Wednesday, September 23, 1998
today's calendar
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B U S I N E S S | Wednesday, September 23, 1998 |
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spotlight today's calendar |
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Property tax IMF
says Japan |
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Will ban on polythene HP
sets up committees to cut procedural delays |
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Growth rate of core sectors
declines Pass
books for farmers suggested VSNL
signs MoU on SAFE cable |
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Property tax procedures simplified NEW DELHI, Sept 22 (PTI) — The Government has simplified the property tax procedures to minimise malpractices in the assessment and levy of tax. Comprehensive guidelines for property tax reforms issued by the Ministry of Urban Affairs and Employment provide for low rate of property tax and transparent and simple process of assessment and levy collection, an official press release said today. It also ensures equity between classes of tax payers and property owners and facilitates self-assessment of property tax by property owners and property occupiers. The guidelines, which follow a resolution passed by the Central Council of Local Government and Union Territories on May 7, 1994, have been issued to all States and Union Territories for implementation by their local bodies like municipal corporations and municipalities. The guidelines suggest that demand notices for payment of property taxes be served on a six monthly basis. However, in the matter of property tax appeal, the guidelines provide for appeal against the decision of a municipal body before a municipal tax appellate authority to be constituted for the purpose. This authority is intended to replace small cause courts and district courts in the matter. The guidelines were only model ones providing for area-based property tax models, adopting carpet area rates for buildings of different types located in different zones and devoted to different uses. They suggest that the water tax components of the property tax may be replaced by the water user charges based on metering, the release said. Building may be considered as symbolising occupancy and service use. The carpet area based property tax covers built-up both residential and non-residential property linked to factors like location of the building, type of construction, use of the property and carpet area of the building. It has been suggested that
unit area rates for various types of properties, with
different location zones and devoted to different uses
may be published and tax tables supplied to tax payers
free of cost. |
Spotlight on Ludhiana LUDHIANA, Sept 22 — The local Municipal Corporation’s move to ban polythene bags has angered the manufacturers. Once the ban comes in force here, other cities may follow suit. A resolution was adopted by the corporation last week seeking a ban on polythene bags, which are not only a health hazard, but also block sewerage pipes. It is proposed that hefty fines should be imposed on those using polypacks. If the fines fail, licences and registrations of habitual offenders should be cancelled. Mr Sunil Jain, President of the United Plastic Manufacturers Association asks: “How can the corporation make such a move without first consulting the industry?” There are about 850 plastic units in Punjab. Of these 350 are located in Ludhiana alone. They produce about 72,000 metric tonnes of polythene material annually which is used in the production of milk pouches, polybags, wrap-ups for all types of goods, including TV sets, bicycles and their parts, motor spare parts, sewing machines and hosiery goods. Polythene is 50 per cent cheaper than paper which was earlier used for wrapping goods. If the corporation goes ahead with the ban, warns Mr Kulwinder Singh, President of the Punjab Plastic Manufacturers Association, it would mean the closure of polythene units with an investment of hundreds of crores of rupees locked up in them. Thousands of people will be thrown out of employment. This would also affect ancillary units. Mr Sukhbir Singh Sandhu, Municipal Commissioner, told TNS here today that “we have to examine the legal aspects of the proposed ban.” The proposal, if finalised, will be sent to the Punjab Government which alone can notify and enforce it. Mr Sandhu said the
corporation is more worried about the recycled polybags
which contain toxic agents. They are mainly used for
carrying edibles and vegetables. |
IMF says Japan faces paralysis WASHINGTON, Sept 22 (PTI) — The IMF has warned that global capital markets face major risks such as paralysis in Japan, overvalued US and European stock markets and prospects for even broader financial instability. The IMF’s annual report, predicted that unless Japan acted decisively to shore up its banking sector and stimulate its economy, a new round of Asian currency turbulence could be set in motion. In addition, a sharp correction in the stock markets of the USA and Europe would further dampen recovery efforts in emerging economies. The study carried out by the IMF staff focused on key developments through last July, according to Charles Adams, Assistant Director of the Fund’s Research Department. “Several of the risks we’ve identified in this report have subsequently materialised,” Adams told a press conference here, noting that the study was completed before the Russian economy neared collapse, Latin America came under threat and world stock prices plunged. The report warns that
“the current situation in the global capital markets
contains a number of significant risks and uncertainties
as well as the possibility of heightened volatility and
large asset price corrections in period ahead.” |
HP sets up committees to cut
procedural delays SHIMLA, Sept 22 — Sweeping changes are being effected in the industrial policy of Himachal Pradesh to cut procedural delays and devise institutional mechanisms for accelerated industrial development in the state. The Government has replaced the high-powered Industrial Projects Approval and Review Authority (IPARA) with a state-level industrial projects monitoring and review committee. The authority, in which all the departments and agencies connected with industries, were represented was set up more than two decades ago with a view to providing single-window service to entrepreneurs. However, in practice it became an additional agency for the clearance of projects which only delayed projects. Thus, with the winding up of the IPARA it will be no longer necessary to obtain formal approval of the State Government for setting up large and medium industrial projects. A simple application form will be prescribed for the registration of projects with the Directorate of Industries. The new committee, which is headed by the Chief Secretary and having Secretaries of the relevant departments as members, will help the promoters in documentation and facilitate expeditious clearances from different departments and statutory bodies. It will also expedite settlement of contentious issues amongst different departments, besides monitoring matters relating to industrial projects. To enable the committee to play the role of a facilitator, a special cell will be set up in the Directorate, on the pattern of “Udyog Sahayak” in Punjab, which will function as its secretariat. It will deal with macro level issues for facilitating the setting up of projects with the framework of industrial policy. The Government also proposes to set up district-level committees headed by Deputy Commissioners to deal with ground realities and problems. Their functioning will be monitored by the apex body. These steps, the
Government hopes, will create an industry-friendly
environment in the state, as envisaged in the liberalised
economic regime. |
Growth rate of core sectors declines NEW DELHI, Sept 22 (PTI) — Reflecting the general downtrend in industry, growth rate for the six core sectors fell 3.6 per cent during April-August this year compared to 4.9 per cent growth recorded in the similar period of 1997-98. The six infrastructure sectors, which account for nearly 27 per cent of the index of industrial production (IIP), grew by 3.3 per cent in August compared to 3.6 per cent a year ago, Industry Ministry sources said. The six sectors are: electricity, coal, petroleum, Refinery products, steel, crude petroleum and cement. While crude petroleum output fell 3.1 per cent during the first five months of 1998-99 as against 4.6 per cent growth recorded a year ago, output in petroleum refinery products grew by 0.2 per cent against a 4.4 per cent growth last year. Electricity sector
continued to display robust growth in the first five
months of the current financial year with the date
compiled by Industry Ministry revealing a cumulative 8.9
per cent growth. |
Bankers' meeting CHANDIGARH, Sept 22 — Mr Rajan Kashyap, Principal Secretary (Finance), Punjab, said today that banks should fund the infrastructure projects in the state liberally and assured them all administrative support in the recovery process. Addressing a meeting of the State Level Bankers’ Committee (Punjab), he said the overall recovery of 80 per cent in agriculture is good. Commercial banks in Punjab showed a record growth of 22.7 per cent in gross credit advances which rose from Rs 9,003 crore in June last year to Rs. 11,046 crore in June this year, said Mr K.R Chabria, Executive Director, Punjab National Bank, which organised the meeting. The priority sector advances rose 20.6 per cent from Rs 4,511 crore to Rs 5,440 crore during the period. Advances to the SSI sector showed a growth of 24.8 per cent, while agriculture advances showed an increase of 19.4 per cent, Mr Chabria added. While the commercial banks opened 68 new branches, taking the branch network to 2,450 in Punjab, aggregate deposits rose from Rs 24,370 crore to Rs 28,847 crore. Mr S.K Chawla, General Manager, PNB’s Punjab zone, said banks have surpassed the targets under the Prime Minister’s Rozgar Yojna. As against the target of 9,000 beneficiaries, the banks have disbursed loans in 9,066 sanctioned cases. The Government is actively promoting the processing facilities like packaging, canning and bottling, freezing and dehydration to attain value addition for the State’s produce. Mr Chawla said to boost technical education facilities in the State, industrial houses are being approached to have tie-ups with ITIs. Mr D.S Guru, Director, Industries, Punjab, asked the bankers to issue agriculture pass books to farmers to speed up the credit flow to the agriculture sector. He drew the attention of banks to the plight of foundaries in Batala. The meeting was attended,
among others, by Mr S.K Awasthi, General Manager, PNB, Mr
Sukhbir Singh, Chief General Manager, Nabard, Mr C. Roul,
Director, IF&B (Pb.), Ms P.Kumar, DGM, RBI, and Dr
Prem Chand, Director, National Commission on SC/ST. |
VSNL signs MoU on SAFE cable NEW DELHI, Sept 22 — Videsh Sanchar Nigam Limited (VSNL) has signed an MoU for joining the SAFE cable project, a system which will open up a new digital connectivity highway linking India with Far East and the entire African continent. VSNL has proposed an investment of $ 50 million in the project, which is expected to be commissioned in the last quarter of the year 2000. The SAFE cable system complemented by South Atlantic Telephony-3 and West African Submarine cable is expected to provide a high quality and cost effective connectivity to the rapid developing countries in the African continent, a company release said here today. The Acting Chairman and Managing Director of the VSNL, Mr Amitabh Kumar, said the SAFE cable system was expected to open a new stream of revenues from transit services and benefit from international traffic in the coming years. The initial parties to the
MoU are South Africa, Malaysia, Mauritius, cable and
wireless, France Telecom and India. VSNL potentially
would be one of the largest investors in the project next
only to South Africa who were the promoters of the
project. |
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| ISO 14001 NEW DELHI, Sept 22 (TNS)— Indian Oil Corporation today set a new standard in its distribution network by bagging the prestigious ISO 14001 accreditation for one of its petrol stations in South Delhi. It is for the first time in India that the accreditation has been awarded to a petrol station for the sale of petrol, diesel, lubricants and for servicing of vehicles. The international certification has been awarded to Engineers Service Station. Hotel
workers Oberoi hotels PTI Chairman Forex rates AP exhibition |
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