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Friday,
November 15, 2002, Chandigarh, India  
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VAT Bill in winter session: Jaswant
Proposals to cut tax burden: Kelkar
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LIC’s gift for tiny tots AirTel offers zero rental plan
Jacob asks textile industry to accept challenge
Denmark firm to invest in Haryana
A-I, IA to have ‘hub & spoke’ arrangement
Canara Bank IPO opens on Nov 18
PNB signs MoU with Cisco
Punjab floats 85-crore loan Toshiba opens e-studio
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VAT Bill in winter session: Jaswant
New Delhi, November 14 The Bill seeks to amend Article 269 of the Constitution to bring certain services under the ambit of service tax which will be assigned to the states. Mr Singh was addressing a meeting of the Consultative Committee of MPs attached to his Ministry. Observing that there was a broad consensus on VAT, the Finance Minister said the Centre was committed to improving the fiscal situation of the states. As part of the efforts to achieve this, it was proposed to retire Rs 25,000 crore of the high cost debts of the states in the first phase of the scheme, an official press note said. The high cost debt of the states amounted to about Rs 6 lakh crore and entailed an interest rate of around 13 per cent. The states have been demanding that they be allowed to swap this with low cost debt carrying an interest rate of about 9 per cent in view of the prevailing soft interest rate regime. This would lessen their debt burden to a great extent and improve their fiscal position which was in a shambles. Mr Singh said Prime Minister Atal Behari Vajpayee had recently held a meeting with Chief Ministers to evolve a consensus on various steps to be taken for improving state finances. The state governments also held a meeting with RBI Governor Bimal Jalan. The Finance Minister said some of the Centrally-sponsored schemes were being transferred to the state governments. He, however, cautioned that since 80 per cent of the plan expenditure was based on borrowed funds, there was need to ensure that it remained within reasonable limits. Responding to the concern expressed by some MPs on reported starvation deaths in the country, the Minister said these were serious issues and would be addressed. The MPs discussed steps to improve the fiscal situation of states and gave their recommendations in this regard. It was suggested that wasteful expenditure can be reduced by downsizing government staff, closing down or privatising uneconomic enterprises in the states and undertaking administrative reforms to streamline some of the multiple and overlapping schemes that were being implemented. MPs also suggested that the state governments need to take responsibility and ensure fiscal discipline. States which had a low revenue base should continue to get assistance from the Centre. Members said there was need to carry out reforms in the power sector. Some MPs underlined the need to develop agro and village-nased industries, encourage self help groups and strengthen Panchayati Raj institutions to bring about greater economic growth in the rural areas.
UNI
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Proposals to cut tax burden: Kelkar New Delhi, November 14 “The tax burden on almost all income groups will rather go down and increase the discretionary income with people” Adviser to the Finance Minister and head of the tax panel report, Dr Vijay Kelkar said while speaking at a conference organised by Ficci here. The recommendations of the Kelkar panel have raised eyebrows as these have proposed to do away with certain exemptions to tax payer. He said by doing away with the exemptions in the direct taxes, the government wanted to reduce the cost of risk capital. The proposal to do away with the dividend and capital gains tax was towards that purpose. Dr Kelkar observed that the fiscal concessions have also created an unfavourable tax GDP ratio. In the long-term interest of the nation, there should be a higher tax GDP ratio. Also, exemptions would not allow the government to go for a long-term low interest regime. Dr Kelkar emphasised that the recommendations would not affect individuals falling under any tax bracket. Referring to the indirect tax proposals, he said the imported inputs would become cheaper which would enable the efficient Indian industries to compete in the international arena. The proposals on indirect tax would bring down the effective rate of protection which would force the Indian industry to compete in the international market. Dr Kelkar also said it appeared that the people had not appreciated the design on which the tax proposals had been drawn up. He assured that the objective of the proposals would be explained in a more candid manner in the final report.
Kelkar panel’s
suggestions opposed Chandigarh, November 14 In a statement issued here today, Mr Chautala said the acceptance of these recommendations would affect the interests of farmers. One must realise that the farmers had made the nation self-reliant in the foodgrain production and it was exporting foodgrains. Mr Chautala said those who were now talking of imposing income tax on agriculture, perhaps did not know that it had become difficult for the farmers to meet the expenditure of production. The farmers did not have assured income as agriculture was dependent largely on nature and the farmers had to face the onslaught of natural calamities like droughts and floods. As compared to the agricultural produce, the cost of agricultural inputs like fertiliser, seeds and pesticides was increasing.
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LIC’s gift for tiny tots Kanpur, November 14 The corporation Zonal Manager (North Central Zone) S.B. Kunwar said here yesterday that the new policy plan had been designed in response to the great demand from parents for such a product, to provide regular funds for shaping brighter careers for their loved ones. Mr Kunwar said that the plan is available for children up to the age of 10 years and the payment of the premium ceases at the age of 18 years. The money back instalments are devised to cover the expenses for higher education of child, for instance, to pursue Engineering, Medicines and other professions which have become very expensive. Mr Kunwar said that by taking this policy, higher education become quite easy as money back instalments are received at regular intervals. Sizeable Guaranteed and Loyalty additions offer a start-in-life provision on completion of higher education as well. The plan provided for payment of 20 per cent of sum assured at age 18 and 20 years plus 30 per cent of sum assured at the age 22 and 24. In addition to this, maturity of the policy at age 26 brings with it payment of guaranteed additions Rs 75 per thousand Sum Assured per annum along with Loyalty Addition at the rate of be payable on prior death, after the risk commences. The policy can be taken for Sums Assured between Rs one lakh and Rs 25 lakh in multiples of Rs 25,000. Premiums can be paid by way of Single premium, Yearly, Half Yearly, Quarterly and under Salary Saving Scheme. This is the only children’s plan where the proposer can pay premium though direct deduction from salary, Mr Kunwar said. The father or the earning mother can propose the policy. Single premium policies make an ideal gift from grandparents and other close relatives. Risk on the life of the proposer can also be covered to the extent of 20 per cent of Sum Assured (Limited to Rs 1 lakh), by payment of a small amount of additional premium under the Term Rider option, Mr Kunwar added.
UNI
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AirTel offers zero rental plan Chandigarh, November 14 Mr Vinod Sawhny, CEO, AirTel, Northern Region, said, “in addition to free incoming facility at night, the plan also entails outgoing calls at night for 10 paise per
minute. The applicable day time tariff on outgoing and incoming calls would be Rs 2.98 per minute and Rs 1.98 per minute. Customers would have an option of making outgoing calls free of airtime charge at any two numbers of their choice on payment of Rs 49 per month. Under this Friend4Ever plan, the customers would have to commit a monthly usage of Rs 349 only.” The customer say after charging higher tariff for long, the private operators are falling in line as BSNL has offered free incoming calls on its landline and mobile network. Spice Telecom has also offered a special package of zero monthly rental (with Rs 99 CLI optional charges) with a commitment of minimum Rs 399 monthly airtime usage. Most of the customers still felt that Spice’s incoming call rates at Rs 1.90 per minute and outgoing calls at Rs 2.90 per minute during the peak hours would make it unviable service for heavy users. Though Spice was offering outgoing calls at Rs 1.46 per minute and incoming calls at Rs 0.96 per minute during the peak off hours (11pm to 6am). BSNL is offering free incoming calls for the Rs 325 monthly rental package and outgoing calls at Rs 2 per minute during the peak hours and at Rs 1.60 per minute during peak off hours ( 10pm to 8am).
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Jacob asks textile industry to accept challenge Chandigarh, November 14 Speaking after inaugurating the 2nd international exhibition-cum-conference on textiles technology — Textech 2002 — General Jacob said that whether Indian industry will be able to remain a global player in this millennium, will depend upon its ability to constantly improve its competitiveness. Earlier, Mr S.P. Oswal, Chairman, National Textile Committee, CII, in his keynote address claimed that due to complacency on the part of industry and government, the Indian textile industry had not been able to fully exploit its potential. He said the Indian textile industry at present was satisfactorily placed only in spinning, while other segments like fabric weaving, processing, knitwear and apparel manufacturing lacked overall competitiveness. He felt if the industry had to grow from its present level of $ 32 billion to $ 64 billion by 2010, it would have to take corrective steps. Mr R.C. Kesar, President, Textile Association of India, called upon the industry to participate in the promotion of world-class institutions for education and R&D that would help the country emerge as a global player after the withdrawal of all restrictions on exports after 2005. Mr S.K.Bijlani, Chairman, CII (NR) claimed that about 25,000 persons concerning textile are expected to participate in this mega event. More than 125 exhibitors from different parts of India and overseas are participating in the exhibition, to be held till November 17. Outlining the details, Mr Manish Bagrodia, Chairman, Textech 2002, said that organisations like ELGI, Rieter, Suessen, Rossari, AMMTSM, Groz Beckert, Fibre to fashion.com and Express Textiles are sponsoring the programme.Among others LMW, Shanti Gears, ATE, Perfect Engineers, SK Global and Seiger Spintech are participating in this exhibition.
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Denmark firm to invest in Haryana
Chandigarh, November 14 The Denmark-based Novo Nordisk, a major manufacturer of insulin has accepted the offer of Haryana to send a team soon to explore the possibilities of setting up an insulin manufacturing unit in the State. Chief Minister Om Prakash Chautala, who was interacting with the management of the Novo Nordisk and the CEOs of several other multi-national companies in Denmark today, had urged the management of the Novo Nordisk to setup their unit in Haryana, an official release said here. He also assured them of assistance of the state government, the release said. The company has an annual turnover of Rs 20,000 crore and work force of 18,000 employees. The representative of the Novo Nordisk and Vice president of Novo Norlisk Biotech Johannes Jensen have assured the Chief Minister of all assistance in undertaking research in the area of biotech.
PTI
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A-I, IA to have ‘hub & spoke’
arrangement New Delhi, November 14 This will enable Air-India to not only deploy its A-320 planes more profitably on other routes but would also facilitate air travel. Mr Hussain told the Parliamentary Consultative Committee attached to his ministry that a route ratioanlisation exercise was being undertaken so that both airlines together give good competition to foreign carriers instead of competing with each other. Members of Parliament called for a clear cut policy on disinvestment of Air India and Indian Airlines since the issue had affected the fleet expansion programme of the two carriers. They said the aircraft purchase programme of Indian Airlines and Air-India must be taken up immediately but the process should be ‘transparent.’ Despite the setback suffered after the September 11, terrorist attacks in the United States, Air- India earned a profit of Rs 46.79 crore during the first half of the year. Pawan Hans Helicopter
Corporation also made a profit of Rs 62.18 crore in the last fiscal and has entered into MoUs with two international helicopter operators for global reach.
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Canara Bank IPO opens on Nov 18 Chandigarh, November 14 On November 1, 2002, Canara Bank returned 48 per cent of its equity capital, at par value aggregating Rs 277.87 crore to the Finance Ministry. The institution’s equity capital before the IPO thus stands reduced to Rs 300 crore as against Rs 577.87 crore on March 31, 2002. The bank will use IPO proceeds primarily to augment long-term resources in lime with estimated growth in assets. The IPO will take the bank’s equity capital to Rs 410 crore and post-issue, the holding of the government will come down to 73.17 per cent,” General Manager, H.R. Shenoy told media here. Mr Shenoy said the bank has a consistent profitability track record for all of its 96 years, with business increasing to Rs 97,157 crore in 2001-02 from Rs 86,902 crore in the previous fiscal. The bank’s NPA have come down to 3.89 per cent of its advances as on March 31. Mr Shenoy expressed confidence that NPAs will fall further. The issue will close on November 27, 2002.
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PNB signs MoU with Cisco
New Delhi, November 14 On reports of PNB taking over the Nedungadi Bank, Mr Kohli said that the Bank has sought some clarification from the RBI. Mr Kohli was speaking to newspersons after signing an MoU with Cisco Systems to initiate their largest ever IT infrastructure upgradation. The MoU envisages that PNB will work with Cisco Systems to evolve the network design and implement a nation-wide network backbone connecting all its offices across India.
TNS
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Punjab floats 85-crore loan
Chandigarh, November 14 The interest would be paid every half on May 20 and November 20. In case of oversubscription, the RBI would refund the amount without any payment of interest.
TNS
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Toshiba opens e-studio New Delhi, November 14 In association with HCL infosystem, the company also announced the opening of e-studio, a futuristic showroom, in the capital. The e-studio opened by the company is designed to be a hi-tech information hub that will provide visitors a first-hand experience of the seamless integration of Internet, local area network, digital processing, desktop software applications, imaging technology and document management.
TNS |
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Course on safety Carlson tie-up BoP cuts rates |
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