Pankaj Chaudhary, the Minister of State for Finance told the Parliament, that India currently has the fourth largest foreign exchange reserves in the world worth US$ 640 billion on November 19, 2021. Replying to another question, he said the details of the holders of P-Notes / offshore derivative instruments (ODIs) as well as beneficial owners of holders of ODIs, identified in terms of Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, are reported to Sebi monthly by ODI issuing foreign portfolio investors (FPIs). Further, ODI-issuing FPIs are required to always maintain KYC regarding ODI subscribers.
To another question he replied that the total excise duty, including cesses collected from petroleum products, during the past seven financial years (2014-15 to 2020-21) stood at about Rs. 16.7 lakh crore (US$ 221.8 billion). The total excise duty on unbranded petrol and unbranded diesel increased from Rs. 9.2 (US$ 0.12) per litre and Rs. 3.46 (US$ 0.05) per litre respectively to Rs 27.9 (US$ 0.37) per litre and Rs 21.80 (US$ 0.29) per litre respectively, today. The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the prevalent fiscal situation.
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