Reliance, Shell, ONGC fined â¹19,300 crore in oil field row
The government has ordered Reliance Industries, Shell, and ONGC to pay $3 billion (â¹19,300 crore) in penalty following an arbitration award in the PMT oil field dispute. The arbitration panel upheld that profit from the fields should be calculated after deducting prevailing tax of 33%, and not the 50% rate earlier. This will increase the government's share of profit petroleum.