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Wednesday,
July 16, 2003, Chandigarh, India  
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Govt
announces tax reforms
Govt
restricts wheat movement by road Car sales
record a big jump
Oberoi
launches advantage programme Industrialists
urged to invest in J & K |
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Zydus
Cadila net rises 32.6 pc
Maruti
hikes car prices
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Govt announces tax reforms New Delhi, July 15 In addition, to remove the fear of raids, henceforth raids will be conducted only on the basis of “credible information” about evasion. “I have instructed that searches should be authorised only where credible evidence of substantial tax evasion exists. Search and seizure is to be resorted to with great care and utmost caution and to be undertaken only with orders from Director General (Investigations)”, Jaswant Singh said, while addressing the All-India Conference of Chief Commissioners and Director Generals of Income Tax here today. Under the existing system, search and seizure operations can be carried out by duly authorised officers of the Income Tax Department. The Finance Minister said a National Tax Tribunal will be instituted to ensure that the Income Tax Act is interpreted and implemented in a uniform manner. Moreover, 50 additional benches of the Income Tax Apellate Tribunal will be set up for speedier dispensation of tax refunds. Besides, a system will be put in place to for evolving a faster dispute settlement mechanism in taxation matters. He also announced a reduction in compounding fees. Pointing out that as many as 27,000 cases are pending, he said the present guidelines are restrictive and even technical breaches are taken up for prosecution. “I have given instructions to reduce the compounding fees and simplify procedures”, the Finance Minister said. He also suggested that the Customs and Excise Department can follow a similar system for
compounding offences on payment of full dues and penalties not exceeding 5 per cent of full duty. On indirect tax reforms, he said a self-assessment scheme called the Accelerated Clearance of Import and Export scheme has been introduced on a pilot basis. Underlining the need for reducing the dependence on marketing borrowings, he said despite better revenue
realisation and cost cutting measures, the central market borrowing will still be in the range of Rs 1,30,000 crore in 2006-07.
3-figure forex reserves soon
With an impressive growth in the manufacturing sector and exports and inflation running in single figure, the economy is looking up, Jaswant Singh said. “By the grace of god, so far rains are encouraging, the inflation is in single figure and the forex reserves are buoyant”, he said. He expected a three figure foreign exchange reserves in the “none-too-distant-future”. The manufacturing sector is growing satisfactorily and the services are also progressing well. While the exports are growing at 19 per cent, the imports are also rising, he said, adding that this buoyancy is in sharp contrast to last year. The minister said last year, there was unprecedented drought in some parts of the country besides the Gulf War and the stand off with the neighbouring country. “The gulf war is over, the drought is over. Our granaries are full”, he said, adding that there wasn’t a single case of starvation death. “India has to move from there. Even in a desert in Rajasthan, people have 20 or 30 bags of wheat which they have earned by a programme. It is remarkable. It is
truly remarkable achievement by India”, he said.
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Govt restricts wheat movement by road New Delhi, July 15 An official release said that exporters of wheat would be permitted to transport sound wheat by road to port towns and/or border points, for the purpose of exports only upto July 31, 2003 official release said here. Movement of wheat by road was allowed on account of shortage of rakes. However, transport of wheat by road in respect of all export contracts entered into upto July 31, 2003 relating to 1999-2000 and earlier crop years will be allowed upto September 30, 2003, it said and added that in all other cases road movement of wheat for export purpose beyond August 1, 2003 was not permissible. Export of foodgrains recorded an all-time high during June, 2003 with an actual shipment of 4.59 lakh metric tonnes of wheat against a quantity of 6.66 lakh metric tonnes having been lifted and 22.15 lakh metric tonnes paid for. In the case of rice, 3.57 lakh metric tonnes was exported in June 2003 while 6.41 lakh metric tonnes was lifted for export and 15.96 lakh metric tonnes was paid for. The total export of wheat and rice from central pool during the last three years upto June, 2003 stands at 197.1 lakh metric tonnes against a quantity of 262.67 lakh metric tonnes having been lifted and 320.56 lakh metric tonnes paid for. In 2002-03, the total export of foodgrains was 106.13 lakh metric tonnes against 51.47 lakh metric tonnes in 2001-02, it said.
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Car sales record a big jump New Delhi, July 15 This rise in sales reflected a 22.9 per cent increase over the units sold last year during the same period. The figures released by the Society of Indian Automobile Manufacturers (SIAM) said today said that the cumulative sales of passenger cars in the first quarter of the current fiscal also registered an increase to 149,701 units from 114,676 units during the corresponding quarter of the previous year. Reflecting an overall improvement in the performance of the domestic car manufacturers the SIAM figures also said that the passenger car exports had almost doubled to 10,847 units from 5,608 in June last year. The first quarter also witnessed this performance when the exports went up to 26,649 from 14,233. Sales of commercial vehicles rose to 18,330 in June from 14,659 in June last year. The quarter sales went up to 46,899 units from 39,179 units. Motor cycle sales jumped by 8.86 per cent to 323,873 units in June from 297,504 units the same month last year. Sales in the first quarter rose to 974,737, an increase of 7.4 per cent from 907,609 units. India is the second largest bike market after China.
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FCI is here to stay, says MD Chandigarh, July 15 In an interview with Tribune News Service here, Mr Malhotra who was on his maiden visit to the region after taking over as the Managing Director of the FCI about a month ago, indicated that he did not think much of the ongoing debate about the future of the FCI in a free market economy. “This debate is rather pointless because it starts only when there is a problem of plenty on the food front”, he pointed out. “It disappears as soon as there is a drought in the country and food stocks start falling. It was heard much during the past couple of years when the country was struggling to manage what were literally mountains of
foodgrains. But an aggressive export drive together with an increased offtake of foodgrains due to drought in as many as 17 states has led to a rapid liquidation of stocks”. Mr Malhotra pointed out that the Indian agriculture was still dependent on vagaries of weather. A country as big as India could not do without a body like the
FCI. “You need an organisation which can ensure basic dal-roti for its teeming millions”. He disclosed that nearly 300 lakh tonnes of wheat and rice had been exported to various countries during the past two years. Another 70 lakh tonnes of foodgrains was being exported to certain European and African countries. Another 105 lakh tonnes of foodgrains had been allocated to tackle the drought situation under special Sampurna Gramin Rojgar Yojna and SGRY (normal). The FCI had made special efforts in inducting stocks by rail and road from Punjab and Haryana to all drought-affected states, especially Rajasthan, Maharashtra, Uttar Pradesh, Orissa, West Bengal and Andhra
Pradesh. So far, he said the offtake of foodgrains for drought-hit states was 85 lakh
tonnes. Requirements of different schemes in drought affected areas were being met by operating godowns even on holidays and in late hours. The availability of sufficient foodgrain in all the states was being ensured for its
distribution through nearly 4.54 lakh PDS outlets which catered to the needs of 6.5 crore families living below the poverty line. Mr Malhotra also announced that the FCI had launched a Rs 400 crore modernisation plan. The plan envisaged increasing use of mechanisation in grain handling operations. He also said that several measures taken by the FCI had brought down the transit and storage losses of foodgrains during the past couple of years to 0.93 per cent. He also said that an inquiry held into the alleged loss of millions of tonnes of foodgrains in Punjab showed that the report was not true. “It was just a problem of reconciliation of stock which has since been sorted out”. Mr Malhotra said about 7.5 lakh tonnes of foodgrains in Punjab had been found to be
“non-issuable”. Of these, about 2.5 lakh were unfit for human consumption. Tenders would soon be invited to dispose them of as poultry and cattle feed.
Movement of
foodgrains to drought-affected areas
Mr V.K. Malhotra, MD, FCI, said that the inter-State movement of foodgrains to 17 drought-affected states in the country has increased tremendously. In a talk with mediapersons he said the average movement to the 14 drought affected States (i.e. excluding Punjab, Haryana and Uttaranchal) was about 12.50 lakh tonnes per month i.e. equivalent to 540 rakes every month during April-June, 2002-2003. The average movement during the first quarter of 2003-04 was anticipated to be about 20.65 lakh tonnes per month i.e. equivalent to 895 rakes per month, which indicated an increase of about 66 per cent over the previous year. Sufficient stocks of rice and wheat were available in the FCI and State Government godowns to meet emergency requirements for drought relief in future also. As on May 1, 2003, Government of India was holding 413 lakh MTs of foodgrains under Central Pool, in FCI and State agencies
godowns. Out of this, wheat stocks are 260 lakh MTs and rice stocks are 153
MTs.
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Oberoi launches advantage programme New Delhi, July 15 A release issued by the Oberoi group of hotels said that every stay at any of the participating Oberoi Hotels between now and January 15 will contribute to a guest earning a complimentary stay at select Hotels and Resorts. The participating Oberoi Hotels under this programme are the Oberoi Hotels in Mumbai, New Delhi, Bangalore and Kolkata. Staying seven times at any of the participating Oberoi Hotels entitles a guest to a complimentary stay for two nights for to at an Oberoi Resort. The Oberoi Resorts where the complimentary offered are, Rajvilas (Jaipur), Amarvilas (Agra), Udaivilas (Udaipur) Wildflower Hall (Mashobra) or at Cecil, Shimla.
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Industrialists urged to invest in J & K
Srinagar, July 15 “The Centre is very keen to help Jammu and Kashmir in its industrialisation. National and local entrepreneurs should come forward to set up their industrial ventures in the state,” Deputy Chief Minister Mangat Ram Sharma said. Addressing a joint meeting of senior officers of industries and commerce and its divisional managers of all districts, Sharma said the thrust should be laid on setting up industrial units in backward and rural areas rather than in cities of Srinagar and Jammu for ensuring balanced development of all the areas. Setting up of industrial units in the state would help in solving the growing unemployment problem among the educated youth to a great extent, he said.
— PTI
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