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Upgraded diesel misses deadline
Reddy favours multiple players in DTH field
Govt may allow foreign newspaper publishing from India
Nigerian scam gets Indian address
Most job-seekers seek challenges, says survey
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Hong Kong airport is world’s best
Arhtiyas confused over D-2 tax forms
Enlighten staff on M&As, FM tells banks
ADB team visits Markfed
Riot at Pak stock exchange as shares plunge
Panel raps Power Grid for delay, cost escalation
Stock exchange asks Reliance to clarify reports
IIM Indore hikes fees
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Upgraded diesel misses deadline
New Delhi, March 24 The oil companies had urged the government to extend the deadline of April 1 for supply of upgraded diesel as their refineries were unable to produce the required quantity of fuel by the said date. The Cabinet meeting chaired by Prime Minister decided to stick to the April 1 deadline for supply of Euro-III grade petrol and diesel in 11 major cities and Euro-II grade in the rest of the country. The Cabinet on December 10, 2003, had decided to make available Euro-III petrol and diesel in 11 identified cities and Bharat II (Euro-II) graded liquid fuels in other parts of the country. “All consequential steps would be taken by the government,” Information and Broadcasting Minister Jaipal Reddy told mediapersons. The new norms are being implemented as per the Supreme Court direction and the extension of date will be informed to the apex court. The registration of vehicles as per the new norms will also be extended in those areas, where quality fuel is not available at the schedule time. Because of lower production of Euro II diesel, the existing grade diesel would continue to be available in Rajasthan, Western Uttar Pradesh, Uttaranchal, Madhya Pradesh, Punjab, Himachal Pradesh and Jammu and Kashmir. The sale of Euro-II diesel would commence in other parts of the country. Euro-II diesel is already available in 11 identified cities. The oil marketing companies had already invested Rs 18,000 crore to produce quality fuel in the country. However, because of the delay in investment by a few companies and in a major accident in Baroda refinery of IOC had resulted in lower production of quality fuel. The oil companies had also decided to import Euro-III petrol and diesel to meet demand of 11 cities — Delhi/NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad, Pune, Surat, Kanpur and Agra. These cities were identified by the apex court, as it considered vehicle pollution in these cities to be abnormally higher. Oil companies propose to import six lakh tonnes of petrol and diesel within the next six months to meet the demand.
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Reddy favours multiple players in DTH field
New Delhi, March 24 The minister said two serious applications are at an advanced stage of process and would be considered favourably if they were in conformity with the laid-down rules and requirements. He said Doordarshan’s DTH service provides the only free-to-air platform in the entire world. He said a policy package for the expansion of FM radio has been finalised and would be taken to the Cabinet soon. He said that the package is based on the recommendations of the Amit Mitra committee. Mr Reddy said the government has an open mind for inviting technology in all sectors and would encourage the entry of the private sector into broadband technology. Reiterating the government’s resolve to check obscenity in electronic media, Mr Reddy said the proposed regulatory authority to check such a trend would be truly autonomous and the ministry would have a limited role in its functioning.
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Govt may allow foreign newspaper
New Delhi, March 24 Referring to the publication of International Herald’s edition from India, the minister said: “There is a dichotomy as far as foreign newspapers in concerned. Though one can sell newspapers in India after bringing them from abroad but there is no clarity whether they can print from here.” “We are looking into the issue. Our mind is not closed on publication of foreign newspapers as it has been so far,” he said adding that he would not make any statement since Parliament was in session. He was speaking at a seminar “ Future of Newspapers in the World” organised by CII. CEO of the London-based Financial Times Group Olivier Fleurot said they were eager to start printing of their Asian edition from India as soon as possible. FT, which holds a stake in Business Standard, currently sells its newspapers in India by getting them from Dubai. “That is the closet location from where we can get the newspaper,” said Mr Fleurot adding that they would like their Indian readers to get the paper early in the morning. He noted that newspapers in the world were facing serious challenge from the Internet sites like Google. “ India and China are only two countries in the world, he said, where newspapers’ circulation on rise.
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Nigerian scam gets Indian address
Chandigarh, March 24 Once the fraudsters establish their credibility by sending the copies of their passports, licence et al on potential victim’s e-mail id, they ask their unsuspecting victim to deposit some money in a particular bank account as processing fee. Such amount is usually in five-figures. The amount is then withdrawn by the trickster, who later vanishes. Nigerian scam is named so because such mails have been traced to Nigeria. They are also known as the 419 frauds because of the Section number of Nigerian criminal law that applies to it. So you have mail-with-a-bait of all sorts. It could be Pat Obi from Beagon Oil, Lagos, Nigeria, seeking to transfer $ 35 million with a promise of 25 per cent commission or Philip Johnson from South Africa soliciting the help of someone to operate overseas account of $ 21 million on commission basis. Prince Johnson Wales from Zimbabwe, Salee Mustafa from Libya, Jewel Taylor from Liberia or Johnas Sulleman from the Ivory Coast… all seeking help to transfer the ‘frozen’ bank accounts with a promise of a fat cut as commission to the naïve recipient. Now it happens to come from Ali Ibrahim from Iraq seeking transfer of Saddam Hussain’s hidden treasure. What makes this case exceptional is that this time the bank account where the money has been requested happens to be in India. An ICICI Bank account number, 003201014533, operational in suburban Mumbai. Till recently, such accounts were known to have operated abroad, though it is known to have claimed a few Indian victims too, thanks to the reach of Internet. In a complaint to the SSP, Chandigarh, filed today, Mr Moninder Singh, an officer with the Standard Chartered, has sought the help of the police to check the credentials of an ICICI Bank’s Maharashtra-based account wherein a sum of Rs 15,000 has been asked to be deposited so that Saddam Hussein’s riches of $ 8.523 million could be shared in 60:40 ratio between Ali Ibrahim, the writer of the e-mail and the recipient, respectively. The account number, according to Ibrahim’s mail is of an ‘embassy contractor.’ “Actually, I have complained to the police on behalf of my friend. Such tricksters should be taught a lesson. What’s more surprising is that Nigerian scam is now taking Indian colours and Indian bank accounts are being used to cheat gullible persons,” he says and adds that an intimation of account verification has also been sent to the ICICI Bank. Enquiries with the bank reveals that while on one hand money is being deposited, it’s being withdrawn through the ATM, simultaneously.
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Most job-seekers seek challenges, says survey
New Delhi, March 24 The Monster Meter, a product of Monster India (www.monsterindia.com), part of the leading global online careers site and flagship brand of Monster Worldwide Inc., is an ongoing series of online polls that gauges users’ opinions on a variety of topics relating to careers, the economy and the workplace. When asked: “Why would you consider changing your job this year?” Thirty one per cent said they want a better work and life balance, while 24 per cent said they were looking for more pay and 12 per cent were looking to relocate. “The Indian job market is growing at a fast pace and these poll results show that more and more job seekers are ready to take advantage of this buoyancy in hiring,” said Mr Dhruv Shenoy, Vice-President, Marketing, Monster Asia. “This a great time for job seekers to consolidate their career plans and they can hope to strike it big now more than ever,” he added. Mr Shenoy said: “To the employers there is a clear message that they need to enhance their efforts in showcasing themselves as employers of choice.”
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Hong Kong airport is world’s best
Geneva, March 24 Singapore’s Changi and Seoul’s Incheon came second and third in world, respectively, according to the survey conducted by the Airports Council International (ACI) and the International Air Transport Association (IATA). The organisations interviewed 65,000 people at 40 airports in 2004. The survey covers the entire airport experience of international and domestic travellers who rate participating airports on 31 service-related parameters. — UNI
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Arhtiyas confused over D-2 tax forms
Chandigarh, March 24 According to Mr Ramesh Gupta, the newly-elected MLA from Thanesar, in view of what happened in the past when a large number of rice millers were burdened with huge tax liability after they had supplied rice to the exporters against “H” forms, the agents are worried that the past history might be repeated in case of D-2 forms also. The agents, he said here today, were worried that in case the exporters failed to meet their export commitments, the government would collect purchase tax from them. Mr Gupta, who plans to lead a delegation of the commission agents and rice millers to the Chief Minister, Mr Bhupinder Singh Hooda, on March 29, said the government should make it mandatory for everyone to pay purchase tax on paddy. If the exporters were able to satisfy the authorities of having met their commitments, the tax could be refunded. In many cases, he said, when the authorities found that the rice had not been exported, they asked the agents to pay tax. This put the agents in trouble because they were not able to recover the tax from the exporters afterwards. Mr Gupta said if it was made mandatory for everyone to pay purchase tax, this would save the agents from unnecessary risk and there would be no loss of revenue to the government. He said the government should recover the arrears of purchase tax from the millers in easy instalments. He also said the government should directly pay labour charges to “Kutcha Arhtiyas” in the mandis instead of making payment through contractors, who often failed to honour their commitment.
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Enlighten staff on M&As, FM tells banks
New Delhi, March 24 “Competition, convergence and consolidation will be the key drivers of the banking industry in the future… There are unions, associations in each bank. Each one has a responsibility to communicate,” Mr Chidambaram said while inaugurating a branch of Punjab National Bank (PNB) here. Allaying fears about loss of jobs due to the mergers and acquisitions in banks, he said that on the contrary, more jobs would be created.
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ADB team visits Markfed
Chandigarh, March 24 Punjab is one of the five states selected by the ADB for its Agri Business Support Mission. The other states are Himacahl Pradesh, J&K, Sikkim and Chhatisgarh for the development of agro business of horticultural crops. The total financial outlay under this project is $ 100 million. Mr Pawan Chopra, Deputy Mission Leader, along with Ms Sharon Burkitt from New Zealand and Mr Grant Vinning of Australia today met Mr S.S. Channy, Managing Director, Markfed. The visit was a continuation of the ADB’s process of consulting the states and its institutions. The ADB team, which visited Punjab earlier in January also, had conducted a two-day workshop where a number of recommendations were made about each organisation and the required eligibility criteria. Today’s meeting was an outcome of these recommendations. Among the subjects explored in-depth were market, infrastructure development, marketing and business skills.
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Riot at Pak stock exchange as shares plunge
Karachi, March 24 The police was called in as around 400 small investors who had been prevented from offloading their falling stocks hurled stones and smashed cars and office windows in the building’s courtyard yesterday. “We have arrested five people and the situation is now under control,” senior police office Sanaullah Abbasi told AFP. The unrest broke out as the KSE-100 continued to fall for the sixth consecutive day, from the record of 10,304.72 points on March 15 to 8,367 points at lunchtime on Wednesday. Under rules designed to prevent the market going into freefall, the management suspended trading in a number of key blue chip shares when they dropped by 5 per cent or more. “This gives small investors no opportunity to sell out their holdings because trading is locked by the management to avoid crash,” said Humaira Zaheer, head of research at Capital One Equities. Television footage showed crowds of angry people rallying outside the stock exchange and pick-up trucks full of armed riot police racing towards the scene. Dealers had said last week that the breaking of the 10,000-point barrier marked a historic recovery for the KSE, which hit a low of 1,401 points on March 15, 2001.
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Panel raps Power Grid for delay, cost escalation
New Delhi, March 24 The committee, which tabled its report in the Lok Sabha today, noted that the Kishenpur-Moga transmission line (KMTS) was conceived in 1993 to transfer power from various generation projects in J&K to the load centre at Moga in Punjab. But the project could be completed only in January 2001 as against the estimated time period by March 1998. The original approval cost of the project was Rs 417.71 crore in May 1993, but the final execution cost of the project was Rs 857.63 crore in January 2001, 100 per cent more than the original approval cost. The committee found that unreasonable conditions of the World Bank, lack of adequate initial technical scrutiny at the techno-economic evaluation stage, inability of the Power Grid to take the World Bank into confidence on various issues contributed significantly to the cost and time overruns in implementing the project. Power Grid raised Rs 434.79 crore from the World Bank, Rs 157.71 crore through bonds and Rs 121.71 crore through financial institutions, besides Rs 143.14 crore through internal resources. The Committee headed by CPM leader Rupchand Pal lamented that “upon the insistence of World Bank, Power Grid chose to award both the packages of KMTS to M/s Cobra company of Spain though it had no previous experience in designing 800 KV class towers.” The Committee has recommended to the government to examine the need for fixing of responsibility on the offices for the lapses, besides enhancing the coordination.
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Stock exchange asks Reliance to clarify reports
New Delhi, March 24 Companies headed by each of the two brothers side-stepped the issue of settlement saying they were unaware of the veracity of the reports and declined to make comments. Neither camp commented on the settlement process or its status. In identical communications, RIL and
IPCL, informed BSE that “they are not aware of the veracity of the contents of the news report referred and can make no comments.”
The Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and forex market will be closed for three days from tomorrow. A BSE spokesperson told UNI here today that the trading would not take place tomorrow on account of Good Friday. The next two days happen to be Saturday and Sunday.
— UNI, PTI |
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IIM Indore hikes fees
Indore, March 24 The move comes in contrast to the step mooted by the previous NDA government to cut the fees of the IIMs. IIM-I Director S.P. Parashar said from the next academic session the fees would be raised from Rs 1.08 lakh to Rs 1.25 lakh. He said the board of directors had approved the proposal. Dr Parashar said efforts were underway to enhance the seats in the institute from the present 120 to 180 seats. The IIM-I has also entered into an exchange programme with a French business school, EM Lyon. Under this programme a fixed number of students from the IIM-I would be sent to EM Lyon and the same number of students would come from there to the IIM-I, Dr Parashar said. He said the placement among the students of the 2005 batch had witnessed a raise of 25 per cent in the average per annum salary and also 50 per cent raise in the highest salary offered compared to that in 2004.
— UNI
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