For the seventh consecutive year, PetroFed organised its annual Senior Management Meet on ‘Implications of Union Budget on the Oil & Gas Industry’ on the day after presentation of the Union Budget in the Parliament by the Hon’ble Finance Minister in knowledge partnership with member company PricewaterhouseCoopers (PwC) at New Delhi. The seminar on July 07, 2009 was chaired by Shri T.N.R. Rao, former Secretary, MoP&NG and the keynote address was delivered by Prof. B.B. Bhattacharya, Vice Chancellor, Jawaharlal Nehru University on ‘Recovery of Indian Economy in the Context of the Budget’. The participants were earlier welcomed by Shri A.K. Arora, Director General, PetroFed.

The detailed implications of the Union Budget on the Oil and Gas Sector for Direct Tax and Indirect Tax were presented by PwC Executive Directors Shri Rahul Garg and Shri S. Madhavan respectively.

The industry perspective for the downstream, upstream and gas sector respectively were presented by the Directors (Finance) of IndianOil, Shri S.V. Narasimhan; Shri D.K. Sarraf, ONGC; and Shri R.K. Goel, GAIL. The question and answer witnessed healthy debate on implications of some of the recent provisions.

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