In a bid to improve operational efficiency, Union Cabinet has allowed public sector oil companies to have their own independent crude import policy based on their commercial requirements. The Cabinet meeting chaired by Prime Minister Narendra Modi yesterday gave its approval to replace the existing policy by vesting oil PSUs with power to evolve their own policies. This was disclosed by Union Minister Ravishankar Prasad in New Delhi after the Cabinet meeting.<br/><br/>He said the move will provide a more efficient, flexible and dynamic policy for crude procurement, eventually benefiting consumers. State-owned firms like Indian Oil Corporation have traditionally been allowed to source crude only from national companies of oil producing countries. It was long felt that the list of companies from where the PSUs can buy crude oil on term contracts needs to be expanded to include global oil giants.<br/><br/>The Cabinet also gave its nod for changes in policy, for liberalisation of administratively allotted spectrum, where market determined prices are not available. The decision will facilitate optimal utilisation of spectrum by introducing new technologies, sharing and trading. The most recent recommended reserve price will be taken as provisional price where auction determined price is not available. Based on recommendations of Telecom Regulatory Authority of India, a sum of 1300 crore rupees is likely to be accrued by this process.