payments made through debit cards rose around 40 per cent to Rs 14,598 crore in the first seven months of the current fiscal compared to the corresponding period last year,indicating a spurt in economic activities. Analysts said the rise is on expected lines as financial condition has improved. However,transactions made through credit card declined over 12 per cent to Rs 34,993 crore. Import duty on MPP equipment halved NEW DELHI: The government has halved the duty on import of equipment used for mega power projects to 2.5 per cent to boost electricity supply. A recent notification issued by the Central Board for Customs and Excise says that customs duty are now placed at 2.5 per cent on goods required for setting of any mega power project. Such equipment were attracting an import duty of 5 per cent earlier. Insurance: New biz premium dips MUMBAI: New business premium in the life insurance sector has dipped on the back of moderation in ULIP sales. The sector has been hit by emaciated risk appetite at the retail level,resulting in moderation in demand for new ULIPs,a report said. The impact was felt more by private insurers as they started consolidating their distribution infrastructure,to align operating efficiencies to long-term operating assumptions. Crisil downgrades Tamil Nadu corp MUMBAI: Rating firm Crisil has downgraded its rating on Tamil Nadu Industrial Development Corporation Ltds (TIDCOs) fixed deposit programme to FA from FA+. The downgrade reflects Crisils expectation of deterioration in the Tamil Nadu governments financial risk profile,given the likely increase in its financial support to loss-making state-owned entities. The TN government wholly owns TIDCO.
