Cab­i­net Lib­er­alises Oil Pur­chase Rules

Ap­proves lib­er­al­i­sa­tion of spec­trum in some re­gions, also gives more fis­cal free­dom to well-run states

The Economic Times - - Sports - Our Bureau

New Delhi: The cab­i­net has lib­er­alised the crude oil pur­chase rules for state firms, which can help them grab cheap car­goes with the help of mod­ern, flex­i­ble trad­ing prac­tices that save costs sub­stan­tially, in­stead of be­ing tied down by rigid rules framed in 1979.

The cab­i­net also ap­proved lib­er­al­i­sa­tion of spec­trum in some states, paving the way for Re­liance Com­mu­ni­ca­tions to share or trade band­width with Re­liance Jio In­fo­comm.

Fur­ther, it al­lowed more fis­cal free­dom for well-man­aged states, raised fund­ing for ex­ports to Iran to .₹ 3,000 crore, cleared a .₹ 1,622 crore high­way project in Kar­nataka and ap­proved con­ver­sion of Andrew Yule & Co’s .₹ 29.91 crore loan into eq­uity, paving the way for stake sale.

A se­nior gov­ern­ment of­fi­cial said the lib­er­al­i­sa­tion of oil im­port norms had the back­ing of Prime Min­is­ter Naren­dra Modi.

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