LPG rate rises by Rs 3 per Cylinder

Rates of subsidised cooking gas (LPG) have been hiked by Rs 3 per cylinder after the government raised the commission paid to dealers.

The commission paid to dealers was hiked by Rs 3 per 14.2-kg cylinder to Rs 43.71 last week. Consequently, retail selling price of subsidised LPG (Liquefied Petroleum Gas) too have been increased in the same proportion, officials said.

Subsidised LPG in the national capital will now cost Rs 417 per 14.2-kg cylinder as against Rs 414 previously.

In Mumbai, subsidised LPG will cost Rs 452 per 14.2-kg cylinder as against Rs 448.50 previously.

The increase in commission, which as per practice is passed on to consumers, has been effected from October 23. The decision will benefit 13,896 LPG distributors across the country.

The commission of dealers was last revised in December 2013 when it was hiked by Rs 3.46 per cylinder to Rs 40.71.

Prior to the December hike in LPG rates, price of cooking gaswas raised in October 2012, from Rs 399 per cylinder to Rs 410.50, due to an increase in dealers' commission.

Commission of dealers has also resulted in the rate of non-subsidised LPG - which a consumer buys after consuming his quota of 12 cylinders at below-market rates - being hiked to Rs 883.50 per 14.2-kg bottle from the previous rate of Rs 880

Gold trader denies having Swiss bank account - Black Money

Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.

"I have no account in the Swiss bank. I have no foreign bank account. I came to know about this from media.... I am shocked," Lodhya said.

"I have declared all my wealth before the Income Tax department," he said.

Replying to a question on his future course of action, Lodhya said, "We will cooperate with all the authorities and legal procedure will be followed by us."

Lodhya is the owner of Rajkot-based Shreeji Trading Company, which is involved in bullion trading. It has business links in all major cities of the country for gold trading.

The firm offers wholesale delivery of bullion to domestic users like ornament manufacturers, goldsmiths, jewellers and semi-wholesalers.

The group, established 15 years ago, has branch networks in Ahmedabad, New Delhi, Jaipur, Raipur, Indore and Bangalore, its website said.

It has two subsidiaries - Shreeji Ornaments Pvt Ltd and Shreeji Realty.

Lodhya's firm also started a spot precious metal online trading system called Shreeji Spot in 2008.

The central government today filed an affidavit before the Supreme Court in the black money case, naming three prominent businessmen Pradip Burman, formerly of Dabur group, Goa-based miner Radha S Timblo and Lodhya.

The Centre told the court that it had no intention to withhold names of persons who have stashed black money abroad and stated that information received from foreign countries will be disclosed in all cases where tax evasion is established.