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Sunday,
May 18, 2003, Chandigarh, India  
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Telecom price war at new high
Website on Einstein papers
India acquires 25 per cent stake in Sudan oil block
Textile exporters' hopes rise |
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Allahabad Bank net doubles Kolkata, May 17 Allahabad Bank today announced an impressive 106.94 per cent jump in its 2002-03 net profit at Rs 165.99 crore from Rs 80.21 crore in the previous fiscal while stressing that it would spend over Rs 50 crore this fiscal on computerisation of branches. Now Indians can invest in Canada
Industry hails pact with Afghanistan
RCF net loss at 48 cr
ING Vysya net up
Essar Shipping net rises
In the wonderland of investment
Online bookings need of the hour
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Telecom price war at new high New Delhi, May 17 Mahanagar Telephone Nigam Limited today announced rock bottom tariffs for its WLL “Garuda” services and the Bharat Sanchar Nigam Limited rolling out its newly slashed celluar services along with plans to set up information kiosks across the country. The MTNL has taken the competition posed by Reliance headon by announcing 12 seconds pulse and a standard plan monthly rental of Rs 200 with call made to WLL and Cellphones costing 55 paise per minute and 75 paise per minute to landline or fixed phones. MTNL CMD Narinder Sharma said the standard tariff plan was in compliance with the recommendations of TRAI. He also announced three different plans — silver, gold and platinum — to meet the needs of different users. The ‘silver’ plan would have a monthly rental of Rs 399 and call made to WLL and cellphones would be charged 50 paise per minute, while those to landline would be charged 70 paise per minute. The ‘gold’ plan has a monthly rental of Rs 699 and call to WLL and cellphones would be charged 45 paise per minute and those to landline at 65 paise per minute. With a monthly rental of Rs 1199, the ‘platinum’ plan users would have to pay 40 paise for calls to WLL and Cellphones and 60 paise to landlines. Mr Sharma, however, added that the tariffs plans, which have been submitted to TRAI, were subject to approval by the telecom regulatory authority. The BSNL today rolled out its upto 66 per cent slashed tariff for cellular services and also introduced a Plan-525 with cell-to-cell STD rate at Rs 1.80 per minute. While the reduction in tariff ranges between 8-66 per cent for its already existing post paid Plan 225 and Plan 325, in the pre-paid
category the reduction in tariffs is between 8-50 per cent. With the introduction of the Interconnect Usage Charges (IUC) regime, the incoming calls are already free. BSNL in its cellullar tariffs has kept the pulse rate at 15 second for the benefit of customers. BSNL CMD Prithipal Singh on the World Telecom Day announced the plans to install interactive touch screen information kiosks at customer care centers across the country. Once inducted into the system these machines can be upgraded to accept bill payment, generate duplicate bills and register service demand like request for new connections, he said, adding that these machines can work in English as well as any local language and have a user-friendly menu driven. Connect cuts tariffs
Chandigarh From today calls made from a Connect landline to a GSM mobile within Punjab will be charged at a 60 seconds pulse, instead of the prevailing 30 seconds pulse. All local calls made from Connect landlines to any other landline phone will continue to be charged at the earlier pulse rate of 180 seconds. The number of free calls offered in Connect Classic plan has been increased to 50 calls from the existing 30 free calls. The next 250 call units will be charged at Re 1 while calls above 300 will continue to be charged at a rate of Rs 1.20. The rentals would remain the same as before. |
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Website on Einstein papers Los Angeles, May 17 A collaborative effort of the Einstein Papers Project at Caltech and the Albert Einstein Archives at the Hebrew University of Jerusalem, the website will allow users access to 3,000 digitised images of the Nobel prize winner's writings, Einstein Papers editor Diana Buchwald said. Among them are papers on the special theory of relativity, his never-published travel diaries, various humanitarian statements, and his frequent pleas for peace. Einstein Archives Online will be launched on Monday during a daylong symposium on Einstein's life and work at the American Museum of Natural History in New York. The site also will provide a catalog of the 40,000 pieces of writing and correspondence that make up the body of Einstein's work, much of it written in the scientist's own hand, Buchwald said. "The most exhilarating experience is to read the manuscripts," Buchwald said. "He expressed himself very clearly and concisely. He had a very elegant prose and ... very readable and beautiful handwriting, so one has a feeling of intimacy with the material." The original papers, collected during Einstein's life and after his death in 1955 by his secretary Helen Dukas, are kept at University of Jerusalem. About 25 years ago, the Einstein Papers Project, centred since 2000 at Caltech in Pasadena, California, began publishing the material in chronological order and has completed eight of 25 planned volumes. His papers show that Einstein was well-regarded in the scientific community and was a strong voice for peace long before confirmation of his special theory of relativity in 1919 made him a household name, Buchwald said. Nevertheless, many still equate him with "the old frazzled scientist in a worn-out T-shirt," she said. "It's difficult to get a completely fresh picture of Einstein because he has been such an icon for 75 years," Buchwald said. The new site, scheduled to go live at 3 p.m. EDT, is www.alberteinstein.info.
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India acquires 25 per cent stake in Sudan oil block New Delhi, May 17 Having got a stake in a producing oil block in Sudan, India is now looking at two other oil blocks for which the competition is bound to be tough, admitted the envoy. "It was a historic moment to see Seafalcon, the crude carrier, coming into Mangalore port, more so as it had set sail from Port Sudan, where Mahatma Gandhi halted in the 1930s on his way to Britain. "It was a dream come true for Sudan to see the bilateral cooperation being realised," Mohammad told IANS. "This is just the start of the bilateral cooperation we are seeking with India and would like to see it extended to trade, culture, science and technology, human resource development, IT, pharma, small and medium enterprises (SMEs) and food security. India has an excellent record and we would like to benefit from it," said the Ambassador. With oil shaping the new contours of global relations, Mohammad said India's act of taking 25 per cent equity stake in the Greater Nile Oil Project in Sudan showed great foresight. "Oil is emerging as an instrument of determining frontier in international relations. For India to have taken equity in a Sudan oil field shows great foresight. The Sudanese government welcomes India's participation in its oil sector," said Mohammad. Depending on imports for 70 percent of its oil requirement, India through ONGC Videsh last year took over Canadian Talisman Energy's stake in a producing block in Heglig and Unity fields in the oil-rich Muglad Basin. The Greater Nile Oil Project consists of four blocks in the Muglad Basin and a 1,500 km pipeline from the producing fields to Port Sudan on the Red Sea. It currently produces 12 million tonnes of oil annually (240,000 barrels per day). India's share from the block works out to 3 million tonnes of oil annually. The oil being of good quality from a reliable source, India is keen to not only bring its entire share but also persuade the other partners in the block to let it have the remaining supplies on commercial terms. ONGC's other partners in the Sudan field are the Chinese National Petroleum Company (CNPC) with 40 per cent stake, the Malaysian National Oil Company Petronas with 30 per cent and the Sudan National Oil Company with 5 per cent stake.
IANS |
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Textile exporters' hopes rise Ludhiana, May 17 This was stated here today by Mr S.P. Oswal, Chairman, National Textile Committee of the CII, who participated in the two-day conference on the ‘future of textiles and clothing after 2005 in Brussels. The conference was organised by the European Union and more than 800 delegates from various countries participated in it. In an exclusive interview, Mr Oswal said here today that on the positive side, “We are geared up to take advantage of free trade. But on the negative side, if we go by the present circumstances, the industry feels more threatened in view of several roadblocks which we are facing particularly the inflexible labour laws and the poor and costly infrastructure”. Mr Oswal revealed that the total textile exports from India was to the tune of $ 12 billion and under the quota system, it was $ 6 or 7 billion per annum. The quota restrictions for export of textiles and clothing for the EU, the USA and Canada will go from January, 2005. According to Mr Oswal, Textile Ministry Secretary Mr SB Mahapatra, in his presentation, spelled out the steps taken by the Government in reducing the customs tariff from 70 per cent to 25 per cent on all textile items and assured the member of the absence of the non-tariff barriers. He further pointed out that all restrictions on FDI in textiles and clothing had been removed. The Director-General of the WTO, Mr Supachai Panitchpakdi, expressed hope that textile and clothing which remained out of multi-lateral rules of the WTO, would be brought under the rules after 40 years and would lead to healthy development of trade and provide opportunities to developing countries. Mr Oswal said Euratex, representing European Textile Manufacturers and Producers expressed fear of higher import penetration of clothing and textiles in the EU leading to a decline in their production and threat to employment of 2 million people in the industry. The delegation which was led by Mr Mahapatra also included Mr K.K. Jalan, Joint Secretary, Textiles and Dr V.S. Seshadari, Joint Secretary, Ministry of Commerce. Industry representatives included Mr O.P. Lohia, Chairman, task force on textiles, FICCI, Mr Virender Uppal, Chairman AEPC, Mr A. Sakhivel, President, Tirupur Exporters Association; Mr S. Rajagopal, ED, Texprocil; Mr Lalit Desai, Chairman, Texprocil; Mr D.K. Nair, Secretary General,
ICMF. |
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Allahabad Bank net doubles Kolkata, May 17 The bank also recommended a dividend of 10 per cent for the fiscal, which worked out to 28 per cent to investors as the shares were allotted in November, 2002. Executive Director K.K. Rai said the net profit during the fourth quarter was Rs 55.73 crore, up by 34 per cent, as against Rs 41.59 crore during the corresponding period of last year, he said. The gross NPAs during the fiscal were down by 4.10 per cent to Rs 1,842 crore from Rs 2,002 crore at the beginning of the last fiscal. Earnings from retail credit dispensed through their Retail Banking Boutiques, the exclusive delivery channels, increased by 82 per cent to Rs 175 crore during the year from Rs 96 crore in the previous year.
PTI |
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Now Indians can invest in Canada Chandigarh, May 17 According to Lt.Col B.S. Sandhu, Chairman and Managing Director, WWICS, qualified businessmen could now get Canadian Immigration along with their families with dependent children in 16-18 months period. The Canadian Government is encouraging the Indian businessmen and as a result of that the Canadian High Commission in New Delhi has started entertaining businessmen's applications which was not the case in the past. WWICS will conduct free seminars in all metropolitan cities of India. These seminars will be conducted in collaboration with Renaissance Captial Inc (RCI), a world’s prominent Investment group of North America, and will be represented by Mr Sam Buffone who would be the key speaker in the seminars. In addition to this, Culligan Estates is being represented by Mr Brain Potter, a prominent company of Canada specialising in the sale and purchase business of agricultural, commercial and real estate. Both these senior officials will be the key speakers along with Col Sandhu. The seminars will start from May 18 in Hyderabad, Bangalore, Chennai, Trivandrum, Coimbatore, Kolkata, Delhi, Noida and also in all major cities of Punjab. The speakers will be highlighting the benefits of the Permanent Residency of Canada and the great business opportunities Canada offers. |
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Industry hails pact with Afghanistan New Delhi, May 17 The PTA would provide the much needed impetus to India-Afghanistan economic ties and bilateral trade, which has shown signs of positive revival in the recent times, especially after the establishment of economic-commercial ties between the two nations, said CII. |
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RCF net loss at 48 cr Mumbai, May 17 The company’s total income (net of excise) rose to Rs 2,072.43 crore for the year under review, compared to Rs 2,063.85 crore posted in FY-02. The chemicals and fertiliser maker posted a net profit of Rs 59.19 crore for the quarter ended March as against a net profit of Rs 24.04 crore posted during the same period of last fiscal, it said.
PTI |
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ING Vysya net up Bangalore, May 17 The board also approved the raising of additional tier II capital to improve the capital adequacy ratio, which stood at 9.81 per cent, the release added.
UNI |
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Essar Shipping net rises New Delhi, May 17 The net profit during the fiscal declined to Rs 63.30 crore from Rs 72.76 crore in the previous year. The company attributed the drop to extraordinary charges of Rs 6.82 crore of advisory fees for the potential acquisition of shipping companies and charging of certain portion of interest cost to its books, instead of charging it to its subsidiary.
UNI |
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In the wonderland of investment Q: Please clarify on the followings: When I was doing a private service I applied for PAN on June 1, 2000, because it was expected that my total income for that financial year (2000-2001) shall exceed more than Rs 50000, but, I got admission for higher studies (Post Graduation) on June 19, same, week, and I resigned from that private job. So my total income for the financial year 2000-01 was far less than Rs 50000. In the conditions mentioned above. Am I bound to file income tax return for A.Y. 2001-2002, 2002-03 and subsequent years. Only on the basis that I have PAN. Further, on the basis of my this higher studies. I got admission in the USA for doing Ph.D. in August 2002, on the basis of my this higher studies. I got admission in the USA for doing Ph.D. in August 2002 and I am getting US$ 17000 per year (as teaching assistantship) or say US$ 1400 per month is credited to my bank account directly, in USA, and income tax is deducted at source, by the American authorities. So, am I liable to pay and file income tax return here in India too. When and how I shall be treated as NRI? Please clarify the above queries.
Vinod Kumar A: It is not necessary to file a tax return just because you are holder of PAN. If your income is less than the tax threshold and if you are not covered under 1-by-6 rule, you need not file a tax return. Since you left India for further studies and not for a job, you will be NRI if your stay in India during any FY is less than 60 days. (Had you left for a job, you will be NRI if your stay in India was less than 182 days during any FY.) Your status for FY 02-03 was Resident Indian, and your global income will be taxable in India. However, tax paid in USA may be adjusted against tax payable in India depending on the terms of DTAA between USA and India. Double Taxation Avoidance Agreement between India and other countries, wherever such agreements exist, are available on www.incometaxindia.gov.in. Q: The following are my simple queries: (1) Is interest earned on Bank’s Savings a/c and Recurring deposit a/c is free from income Tax? (2) My brother is studying in USA and university is granting him scholarship. He saves a lot from that and he sent $ 1500 from his savings to me, in Feb. ’03, is that amount is taxable in India. Being a PSU employee. I am already income tax assessee and filling the income tax returns from the last 2 year’s and this year’s return is due to file, what I have to do to show this amount in my income tax return or is there is no need to show. Manjish
Gargi A: 1 No These are covered u/s 80L wherein Rs. 12,000 (including income from NSC, NSS92, ICICI/IDBI bonds P.O. schemes etc.) can be claimed as deduction. 2. The act defines Resident as follows: A Resident is one who during a Financial Year (FY) which is from April to March, satisfies any one of the following 2 basic conditions: He is in India for at least a) 182 days in the FY or (b) 365 days out of the preceding 4 FYs and 60 days in the FY. The stay in India need not be continuous. Most persons going abroad for an employment for the first time will have the status of Resident since they will be covered by the ‘b’ clause above. Therefore, if an Indian citizen leaves India in any year for the purpose of employment, or as a member of the crew of an Indian ship, the 60 days in the clause ‘b’ above is to be replaced by 182 days. In other words, they will be treated as Residents only if they are in India for 182 days or more in the current FY. However, since your brother has not gone out of India for an employment, the limit of 60 days is applicable to him. If he has earned the status of NRI, his income abroad is tax-free. Otherwise, his income abroad is taxable in India. He may get the benefit of Double Taxation Avoidance Agreement between USA and India If your brother sends the amount to you as gift or for family maintenance expenses, you are not liable to pay any tax on the amount received. If, however, the money is sent in return for services rendered the same will be taxable in your hands. Ask your brother to mention the purpose of the remittance in a letter accompanying each remittance. |
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Online bookings need of the hour SEVERAL affluent airlines have switched to online bookings. This helps passengers travel to airports, present their credit cards or pay cash and get air-borne without hazzle. This has brought an additional quantum of revenue as commission to agents (9 per cent), general sales agents (GSAs — 12 per cent) and consolidators have been saved. Technological advances have considerably reduced paperwork. This online concept is soon to travel to India. If and when online bookings are undertaken in a big way, many travel agents will have to shut their shops. Whatever may happen, Air-India will continue to depend upon GSAs. It is not understood as to why Air-India should have more than one GSA in the capital where huge airline staff is stationed. The airline industry in this country is struck in the mire of uncertainty. Post-September 11, 2001, and post-USA-Iraq war, the industry is passing through a very lean phase. Two national carriers, Air-India and Indian Airlines, have not taken any positive measures to emerge out of this situation. In sharp contrast, foreign airlines have evolved several plans to stay afloat serenely. British Airways Chairman, Lord Marshall, for example, says: “We are confident of being able to ride out any war. Other carriers may not have been able to stockpile cash and can be in difficulty”. Aviation experts maintain that civil aviation is a very rough industry in which overhead expenses are mammoth. It is not meant for week-hearted people to manage. Two national carriers have to be ruthless in their methods. If two private operators can make their presence felt in the Indian skies, why not two national carriers, which have the support of the government. Like in love and war, there are no ethics or scruples. Civil aviation has also to be tackled in the same ruthless manner. |
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LG outlet Dr A.S. Bindra Customers’ meet CS exams RBI bonds’ rate UTI Bank |
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