Just 448 entities withdrew Rs 100 cr each led govt to slap

first_imgNew Delhi: Just 448 entities withdrew over Rs 100 crore each taking the cumulative withdrawal to Rs 5.56 lakh crore in cash from bank accounts in one year, prompting the government to clamp down with a TDS on withdrawals of more than Rs 1 crore. Almost 2 lakh individuals and business entities withdrew more than Rs 1 crore in cash from bank accounts in 2017-18, official data showed. These entities had cumulatively withdrawn over Rs 11.31 lakh crore. Also Read – Maruti cuts production for 8th straight month in SepFinance Minister Nirmala Sitharaman in her Budget speech said “To discourage the practice of making business payments in cash, I propose to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account . Over 1.03 lakh entities made cash withdrawals in the range of Rs 1-2 crore in 2017-18, totalling more than Rs 1.43 lakh crore. While 58,160 entities have cumulatively withdrawn cash over Rs 1.75 lakh crore in the range of Rs 2-5 crore, as many as 14,552 have withdrawn a total of Rs 98,900 crore in the range of Rs 5-10 crore.last_img read more

Vale revises 2009 capex budget down from 14235 billion to 9 billion

first_imgCompanhia Vale do Rio Doce (Vale) has approved the downward revision of its investment budget for 2009, basically reflecting the change in the average price of currencies in which its expected disbursement are denominated, revised equipment and implementation costs, delays mainly associated with environmental licences, and simplification or change in the scope of certain projects. The main projects in terms of financial disbursements in 2009 are: maritime shuttle service ($595 million), Goro (nickel – $520 million), Carajás 130 Mt/y (iron ore – $455 million), Onça Puma (nickel – $435 million), Salobo (copper – $375 million), Oman (iron ore pelletising plant – $353 million), Moatize (coal $319 million), Bayóvar (phosphate – $308 million), Tubarão VIII (iron ore pelletising plant – $230 million), and Serra Sul – mine S11D (iron ore – $233 million).According to the revised capex budget, $6.961 billion is to be invested in organic growth, of which $5.930 billion is on projects and $1.031 billion on research & development (R&D). The maintenance of existing operations has been estimated at $2.074 billion. Regarding commodities, $3.109 billion will be invested in non-ferrous minerals, representing 34.4% of the total capex for 2009, while ferrous minerals will receive investment of $2.302 billion, 25.5% of total capex. Expenditures in infrastructure include $630 million in power generation and $1.858 billion in logistics, in which the bulk will be dedicated to support plans to expand iron ore production capacity. Vale plans to invest $578 million in the coal business in 2009.Carajás 130 Mt/y will add 30 Mt/y to current capacity. It comprises investments in the installation of a new plant, composed of primary crushing, processing and classification units and significant investments in logistics. The purchase of equipment and work on the fourth car dumper and stockyards is already under way. Start-up is planned for first half of 2011, depending on concession of environmental licenses.Another project at Carajás will add 10 Mt/y of iron ore to the current capacity. It involves investment in overhauling a dry plant and the acquisition of a new one. Start-up expected for second half of 2009.At Carajás Serra Sul (mine S11D), located on the Southern range of Carajás, in the Brazilian state of Pará, this project will have a capacity of 90 Mt/y. Completion is scheduled for first half 2013 subject to obtaining the environmental licences. The project is still subject to approval by the Board of Directors.Apolo project in the Southeastern System with a production capacity of 24 Mt/y of iron ore. Start-up expected for first half 2013, subject to market conditions. The project is still subject to approval by the Board of Directors.Southeastern Corridor – expansion of the Vitória a Minas Railroad (EFVM) and the port of Tubarão. Conclusion planned for second half 2009.Tubarão VIII – pelletising plant to be built at the port of Tubarão, in the Brazilian state of Espírito Santo, with a 7.5 Mt/y capacity. Completion originally scheduled for first half 2011, subject to market conditions.Oman – project for the construction of a pelletising plant in the Sohar industrial district, Oman, in the Middle East, for the production of 9 Mt/y of direct reduction pellets and a distribution centre with capacity to handle 40 Mt/y. Start-up planned for second half 2010.Litorânea Sul – this railroad will be 165 km long and will give access to the port of Ubu in the state of Espírito Santo. Completion of investments is scheduled for first half 2012. It is subject to approval by the Board of Directors.Onça Puma will have a nominal production capacity of 58,000 t/y of nickel as ferronickel, its final product. Conclusion originally planned for 1H10, and start-up depends on market conditions. Goro will have a nominal production capacity of 60,000 t/y of nickel oxide sinter and 4,600 t of cobalt. Conclusion scheduled for second half 2009 and ramp-up period is originally planned for three years, depending on market conditions. Totten mine in Sudbury, Canada, is aiming to produce 8,200 t/y of nickel, copper and precious metals as by-products. The project is being implemented and conclusion planned for first half 2011, subject to market conditions.Salobo will have an annual production capacity of 127,000 t of copper in concentrate. Project implementation under way and civil engineering has started. Conclusion of work scheduled for first half 2011, subject to market conditions. The Salobo expansion will raise annual production capacity from 127.000 to 254,000 t of copper in concentrate. Conclusion is estimated for second half 2013, subject to market conditions. Tres Valles is located in the Coquimbo region in Chile, with an annual production capacity of 18,000 t of copper cathode. Conclusion expected for first half 2010.The Bayóvar open-pit mine in Peru with nominal capacity of 3.9 Mt/y of phosphate is progressing. The main implementation license has been obtained. Project under implementation with conclusion scheduled for second half 2010.CAP, the new alumina refinery will be located in Barcarena, in the Brazilian state of Pará. The plant will have a production capacity of 1.86 Mt/y of alumina, with potential for a future expansion to produce up to 7.4 Mt/y. Completion is expected in second half 2012. The third phase, Paragominas III, will add 4.95 Mt/y of bauxite to existing capacity and completion is scheduled for second half 2012.Expansion of the Carborough Downs underground coal mine in Central Queensland, Australia, includes the installation of a longwall and the duplication of the coal handling and preparation plant (CHPP) to be concluded in second half 2009. It will allow the mine to achieve 4.4 Mt/y capacity in 2011. At Moatize in Mozambique the new mine will have a production capacity of 11 Mt/y, of which 8.5 Mt will be metallurgical coal and 2.5 Mt thermal coal. Completion is currently scheduled for second half 2010. Barcarena is a project to construct a coal fired power plant with installed capacity of 600 MW in Barcarena, state of Pará, Brazil. ANEEL concession was granted in July 2008 but work depends on obtaining the environmental license to start. Completion planned for the end of second half 2011.The Karebbe hydroelectric power plant in Sulawesi, Indonesia, aims to supply 90 MW for the Indonesian operations, targeting production cost reduction by substitution of oil as fuel. Work started and main equipment purchased. Scheduled to start up in first half 2011. The Estreito hydroelectric power plant on the Tocantins river, between the states of Maranhão and Tocantins, Brazil, has already obtained the implementation licence, and is being built. Vale has a 30% share in the consortium that will build and operate the plant, which will have a capacity of 1,087 MW. Completion is planned for second half 2010.last_img read more