Furnace Oil Product Note

Transcription

1 CHAPTER 1 - TRADING PARAMETERS...2 Authority...2 Unit of Trading...2 Months Traded In...2 Tick Size...2 Basis Price...2 Unit for Price Quotation...2 Hours of Trading...2 Last Day of Trading...2 Mark to Market...3 Position limits...3 Margin Requirements...3 Special Margin...3 Delivery Margins...3 Penalty for cash settlement...3 Arbitration...3 CHAPTER 2 - DELIVERY PROCEDURES...4 Unit of Delivery...4 Delivery Size...4 Electronic Transfer...4 Accredited Storage House...4 Dematerialization/ Rematerialization...4 Delivery Requests...6 Actual Delivery...7 Mode of Delivery...7 Charges...7 Quality Standards...8 Weight...8 Testing of Furnace Oil...8 Quality Testing Report...8 Duties & levies...9 Stamp Duty Taxes CHAPTER 3 - CLEARING AND SETTLEMENT Daily Settlement Daily Settlement Prices Final Settlement Prices Pay in and Pay out for daily settlement Pay in and Pay out for final physical settlement Exhibit 1 Contract Specifications of Furnace Oil Exhibit 2 - Warehouse & Assayer Address Details Exhibit 3 Defaults/ Good/ Bad delivery norms Exhibit 4 Specimen of Furnace Oil Testing Report Exhibit 4 Schedule of the Due Date/Expiry Date of Trading on Furnace Oil Futures

2 CHAPTER 1 - TRADING PARAMETERS Authority Trading of Furnace Oil futures may be conducted under such terms and conditions as specified in the Rules, Byelaws & Regulations and directions of the Exchange issued from time to time. A specimen of Furnace Oil futures contract specification is indicated in Exhibit 1. Unit of Trading The unit of trading shall be 10 MT. Bids and offers may be accepted in lots of 10 MT or multiples thereof. Months Traded In Trading in Furnace Oil futures may be conducted in the months as specified by the Exchange from time to time. Tick Size The tick size of the price of Furnace Oil shall be Re.1. Basis Price The basis price of Furnace Oil shall be ex-mumbai exclusive of all levies and taxes. The price would be inclusive of customs duty and exclusive of excise duty, sales tax and other local levies. Unit for Price Quotation The unit of price quotation for Furnace Oil shall be in Rupees per Metric Tons (MT). Hours of Trading The hours of trading for futures in Furnace Oil shall be as follows: Mondays through Fridays 10:00 a.m. to 11:30 p.m. Saturdays 10:00 a.m. to 2:00p.m. Expiry Date - 17 th day of the delivery month Or as determined by the Exchange from time to time. All timings are as per Indian Standard Timings (IST) Last Day of Trading Last day of trading shall be 17 th calendar day of contract month, if 17 th happens to be a holiday or a Saturday, then the previous working day. -2-

3 Mark to Market The outstanding positions in futures contract in Furnace Oil would be marked to market daily based on the Daily Settlement Price (DSP) as determined by the Exchange. Position limits At the commodity level, the member-wise position limit will be a maximum of 400,000 MT or 15% of market open position whichever is higher. The Client-wise position limit will be a maximum of 50,000 MT. Both position limits will be subject to NCDEX Regulations and directions from time to time. Margin Requirements NCDEX will use Value at Risk (VaR) based margin calculated at 99% confidence interval for one day time horizon. NCDEX reserves the right to change, reduce or levy any additional margins including any mark up margin. Special Margin Special margin of 3% of the value of the contract will be applied whenever the rise or fall in price from the first day s closing price is 20%. This is payable by buyer or seller depending on whether prices rise or fall respectively. The margins shall stay in force so long as price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band. Delivery Margins Delivery margins as may be determined by the Exchange from time to time will be charged. The delivery margins will be calculated based on the number of days required for completing the physical delivery settlement (the look-ahead period and the risks arising thereof). Penalty for cash settlement As all open positions on expiry will result in delivery the penalty for cash settlement is not applicable. Arbitration Disputes between the members of the Exchange inter-se and between members and constituents, arising out of or pertaining to trades done on NCDEX shall be settled through arbitration. The arbitration proceedings and appointment of arbitrators shall be as governed by the Bye-laws and Regulations of the Exchange. -3-

4 CHAPTER 2 - DELIVERY PROCEDURES Unit of Delivery The unit of delivery for Furnace Oil shall be 10 MT. Delivery Size Delivery is to be offered and accepted in lots of 10MT Net or multiples thereof. A quantity variation of +/- 1% by weight or 10 MT whichever is lower is permitted as per contract specification. Electronic Transfer Any buyer or seller receiving and or effecting Furnace Oil delivery would have to open a depository account with an NCDEX empanelled Depository Participant (DP) to hold the Furnace Oil in electronic form. On settlement, the buyer s account with the DP would be credited with the quantity of Furnace Oil received and the corresponding seller s account would be debited. The Buyer wanting to take physical delivery of the Furnace Oil holding has to make a request in prescribed form to his DP with whom depository account has been opened and follow the rematerialization process. Accredited Storage House NCDEX has made arrangements with various entities for storage and delivery of Furnace Oil. Furnace Oil will be delivered only from the NCDEX accredited storage houses. Sellers of Furnace Oil would have to arrange for the storage of Furnace Oil at the accredited storage houses. These storage houses are available for both domestic product as well as imported Furnace Oil. The details of the accredited storage houses and the contact details are provided in the Exhibit 2. For making deliveries the sellers must have Furnace Oil Stock at any of these storage houses which will be credited into their depository account in electronic form after following the procedure for dematerialization as given in this note. The seller would have to abide by various conditions of storage and delivery set by the storage house for such electronic (demat) credits. Dematerialization/ Rematerialization All participants who wish to give/ take physical deliveries of Furnace Oil need to be registered with the authorized suppliers of Furnace Oil such as oil refiners like Bharat Petroleum Corporation Limited, etc. and get a customer code for the same. The requirements for registration will be informed through a separate circular. For giving or taking physical delivery the participants have to fulfill all the requirements mentioned in the Solvent Raffinate and Slop (Acquisition, sale, Storage and Prevention of use in Automobiles) Order

5 Method of Registration Participants are required to send documents given as per the circular to the following address: National Collateral Management Services limited, 2 nd floor, Gayathri Towers, 954, Appasaheb Marathe Marg, Prabhadevi, Mumbai Tel: , Fax: Attn : Mr. B. Sri Rama Murthy. Mobile: sriram.murthy@ncmsl.com National Collateral Management Services Limited (NCMSL) will co-ordinate with the suppliers of Furnace Oil and inform the code to the clients by /Telephone or Courier. Participants may kindly note that it will take a minimum of 7 working days for the allotment of customer code after the receipt of documents by NCMSL. Dematerialisation Process Any registered person wanting to deliver on the Exchange platform will have to first get electronic credit in his demat account. For this the participants can also approach the accredited suppliers for buying the commodity and storing in the accredited storage house. This transaction will be a bilateral one between the participant and the accredited supplier like the BPCL/ Importer. The quantity bought should be in multiples of the deliverable lots of 10 MT. In case of sourcing from refiner like BPCL he will have to pay the full amount of the product to BPCL and the excise duty/ cess thereon. Then he will collect the commercial invoice and forward a copy of the same along with the CDF and the quality test report to NCMSL. On the basis of this NCMSL will arrange to raise the electronic credit in his demat account. In case of imported Furnace Oil the depositor will directly pay to the importer. Upon expiry of the contract all open positions shall result in physical delivery. CDF: Commodity Depository Form Withdrawal by the buyer It may be noted that in case of domestic Furnace Oil, the storage house will levy applicable storage charges, insurance etc. which along with the applicable conditions would be informed through a separate circular to the participants. If the buyer fails to lift the Furnace Oil before the end of the validity date the storage house may at their -5-

6 discretion allow the extension for picking up delivery for an extended period as mentioned in circular for which additional charges will be levied by the storage house which are to be paid by the buyer to NCMSL, before getting the delivery out authorization from them. Failure to lift delivery even after such extended period will allow storage house to dispose off such quantity at the price determined by them. On such disposal storage house will pass on the proceeds to NCMSL after deducting the storage and other incidental charges which will be considered to be final and conclusive. Rematerialization Process For Remat of electronic holding of Furnace Oil bought on the Exchange platform the buyer will first approach his Depository Participant (DP) with a completely filled Remat Request Form (available with DP) and get a Remat Request Number (RRN) and an acknowledgement from the DP. The buyer will now approach NCMSL with the DP s acknowledgement of Commodity Remat Form and the RRN in original for taking a Delivery Authorization and Delivery Schedule from NCMSL. The Delivery Authorisation will be valid upto the validity date mentioned in the commercial invoice of the seller and in all cases will be valid till the end the delivery month. The buyer will have to take this Delivery Authorisation to storage house for taking physical deliveries of furnace oil. The delivery schedule will be given for the operational convenience of the storage house and the buyers will have to make arrangements for taking deliveries as per the delivery schedule. In case of domestic oil, storage house will issue an excise invoice to the buying member on a sold to ship to basis. Shortages in actual delivery if any will be settled in cash. The buyer will receive the value for shortages in physical delivery from NCMSL after the end of deliveries. Accordingly, the difference in delivered quantity will be reported to the seller to be considered while raising the invoice. Invoicing of Deliveries All sellers would raise commercial invoices to the buyers within 5 working days from the actual deliveries received by the buyers. The details of actual deliveries would be intimated to the sellers by NCMSL. Delivery Requests The procedure for Furnace Oil delivery is based on the contract specifications as per Exhibit-I. All the open positions shall have to be compulsorily delivered either by giving delivery or taking delivery as the case may be. That is, upon expiry of the contract, any seller with open position shall give delivery of the commodity. The corresponding buyer with open position as matched by the process put in place by the Exchange shall be bound to settle by taking physical delivery. In the event of default by the seller to give delivery, he will be liable for penalty as may be prescribed by the Exchange from time to time. -6-

7 The buyers and sellers need to give their location preference through the front end of trading terminal. If the sellers fail to give the location preference then the allocation to the extent of his open position will be allocated to the base location. Actual Delivery Where Furnace Oil is sold for delivery in a specified month, the seller must have requisite electronic credit of such Furnace Oil holding in his Clearing Member s Pool Account before the scheduled time of pay in. The seller has to give instructions to his Depository Participant (DP) to transfer the credit from the depository account to the Clearing Member s Pool Account before the pay-in time. On settlement the buyer s Clearing Member s Pool Account would be credited with the said delivery quantity on pay out. The Clearing Member is expected to transfer the same to the buyer s depository account latest by next day. The buyer would be informed of the corresponding seller and the warehouse after the pay-in/ pay-out. To take actual physical delivery the buyer would have to follow the rematerialization procedure as given above. However, the buyer must take actual physical delivery of Furnace Oil before expiry of the validity date as indicated in the Delivery Authorization issued by NCMSL. Mode of Delivery The mode of delivery would be tank trucks. It would be the responsibility of the buyer to arrange for the mode of transportation and the same has to be placed at the said storage house. The delivery procedures/ safety parameters as specified by the storage house with regards for taking physical delivery would have to be followed. The Exchange reserves the right to change/ add the modes of delivery as and when required. Charges In case of Domestic Furnace Oil: The seller will be paying the charges to the storage house directly. These charges will be till the validity date of the commodity. After this date the buyer will have to bear and pay directly to NCMSL. Other demat incidental charges will be paid by seller/ buyer to the DP. In case of Imported Furnace Oil, storage charges as well as the DP related charges will be collected by the DPs. All charges and costs payable at the designated warehouse towards delivery of Furnace Oil including weighing, handling charges, storage etc. from the date of purchase from the supplier upto the date of payin & settlement shall be paid by the seller. All such charges shall be as specified by the warehouse from time to time. -7-

8 All charges and costs associated & including the storage, handling etc. after the pay out shall be borne by the buyer. No refund for warehouse charges paid by the seller for full validity period shall be given to the seller or buyer for delivery earlier than the validity period. Quality Standards The contract quality for delivery of Furnace Oil futures contracts made under NCDEX Regulations shall be Furnace Oil conforming to the quality specification indicated in the contract. No lower grade/ quality shall be accepted in satisfaction of futures contracts for delivery except as and to the extent provided in the contract specifications. Delivery of higher grade would be accepted without premium. Weight The quantity of Furnace Oil received and/ or delivered at the NCDEX accredited storage house would be determined/ calculated by the weighbridge/ weigh scale at the premises of the designated storage house and the quantity so determined would be binding on all parties. Testing of Furnace Oil The accredited storage houses would provide the quality test certificate to all the buyers of the furnace oil from the accredited storage houses. If the buyers do not agree with the test certificate provided by the storage house, they can get the sample of the oil tested with any of the laboratories mentioned in Exhibit 4. Charges for these tests would have to be borne by the buyer. If the buyer does not insist for this testing, then it is deemed that the buyer recognizes the legitimacy of the delivery of the designated oil storage and no appeal on delivered oil products will be accepted by the oil storage any more. In case the product is found to be off specification during these tests then the responsibility of the product would be of the storage house and the cost of this testing would also have to be borne by the storage house. Quality Testing Report The test report issued by the Furnace Oil testing laboratory on the samples drawn shall be acceptable and binding on all parties. -8-

9 Duties & levies Supplies through domestic duty paid storages Excise Duty: Since the price quoted for trades in Furnace Oil on the Exchange is exclusive of central excise: 1. the seller will be able to claim the amount paid towards central excise over and above the quoted price only if the seller is able to pass on the credit to the buyer under the laws governing central excise irrespective of whether the buyer is entitled to claim or not. In other words, only manufacturers and first stage dealers registered under the Act will be able to claim central excise amount to the extent of amount specified in the Central Excise Invoice which will have to be handed over to the buyers. 2. The buyer will have to be either first stage dealer or second stage dealer duly registered under the Central Excise Act in order to claim credit under CENVAT. Supplies through Custom s Bonded Storages Customs Duty (CD), CVD and Cess The price quoted on the Exchange for Furnace Oil is inclusive of customs duty and exclusive of Countervailing Duty (CVD) and cess. In case of Imported Oil 1. If the seller pays the Customs Duty (CD): The seller paying the customs duty will also have to discharge the liability for payment of CVD. CD and CVD is payable simultaneously by the importer who files the Bill of Entry. Such seller will have to issue the appropriate invoice to the buyer to enable him to claim the credit for the CVD under the Cenvat Credit Rules. Similarly, the subsequent first stage and second stage sellers will also be entitled to pass on the credit of the CVD on their sales. However, for the purpose, such sellers will have to obtain registration at the warehouse address in order to enable them to pass on the credit. The drawbacks of this process would be: (i) registration of the sellers at the warehouse address; and (ii) only first and second stage sellers can pass on the credit and not any subsequent sellers. The seller will be able to claim the amount paid towards CVD over and above the quoted price only if the seller is able to pass on the credit to the buyer under the laws governing central excise irrespective of whether the buyer is entitled to claim or not. In other words, only importers and first and second stage dealers registered under the Act will be able to claim central excise amount to the extent -9-

10 of amount specified in the Central Excise Invoice which will have to be handed over to the buyers. 2. If it is the buyer who is going to pay the Customs Duty: Stamp Duty As the Customs Duty is inclusive in the price, CD will be collected from the seller and given to the buyer. The CD and the CVD will be paid by the buyer at the time of taking physical delivery. This CD and CVD will be payable on the Landed Cost or the FSP, whichever is higher. Stamp duty is payable on all contract notes issued as may be applicable in the State from where the contract note is issued or State in which such contract note is received by the client. Taxes Service tax Service tax will be payable by the members of Commodity Exchanges on the gross amount charged by them from their clients on account of dealing in commodities. Sales Tax/ VAT Local taxes/ VAT wherever applicable is to be paid by the seller to the sales tax/ VAT authorities on all contracts resulting in delivery. Accordingly the buyer will have to pay the taxes/ VAT to the seller at the time of settlement. Under the Maharashtra Value Added Tax Act, 2002, tax will be also be payable on the CD and the CVD whether paid by the seller, buyer or by any other person. Members and/ or their constituents requiring to receive or deliver Furnace Oil should register with the relevant tax/ VAT authorities of the place where the delivery is proposed to be received/ given. In the event of sales tax exemption, such exemption certificate should be submitted before settlement of the obligation. There will be no exemptions on account of resale or second sale in VAT regime. -10-

11 CHAPTER 3 - CLEARING AND SETTLEMENT Daily Settlement All open positions of a futures contract would be settled daily based on the Daily Settlement Price (DSP). Daily Settlement Prices The Daily Settlement Price (DSP) will be as disseminated by the Exchange at the end of every trading day. The DSP will be reckoned for marking to market all open positions. Final Settlement Prices The Final Settlement Price (FSP) will be determined by the Exchange upon maturity of the contract. The Exchange will declare the FSP of Furnace Oil through the process of polling a set of market participants. The polled prices shall be input to a normalizing algorithm (like bootstrapping technique) to arrive at a representative, unbiased and clean benchmark price for Furnace Oil. All open positions on the expiry day of the contract would result in compulsory delivery. Pay in and Pay out for daily settlement The table below illustrates timings for pay in and pay out in case of daily settlement. The buyers / sellers would have to deposit requisite funds / Furnace Oil with their respective Clearing member before pay in. All fund debits and credits for the Member would be done in the Member s Settlement Account with the Clearing bank. Time (T+1) On or before hrs After hrs Activity PAYIN - Debit paying member a/c for funds PAYOUT Credit receiving member a/c for funds Pay in and Pay out for final physical settlement The table below illustrates timings for pay in and pay out in case of positions marked for physical settlement. The buyers/ sellers would have to deposit requisite funds/ Furnace Oil with their respective Clearing member before pay in. Pay in and Pay out for Final Settlement in case of physical deliveries -11-

12 Time (E+2) On or before hrs After hrs Activity PAYIN - Debit Buyer Member Settlement a/c for funds - Debit Seller Member s CM Pool Account for Furnace Oil PAYOUT - Credit Seller Member Settlement a/c for funds - Credit Buyer Member s CM Pool Account for Furnace Oil Additionally the supplemental settlement for Furnace Oil futures contracts for premium discount adjustment relating to quality of Furnace Oil delivered, actual quantity delivered and close out for shortages, will also be conducted on the same day. Clearing members are required to maintain adequate fund balances in their respective accounts. Pay in and Pay out for supplemental settlement Time (E + 2) On or before hours After hours Activity PAY IN - Debit Member Settlement a/c for funds PAY OUT Credit Member Settlement a/c for funds Supplementary Settlement for Taxes & Duties The Exchange will conduct a separate supplementary settlement, as illustrated below, three days after normal pay out for completion of tax & duty transactions. In order to facilitate issue of invoice to right parties, the buyer Clearing Members are required to give the buyer client details to the Exchange latest by noon on E+3 day failing which the buying member is considered as the end buyer and accordingly invoice is issued in his/their name. The Seller Clearing Members are required to give the seller client details to the Exchange latest by hrs on E + 4 day. The amounts due to the above differences will be debited / credited to Member s clearing bank account similar to normal settlement. -12-

13 Pay in and Pay out for Taxes & Duty Time (E + 5) Activity On or before hours PAY IN: Debit Buyer Member Settlement a/c for funds. After hours PAY OUT: Credit Seller Member Settlement a/c for funds For further clarification and detailed procedure on sales tax settlement, participants can refer to circular number NCDEX/CLEARING-001/2008/002 issued on January 04,

14 Exhibit 1 Contract Specifications of Furnace Oil Type of contract Name of Commodity Ticker Symbol Trading system Unit of trading Delivery unit Quotation/base value Basis Futures Contract Specifications Furnace Oil FURNACEOIL NCDEX Trading System 10 Metric Tons(MT) 10 Metric Tons(and multiples thereof) Rs per Metric Tons Ex-Mumbai, exclusive of all levies and taxes Tick size Re 1.00 Quality specification Sr. No. Characteristics Acidity, inorganic Ash, % wt. max. Density at 15 ºC in g/ml, Max Flash point, (PMCC) in ºC, Min. Kinematic viscosity in centistokes at 50 C,max Test Method Ref to [P:] of IS : 1448 Specifications P-2 NIL P P P P Sediment, % P

15 Sulphur, total, % by wt., max. WaterContent, % by vol., max. Pour Point, ºC, max Condarson Carbon residue/ micro carbon residue, % by P-33 or P P P P-8 20 Quantity variation Delivery center Additional delivery centres +/- 1% by weight or 10 Metric Tons, whichever is lower NCDEX accredited storages in Mumbai Kandla, Mundra, Mathura, Chennai, Indore and Haldia (up to the radius of 50 km from the municipal limits) with location Premium/Discount as notified by the Exchange from time to time As per directions of the Forward Markets Commission from time to time, currently - Trading hours Mondays through Fridays: 10:00 a.m. to 11:55 p.m. Saturdays: 10:00 a.m. to 2:00 p.m. The Exchange may vary the above timing with due notice Delivery Specification No. of active contracts All open positions at the expiry of the contract would have to be physically delivered. The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING- 086/2008/216 dated September 16, Three Consecutive months and one six month contract expiring in March / September of every calendar year. Opening of Contracts As per Exhibit

16 17th day of the delivery month. Due Date/ Expiry Date Daily Price limit fluctuation Position Limits Special Margin Quality Allowance(for Delivery) If 17th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange, which is not a Saturday Daily Price fluctuation limit is (+/-)4%. If the trade hits the prescribed daily price limit, the price limits will be relaxed up to (+/-)6% without any break/ cooling off period in the trade. In case the daily price limit of (+/-)6% is breached, then after a cooling off period of 15 minutes, the daily price limit will be further relaxed up to (+/-) 9%. Trade will be allowed during the cooling off period within the price band of (+/-)6%. In case of price movement in International markets which is more than the maximum daily price limit (currently 9%), the same may be further relaxed in steps of 3% with the approval of FMC. Client : 50,000 MT Member : 400,000 MT or 15% of market open position whichever is higher (For hedge limits refer circular no. NCDEX/TRADING-100/2005/219 dated October 20, 2005). Special margin of 3% of the value of the contract will be applied whenever the rise or fall in price from the first days closing price is 20%.This is payable by buyer or seller depending on whether prices rise or fall respectively. The margins shall stay in force so long as price stays beyond the 20% limit and will be withdrawn as soon as the price is within the 20% band. No variation allowed Exhibit 2 - Warehouse & Assayer Address Details Warehouse Address Assayer Address BPCL-MUMBAI Quality Control Lab -16-

17 NCMSL COMMODITY MULTILINK POINT C/O Bharat Petroleum Corporation Limited K Installation, Sewree (E) MUMBAI , MAHARASHTRA CONTACT PERSONS: MR. P. P. PRAMANICK/ MR. B L S KIRAN: TEL: / EXT: 6091 Bharat Petroleum Corporation Ltd Sewree, Mumbai CONTACT PERSONS: MR. K. MURALIMOHAN: TEL: Exhibit 3 Defaults/ Good/ Bad delivery norms No. Particulars Default/ Good/ Bad delivery 1. Participants without Solvent Raffinate License Default 2. Buyers/ Sellers without customer codes Default 3. Delivery from any storage house other than accredited storage house. 4. Furnace Oil quality not meeting futures contract specification. 5. Delivered Demat quantity less than minimum delivery lot. 6 Delivery dematerialization before contract expiration. 7 Furnace Oil weighed at other than designated warehouse weigh bridge/ weigh scale/ Measuring Scale. Bad delivery Bad delivery Bad delivery Good delivery Bad delivery -17-

18 Exhibit 4 Specimen of Furnace Oil Testing Report Date : NCDEX member : Commodity : CERTIFICATE OF QUANTITY & QUALITY Report no.: 1) QUANTITY : This is to certify that National Commodity & Derivative Exchange Ltd. (NCDEX) member/ constituent has delivered Metric Tons of Furnace Oil at the NCDEX accredited warehouse: The weight / tonnage/volume of material delivered is as per weigh bridge/ weigh scale in the premises of the accredited warehouse. 2) QUALITY : The results of analysis performed by our laboratory of the samples collected by <WH NAME> is stated below : Test Items Test method Specification Test results The material delivered by the above NCDEX Member is in accordance with the specification provided bearing grade and valid up to. The goods delivered may be accepted/ rejected. Chief Inspector / Authorized Signatory -18-

19 Exhibit 5 Schedule of the Due Date/Expiry Date of Trading on Furnace Oil Futures LAUNCH CALENDAR TILL JUNE 2009 Launch Date Expiry Date October 2008 January 2009 November 2008 February 2009 September 2008 March 2009 January 2009 April 2009 February 2009 May 2009 March 2009 June 2009 LAUNCH CALENDAR TILL DECEMBER 2009 Launch Date Expiry Date 10 June July June August June September July October August November September December