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Strategic reserves-I: Foreign companies demand more concessions
Nov 25: The government has announced that ADNOC of UAE, Saudi Aramco of Saudi Arabia and Shell have expressed their interest in storing crude oil in India's strategic petroleum reserve facilities.
8To facilitate participation of foreign investors in filling up part of Mangalore storage facility,  the government has gone on to inserted Section 10 48(A) in the Income Tax Act providing for exemption from income tax to a notified foreign oil company.
8But these companies are seeking a long list of other concessions.
If their demands are met, a long list of other amendments may be needed in:
--Service Tax
--Income Tax
--Customs Act
--GST Act
--FEMA provisions
--Local Acts
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