News Brief | February 2016
Govt waives customs duty on goods for idle fields of ONGC, OIL
The government has waived customs duty on import of goods for producing oil and gas from 69 idle fields of state-owned ONGC and Oil India Ltd that will be auctioned this year.
In a notification, the Revenue Department said ´nil´ customs duty will apply to goods imported ¨in connection with petroleum operations undertaken under specified contracts under the Marginal Field Policy (MFP)¨.
The Union Cabinet had on September 2 last year approved MFP to bring idle fields of ONGC and OIL to production at the earliest so as to augment domestic production of oil and gas.