 |
|
Govt to revamp kerosene distribution network
India proposes, Pak disposes
Taxation Laws (Amendment) Bill introduced
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
RBI issues norms for merger of banks
No link between opening of routes and airline IPO: Patel
Walmart CEO meets PM
Finance Ministry expects 6.9 pc growth rate
Philips to consolidate
Revenue from software exports zooms
|
|
Govt to revamp kerosene distribution network
New Delhi, May 12 Ministry of Petroleum and Natural Gas has proposed to introduce IT technologies for better management of the network, besides involving village panchayats to monitor the supply of subsidised fuel worth thousands of crores. The government has taken a serious note of the fact that diversion of subsidised fuel was not only resulting in discontentment among public, but also causing damage to the public vehicles by adulterated fuel. Under the revamped network, at least one kerosene dealer will be appointed at the block level, besides five to 10 sub-wholesale points in each block. The scheme will be implemented in consultation with the state government and panchayati institutions, Petroleum Minister Mani Shankar Aiyar informed the Lok Sabha today. A recent study by the Tata Consultancy has estimated that kerosene products worth Rs 10,000 crore was diverted for adulteration purposes. The minister said project would be initially implemented in 10 per cent of the blocks, around 500 blocks, for six months. Later it will be extended throughout the country. The ministry has also commissioned the NCAER to prepare the first-ever scientific study of the demand for PDS kerosene in the country to put in place a comprehensive and rational policy for meeting the genuine requirements of PDS kerosene for entitled beneficiaries, Mr Aiyar said. “The report is expected within a few weeks,” he said in reply to a supplementary. Under the revamping of the PDS system, he said, a dedicated fleet of tanker-trucks for transportation of PDS kerosene. At each fair price shop, kerosene will be stored in barrels with clearly identified logos, which the general public can assess to determine the balance availability. In consultation with state governments, panchayats and gram sabhas would be empowered to generally supervise the availability of PDS kerosene supply. Ruling out to revive the anti-adulteration cell (AAC), the Ministry has asked the oil marketing companies to set up special monitoring wings to check adulteration. Keeping in view the diversion of subsidised kerosene for adulteration, the private parties have been debarred from importing kerosene, which will be now channelised through public sector oil marketing companies. The government has also proposed to introduce tamper-proof tank-truck locking system to prevent en route adulteration by transporters.
|
|
GAIL to buy Iranian gas for India
India will nominate state-run gas firm GAIL (India) Ltd for purchase of Iranian gas that New Delhi plans to import through a 2600-km long pipeline passing through Pakistan.
“We will nominate GAIL for the purchase of Iranian gas at India-Pakistan border,” Petroleum Minister Mani Shankar Aiyar said today. Aiyar will visit Pakistan later this month to finalise bilateral arrangement for the $ 4.16 billion pipeline project. He would meet his Pakistani counterpart to discuss the Iran-India pipeline and is also expected to take up diesel and petrochemical exports from India to
Pakistan. — PTI
|
|
India proposes, Pak disposes
Chandigarh, May 12 Sources in the government maintain that the state government has yet to get a favourable response from the Pakistani government and Islamabad, Lahore and Rawalpindi chambers of business and trade and an answer to their queries. According to an interim report submitted by the Punjab State Industrial Exports Council
(PSIEC) to the Punjab Chief Minister, Capt Amarinder Singh: “Even as there is lot of scope for trade in certain other items between the two countries, the tariff and non-tariff barriers imposed by the Pakistan Government have yet to be worked out by the Pakistan chambers and the Industries Department of Pakistan, Punjab.” A trade list of 700 items already exists and there is a move to add another 25 to this list. Of the list of 25 items, about a dozen items have not found favour and the same stand banned by the neighbouring nation from India. This also includes wheat, which the state has in plenty and is always looking for exports across the Wagah border once it is opened. Though the state has been exporting wheat, mostly to the South-east Asian countries, yet it has not been possible to do so with Pakistan due to the trade barriers. The interim report has also mentioned that the Indian government has also banned export of wheat to Pakistan. The crop costs about Rs 830 per quintal in Pakistan, and if is exported from India, its cost there would be at best Rs 700, including the freight and other charges, the report adds. Besides wheat and sugar, the items in the Pakistan’s negative list for the time being are adhesives, food machinery, auto parts, agri machines, communication equipment, hand tools, cycles and cycle parts, drugs and pharmaceuticals, medical and industrial gases, construction material, steel, fruit and
molasses. The members of the core group, which has been formed by the state government to study the trade potential with Pakistan and the subsequent opening of the Wagah border include those from
PSIEC, PHD Chamber of Commerce and Industry, Confederation of Indian Industry (CII) and the Business School of Punjab University. They have urged the central government to take up the issue of fresh list of export items with Pakistan in the light of the fresh announcement to abolish import duty and taxes on certain essential and perishable commodities as it will further boost trade between the two countries.
|
|
Taxation Laws (Amendment) Bill introduced
New Delhi, May 12 The Bill piloted by Finance Minister P Chidambaram would make filing of tax returns mandatory by the charitable institutions, even with annual receipts of less than Rs 1 crore. The bill seeks to further amend the Income Tax Act 1961, the Customs Act 1962, the Customs Tariff Act 1975, the Central Excise Act 1944 and the Central Sales Tax Act 1956. The Bill prescribes tax deduction at source on renting of plant and machinery, equipment and royalty and phased withdrawal of exemptions to North Eastern Finance Devleopment Corporation in the next five years.
|
|
RBI issues norms for merger of banks
Mumbai, May 12 It was part of the fresh guidelines for mergers and amalgamation of banks, which was announced by the RBI today. The RBI ruled that the decision of merger should be approved by two-third majority of the total board members and not just those present alone, RBI said in its notification. However, in view of the importance of the responsibility implicit in such merger decisions, the directors who participate in such meetings should be signatories to the Deeds of Covenants, the RBI said. The draft scheme for merger between two banks should be approved by the shareholders of each bank by a two-third majority after necessary clearances by the board of directors. The board needs to consider the values at which the assets, liabilities and the reserves of the amalgamated entity are proposed to be incorporated into the books of the merged entity and whether due diligence exercise has been carried out. The RBI said bank board has to consider whether the merger, swap ratio, shareholding of any individual, entity or group in the amalgamating banking company would violate the central bank guidelines and require its specific approval. The board should also consider the impact of merger on the profitability and the capital adequacy ratio of the amalgamating bank, the notification added.
|
|
No link between opening of routes and airline IPO: Patel
New Delhi, May 12 Making a statement in the Lok Sabha on the recommendations of the Parliamentary Standing Committee on Transport Tourism and Culture, the minister while reacting to the observations made by the committee members clarified that it was not the function of the government to keep track of IPO issues of private enterprises and that the government decisions are not guided by dates of issues of IPO’s of private companies. The Standing Committee while reacting to the opening of international skies to a particular airline and granting it passage rights on some international routes on the same day as the opening of its IPO had said that this had helped that particular airlines’ IPO prospects. The decisions to allow private airlines to operate on international routes was consciously taken after due consideration, the minister added.
|
|
Jet to induct A-340s
With the induction of the Airbus 340-300 E into its fleet, Jet Airways has become the first airline in India to put this aircraft into service on its long-haul routes where it begins service from May 23, on the Mumbai- London route.
This is the first of three A340-300E aircraft which would be inducted into Jet Airways’ fleet through May and June this year. A statement issued by Jet Airways said the A340-300E aircraft was selected because of its high degree of operational flexibility and economy combined with optimal passenger comfort. The aircraft will carry 269 passengers in a two-class layout and will boast of having the quietest cabins in the sky. For the operations of the A340-300E aircraft, Jet Airways have signed up with Lufthansa Technik for maintenance support and assignment of qualified engineers.
|
|
Walmart CEO meets PM
New Delhi, May 12 "We had a good meeting with the Prime Minister... hope change will be there in the FDI policy and we are allowed to come in," Menzer told reporters here, after the meeting. He said Walmart wanted to "invest significantly" in India for opening stores, apart from continuing outsourcing from the market. Asked if the world's biggest corporate entity was open to investing if the government allowed FDI at levels of 26 per cent, which would require it to come through a joint venture, he refused a direct reply, "We have to look at the market and what the government offers." He said India was a very attractive market for Walmart for sourcing products. He said its sourcing from India was around $ 1.5 billion last year. "We expect a 30 per cent rise this year," he
said. — PTI
|
|
Finance Ministry expects 6.9 pc growth rate
New Delhi, May 12 It said the GDP growth rate of 8.5 per cent in 2003-04 was significant and such high growth rates were witnessed on two occasions previously. While 9 per cent growth was achieved in 1975-76, 10.5 per cent growth rate was achieved in 1988-89. The report said that agriculture was estimated to clock a growth rate of 1.1 per cent, manufacturing by 7.8 per cent and services by 8.9 per cent.
|
|
Philips to consolidate
Chennai, May 12 Philips India Ltd Vice Chairman and Managing Director, CEO India K. Ramachandran, sharing information about the company’s strategies, told newspersons here today that the merger of Philips Software Centre India Ltd, Philips Medical Systems and Philips India Ltd was in final stages. Keeping in line with the parent company, the merger would facilitate the formation of Philips Electronics (I) Ltd. The 2004 consolidated turnover of Philips was Rs 2,700 crore, he said, adding the company’s combined software and medical operations contributed around Rs 450 to Rs 500 crore. The rest of the operations like appliances and semi-conductors accounted for Rs 2,200 crore. “Growth is coming from everywhere and in the next few years we are going to work on achieving 25 to 30 per cent growth.” For now, software and electronics businesses were growing at 30 per cent plus and 40 per cent plus, respectively.
— UNI
|
bb
Smart cards SBI-PNB pact Wood industry Left objects Tourism tie-up Leyland order Tata Blue Scope KV Pharma |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
