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Saturday,
November 2, 2002, Chandigarh, India  
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RBI liberalises foreign exchange facilities
Punjab to revive sick units
Hero Honda sale jumps
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Dabur net profit at 4.18 cr
Don’t impose condition on IT units: Chamber
iWalnut production falls 30 pc Seminar on vigilance
week held PNB donates
5 cr to PM’s relief fund
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RBI liberalises foreign exchange facilities
Mumbai, November 1 This account would be known as resident foreign currency (domestic) account, RBI said in a release here today. At present, a resident in India is permitted to retain up to $ 2,000 or its equivalent in cash and/travellers cheques provided the same has been acquired —while on visit to any place outside India by way of payment for services, from any person not resident in India or who is on a visit to the country, in settlement of any lawful obligations, by way of honorarium or gift while on a visit outside India, from any an authorised person for travel abroad and represent unspend amount. RBI said foreign exchange acquired from any of these sources could be kept in this new account by residents. Till now the residents were necessarily required to surrender foreign exchange exceeding $ 2,000 acquired from any of these sources and covert it to rupees. With the introduction of this facility, the resident can either deposit the foreign exchange so acquired in resident foreign currency (domestic) account designated in any foreign currency or at their discretion, deposit in a Rupee account after conversion. The new facility is in addition to the existing one of retaining $ 2,000 or its equivalent in the form of currency notes and/or foreign currency travellers cheques, the RBI said. The balance in resident foreign currency (domestic) account may be used for any purpose permissible under current foreign exchange regulations for resident Indians (travel, medical treatment abroad, gifts up to $ 5,000), purchase of books directly or through the interest, education abroad. As long as the foreign exchange was acquired through permissible channels mentioned above, there would be no overall limit on balances kept in resident foreign currency (domestic) account. Necessary notification amending the existing foreign exchange regulations would be issued separately, it said. The working of this new facility would be reviewed after one year and the scheme may be further modified/liberalised in the light of actual experience, RBI added.
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Punjab to revive sick units Ludhiana, November 1 Stating this Captain Amarinder Singh, Chief Minister Punjab said here today that a group of NRIs had agreed to setup industries in Punjab. The group of NRIs was in Punjab for ten days and went round the state. The group had found the investment friendly atmosphere in Punjab. The NRIs had assured the Punjab government that they would now go back to their respective countries and tell the people “It is safe to invest in Punjab now and they will find more friendly government which would help them and not fleece them.” The Chief Minister said that the NRIs had also signed an MoU with the PUDA for the development of a township in Punjab. He also disclosed that the NRIs had donated $ 20,000 to the Punjab government for the completion of the Khalsa Heritage Complex and they had promised to send total of $ 60,000 for the same. Captain Amarinder Singh while assuring the industrialists of Ludhiana that the state government would solve their problems said that he had met the representatives of the industry and discussed the problems with them. He said that he had written to the Central Government for the withdrawal of the C form and a committee had been setup to discuss the issue of exim forms and entry tax. He said that no harassment would be caused to the industry and trade. But pointed out that the state needed funds for the development of projects. Captain Amarinder Singh revealed that the collections of salestax had increased by 25 per cent during the past few months. This was the result of fiscal reforms introduced by his government. Captain Amarinder Singh said that the industry had suffered a loss of Rs 1800 crore as a result of the cut imposed on power consumption during the summer season which enabled the state to have a bumper paddy crop despite drought. The paddy procurement had crossed 120 lakh tonnes which was a record. Rs 6300 crore were spent to save paddy crop and the PSEB purchased power worth Rs 400 crore from other states to supply power to paddy crop. |
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Hero Honda sale jumps
New Delhi, November 1 Sales in April-October, rose
29.3 per cent to 9,94,363 bikes from 7,69,346 in the corresponding
period last year. In a statement, the company said it expected to sell
1.8 million bikes in 2002-03.
Bajaj Auto
Bajaj Auto said its
two-wheeler sales fell by a marginal 0.6 per cent in October, 2002, due
to a decline in scooter sales even as motor cycles recorded positive
growth during the month. The company’s total two-wheeler sales went
down to 1,16,675 units from 1,17,358 units in October last year. Sale
of motor cycles jumped by 21.5 per cent year-on-year at 82,913 units
against 68,187 units, according to figures released by the company.
Cumulative (April-October, 2002) motor cycle sales surged
Sale of geared scooters, however, fell by 37.7
per cent to 21,217 units with cumulative sales dropping by 31.6 per cent
to 1,74,200 scooters during October 2002. Ungeared scooter sales also
slipped by 10.4 per cent to 7,485 units while step-thrus recorded a 24.5
per cent decline at 5,060 units during the month under review.
TVS
Motor
Riding on the crest of its success with the launch of “TVS
Victor” exactly a year ago, the TVS Motor Company crossed the one-lakh
mark by selling 1,03,117 two-wheelers in September this year. The
company attributed its landmark performance to the synergistic
contribution from its production units in Hosur and Mysore as well as
the sustained marketing and sales efforts. According to a company
release issued here today, TVS Motor registered cumulative sales of
5,57,308 units in the first half of the current fiscal as compared to
3,85,996 units in April-September 2001, an increase of 44 per cent as
opposed to the overall industry growth of approximately 25 per cent.
Agencies
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CM to interact with industry Ludhiana, November 1 This was decided at a high level meeting chaired by the Chief Minister Capt Amarinder Singh here today. Five leading industrialists Mr Jawahar Oswal and Mr Kamal Oswal of the Nahar Group of Industries, Mr
S.P. Oswal of the Vardhaman Group, Babu Shiv Prasad of the Arti Group of Industries and Mr K.K. Garg of the Kangaroo Group of industries attended today’s meeting held at the residence of the city Mayor, Mr Nahar Singh Gill. Talking to The Tribune, Mr Kamal Oswal said, the Chief Minister wanted a detailed and thorough feedback about the needs and requirements of the industry and also asked for suggestions regarding the remedial measures. Mr Oswal said, although no formal committee was constituted as yet, but the Chief Minister said, the meeting with the industry would be a regular feature. Mr Oswal said, the CM was assured of total cooperation by the industry in contributing towards the growth of the economy. |
Dabur net profit at 4.18 cr
New Delhi, November 1 The net sales have also increased to Rs 58.57 crore in the first half of the current fiscal from Rs 56.22 crore in the same period last year, the company said in a statement. The Board of Directors of the company at its meeting, which was held on October 30, had declared the interim dividend of 50 per cent on the equity shares of the company for the financial year 2002-03.
Aventis Pharma Aventis Pharma has reported a net profit of Rs 1.66 crore in the second quarter, ending September 30, against Rs 1.52 crore in the same period last year. The total income has also increased to Rs 16.23 crore in the second quarter this year from Rs 14.38 crore in the corresponding period last year, the company said.
Tata Finance Tata Finance has posted a higher net loss of Rs 25.96 crore for the second quarter ended September 30, 2002, compared to Rs 17.27 crore in the same period last fiscal. The income from operations for the period under review was down to Rs 97.66 crore as against Rs 103.27 crore in July-September 2001, the company said today.
KMFL Kotak Mahindra Finance Ltd (KMFL) has reported a higher net profit of Rs 11.88 crore for the second quarter ended September 30, 2002, compared to Rs 10.65 crore in the same period of the previous fiscal. The net sales and income from operations for the period under review also increased to Rs 49.53 crore as against Rs 28.87 crore in Q2 of last year.
SRF SRF Ltd has posted a profit after tax of Rs 12.08 crore in the second quarter of the current financial year, a 177.7 per cent rise over the Q2 last year. The company, recorded a net sales of Rs 180.52 crore during the period, an increase of 19.01 per cent over Rs 151.68 crore in the second quarter last year.
Agencies |
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Don’t impose condition on IT units: Chamber Shimla, November 1 Welcoming the decision of the government to exempt IT industrial units from sales tax up to March 31,2007, a spokesman of the chamber said the condition, that only those units which employed Himachalis up to 65 per cent in industrially developed areas and up to 80 per cent in the industrially backward areas would be exempted form the tax,was not in tune with the liberalised competitive environment. The state should adopt the policy of free flow of manpower as the youth trained in the state were eligible to seek employment in any other state and likewise employment seekers from other states should be welcome in the state. Such restrictions had not been imposed in any state. Imposing restrictions on employment would send negative signals to employers and restrict new investment into the state. |
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iWalnut
production falls 30 pc Srinagar, November 1 According to official estimates, there has been about a 30 per cent decline in the production of walnuts in Kashmir this year. The export of Kashmir walnuts was giving Rs 125 crore annual turnover, with a production of over 80,000 metric tonnes. But this year the production has gone down to nearly 50,000 metric tonnes which may lead to a further decline in the turnover.
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Seminar on vigilance week held Chandigarh, November 1 Mr V.K. Kapoor, Dy Director General, BIS, said that public vigilance could help the government tremendously in the fight against corruption. He said that vigilance is a positive test in the hands of management to improve the efficiency and the profitability of an organisation.
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PNB donates 5 cr to PM’s relief fund Chandigarh, November 1 Mr Kohli informed that as a responsible corporate citizen, Punjab National Bank is always forthcoming in extending a helping hand to various societies, charitable institutions and organisations working for the benefit of downtrodden and weaker sections of the society.
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SBP revises interest rates Chandigarh, November 1 Interest rates on single deposit of less than 1.00 crore (%age p.a.) are: from 7 days and upto 14 days (for minimum deposit 15.00 lacs) 4%; 15 days and upto 29 days 4.50%; 30 days and upto 45 days 4.50%; 46 days and upto 90 days 5.50%; 91 days and upto 179 days 5.50%; 180 days and upto less than 1 year 5.75%; 1 year and upto less than 2 years 6.50%; 2 years and upto less than 3 years 6.75%; 3 years and above 7%. Rates for deposits of Rs 1.00 crore and above would be decided on day to day basis.
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Utsav loan Punjab Latex NIIT contract Amartex outlet |
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