Business, Economy & Banking Current Affairs - 2019
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The Investor Education and Protection Fund (IEPF) Authority in a major success has recovered deposits worth Rs 1,514 crore from Kolkata-based Peerless General Finance and Investment Company. This money of depositors was pending with the company for the last 15 years.
Investor Education and Protection Fund Authority
- Investor Education and Protection Fund (IEPF) was established by the central government under Section 125 of Companies Act 2013.
- It is a statutory body established under the Ministry of Corporate Affairs.
- The Secretary in the Ministry of Corporate Affairs is the Chairperson of IEPF.
- The authority aims to administer the Investor Education and Protection Fund with the objective of promoting Investor’s Education, Awareness and Protection.
- It is empowered to undertake various initiatives to fulfil its objectives through Investor Awareness Programmes and various other mediums like print, Electronic, Social Media and Community Radio.
Further to enhance its reach, the IEPF Authority is also in the process of commissioning an online facility to collect primary information directly from retail investors about the deposits which have matured and are still pending with various entities for repayment or payment of interests.
In the backdrop of the US refusal to extend the sanctions waiver for India to import crude from Iran, the Ministry of Petroleum and Natural Gas has taken steps necessary steps to end the imports from Iran.
Even though India has urged the US to restore the sanction waivers it has decided to not to proceed with the purchase as the oil trade cannot happen in anticipation.
Ministry of Petroleum and Natural Gas has stated that a robust plan for an adequate supply of crude oil to Indian refineries is in place. It has been stated that shortfall will be met through alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.
Meeting the Shortfall
India which is the world’s third-biggest oil consumer meets more than 80 per cent of its oil needs through imports. In 2017-18, Iran was India’s third-largest supplier after Iraq and Saudi Arabia and about 10 per cent of total needs were met through imports from Iran.
India can avail optional volumes (over and above the term contracts) from a number of suppliers which it can exercise to make up for any shortfall from Iran. India also plans to avail the route of spot market to source crude.
But the cause of concern is more related to prices in India. When President Trump had first pulled out of the nuclear deal, oil shot up to over USD 85 a barrel and it fell to near USD 50 after the US administration unexpectedly granted the waivers.