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Friday,
November 8, 2002, Chandigarh, India  
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RBI defines ‘wilful defaulter’ Microsoft launches Tablet computer
Exim policy under review
Haryana hikes development tax |
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18,000 cr
extra expenditure on drought
Saiba Health institute for Yamunanagar
India,
Finland sign pact
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RBI defines ‘wilful defaulter’ New Delhi, November 7 “The Securitisation Ordinance gives the right to banks to acquire assets of wilful defaulters. There was a demand that the law should not be harsh for non-wilful defaulters, who should be distinguished from wilful defaulters. The term wilful defaulter has been defined by the RBI now,” Indian Banks Association (IBA) Chairman Dalbir Singh said at a bankers-borrowers meeting at the PHDCCI here today. According to the RBI, a wilful defaulter is one who has not used bank funds for the purpose for which these were taken and who has not repaid loans despite having adequate liquidity. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance was termed “draconian” by a section of the industry, which had sought clarification on the definition of wilful defaulters. The RBI had constituted two working groups to come up with the detailed guidelines of securitisation of assets and for Asset Reconstruction Companies. Mr Dalbir Singh, also Chairman of the Central Bank of India, sought to allay fears of non-wilful defaulters saying “bankers will never ever misutilise the Ordinance.” However, the IBA chief warned corporates and asked them to be disciplined in repaying bank loans in time as the government was committed to make income recognition norms in line with international standards. The international standards classify an asset as NPA if the company fails to pay interest within 90 days as against the Indian norm of 180
days. The Ordinance would ensure that the companies do not siphon off current assets and stocks after they default on bank loans, the IBA chief said, adding the legal system in the country was slow and this was taken advantage by defaulting borrowers. “I will not subscribe to the observation that we do not help borrowers by restructuring their loans. The last resort has been legal action. Even after compromise formula, some borrowers have not paid up. NPA is bad for the financial system and discipline should come from all,” he said. IBA Vice-Chairman and Canara Bank Chairman R V Shastri said banks would soon start a system of rating borrowers. Lending rates would be fixed according to the ratings. Punjab National Bank Chairman S S Kohli said the banks’ performance had been influenced by the ongoing reforms. “We have never thought of VRS but after it was introduced 1,25,000 employees opted for it. Some banks are talking about a second round of VRS,” he said.
PTI |
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Microsoft launches Tablet computer Seattle, November 7 The device, a flat laptop-style computer, is targeted at people on the go — mainly office workers rushing from one meeting to another who need to stay connected to their e-mail, presentations, documents and notes. Bill Gates is confident that the software is on the verge of delivering the next big thing, a device to liberate the computer user from the keyboard, but analysts say the verdict is still out on whether the Tablet PC’s time has finally come. “By allowing people to have a device where you don’t need to use the keyboard, you simply literally have it in tablet form, you can take notes, you can read long documents sitting in any location that you’d like, you can annotate things and share those with other people,” Gates told shareholders at a meeting earlier this week. Microsoft’s early attempts to get pen-based computing off the ground failed and Apple Computer Corp.’s Newton, the precursor to current handheld computers, was also a commercial flop though one that was hailed as visionary. Determined to avoid that fate, Microsoft is putting its full muscle behind the new platform with an estimated $ 400 million already invested in development and research. Gates said he would unveil the Tablet PC at today’s launch ceremony in New York City. He has devoted a good portion of his time to the new gadget, although he oversees an expanding empire of products. Since Redmond, Washington-based Microsoft makes its business in software, it has had to work closely with the 13 hardware vendors that will build the Tablet PC to ensure it works seamlessly. Microsoft is developing a special version of its Windows XP operating system for the device, which will include handwriting recognition technology. Still, some early users of the new flat-panel computer have said the handwriting recognition technology is the most advanced they have seen. The Tablet PC, which will be made by computer hardware makers such as Hewlett-Packard Co. Japan’s Toshiba Corp. and Taiwan’s Acer Inc. is similar in size to smaller notebook PCs. Most come with a swiveling screen that allows users to fold the PC back up to hide the keyboard. Others do away with the keyboard altogether. They are expected to cost between $ 1,700 and 2,400 with most falling in the middle of that range. Reuters |
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Exim policy under review Ludhiana, November 7 The industry is arguing that the introduction of exim form is an affront to the free trade in the age of liberalisation and the form is basically aimed at monitoring the sales tax details and it will not provide any benefit to the state exchequer. This, the industry says, will only lead to undue harassment to the industry without any benefit to anyone. Mr Kamal Oswal of the Nahar group argues that if the government wants to monitor the sales tax collections, it should set up integrated monitoring system by interlinking all sales tax collection centres. The introduction of the exim form will create hassles in the free flow of goods whether coming into the state or going out of it. If this policy is implemented, all transactions above Rs 10,000 will have to be accompanied by the exim form. These forms will be supplied by the Sales Tax Department. Industrialists are apprehensive that even procuring the form will not be a simple thing given their experience with the department where it takes a full day to get a few sales tax forms. Mr V.K. Goyal, Chief Executive, Vardhman Spinning Mills, said some practical problems which will come if the “exim policy” is implemented. “Suppose some manufacturing unit has some mechanical breakdown and it needs to get the equipment from outside. It will have to provide the supplier with the exim form first so that he can supply the equipment and how much time it will take can be anybody’s guess”. It will affect the production. This is only one aspect of the problem while there will be several other similar problems. Appreciating the concerns of the industry, Mr Lal Singh said the decision had not been finalised as yet and it was being reviewed. He clarified that the industry would be taken into confidence before the “exim policy” is finally implemented. Both Mr Oswal and Mr Goyal pointed out, the government has already set up computerised sales tax collection centres at various entry points in the state. The government can monitor the collections and other details from there without introducing extra procedures. They said, a few states had the “exim form” system and there were facing revenue losses, which is likely to happen in Punjab also. |
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Haryana hikes development tax Chandigarh, November 7 Moreover, the state government has also abolished the system of giving rebate on the tax imposed on goods manufactured by using petroleum products. Earlier, tax collected from entrepreneurs on account of petroleum products used to be rebated from the tax payable for the manufactured goods. The state government, according to official sources here, has also abolished the system of offering the concessional rate of 4 per cent sales tax for petroleum products needed by the industry. The tax was given a more than twofold increase as it was being charged at the rate of 10 per cent from November 1 onwards. Official sources here claimed that the step had been necessitated due to a section of industrialists resorting to selling the subsidised petroleum products at high rates to private purchasers. The LADT on petroleum products was also jacked up to 6 per cent to maintain uniformity of tax rate throughout the state, they added. In another significant move, the state government had started implementing tax on the printed MRP of 60 items, including medicines, cold drinks, cornflakes, shoes and washing machines. Earlier, the sales tax applicable on these items was worked out on the basis of their wholesale rates. He added that rebate was being offered at the rate equivalent to the tax applicable on these items so that the retail price did not exceed the MRP printed on these items. He said toffees, pan masalas, cement, ice creams, laundry soaps and detergents, toothpastes, toothbrush, watches, radio and TV sets had come under the purview of this new policy. |
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18,000
cr extra expenditure on drought
New Delhi, November 7 At the high-level meeting today of financial advisers of various ministries as part of the Budget exercise to work out revised estimates of expenditure, Finance Minister Jaswant Singh was concerned about the serious drought situation in various states and wanted speedy relief measures. Varying estimates were provided at the meeting and that the expenditure on drought relief was expected to be much more than Rs 1,600 crore provided for national calamity, official sources said, adding that Rs 3,500 crore more would be required for subsidies on kerosene and LPG.
PTI |
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Idea cell service launched New Delhi, November 7 The tariff plans announced by the operator, the fourth in the Capital, can spark off another round of price war among the existing players. “We have a 30 per cent more capacity than our rivals and it will take them at least three years to catch up with us,” Chief Executive Officer, Graham Burke, said at the launch here. The post-paid scheme has four options, including a zero rental plan involving a minimum commitment fee of Rs 550 per month. The call charges in this option has been fixed at Rs 0.90 per 30 seconds for incoming and Rs 1.10 for outgoing calls. Besides, subscriber can send 25 free SMS messages. In another plan (pay less for more plan), the minimum rental has been fixed at Rs 295 with both incoming and outgoing calls to cost Rs 1.00 per 30 seconds. |
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Saiba Health institute for Yamunanagar Chandigarh, November 7 The Chairman of Saiba, Dr M.L. Gupta, said the project was being set up in collaboration with the globally acknowledged French, British and American hospitals and institutions. The technical knowhow, design and engineering, latest equipment, medical procedures and diagnosis would be provided under the collaboration. Dr Gupta said the project was being funded through the European Charitable Health Organisations, Boards and Trusts at a very low interest rate. Members of these organisations, apart from being on the Board of Directors of the company, would participate in the management of the hospital to ensure quality services. The institute would treat overseas patients also for earning foreign exchange. |
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Bharti Director
HLL coffee United Bank Planet Fashions Oriflame items Grasim cement US-India biotech Air France Nasscom office |
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