Reliance calls govt's â¹19,300 cr demand in oil row premature
Reliance Industries has termed the government's demand for a penalty of $3 billion (â¹19,300 crore) from contractors of PMT oil fields 'premature', as the legal process is still pending. An arbitration panel earlier upheld that profit from the fields should be calculated after deducting prevailing tax of 33%, and not the 50% rate earlier, increasing government's share of profit petroleum.