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1,200 KV CVT unvieled Onion soars to Rs 40 a kg
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Aviation Notes Investor Guidance
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1,200 KV CVT unvieled
Mumbai, November 20 "The 1,200 KV capacitive voltage transformer (CVT) is an Indian product, conceived, designed and successfully developed indigenously. CGL has dispatched its first 1,200 KV product to the UHV research station of Power Grid at Bina, Madhya Pradesh from its Nashik Switchgear Plant," a company statement said here. Earlier, China had established the commercial 1,100 KV system successfully. Now, Crompton Greaves has come out with 1,200 KV transformer, becoming the first company in the world to develop such a high range power product, it said. The development of a 1,200 KV UHV AC system, the highest AC system in the world, is expected to help India's dream to tackle the ever-growing power demand, which is expected to be over 400 GW by 2020, the release said. "Leading edge technology and world-class manufacturing are the two driving forces with which CGL is forging ahead to be a world leader in the global T&D arena. This successful development of 1200 kV CVT is a milestone in our endeavour," CGL Managing Director SM Trehan said.
— PTI |
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Onion soars to Rs 40 a kg
Chandigarh, November 20 "This time, there has been less yield in states, including Maharashtra and Madhya Pradesh. The new crop, which we were expecting from Alwar in Rajasthan, has got hit due to heavy rain there earlier," a trader said. |
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Aviation Notes From a sublime state to a pit of problems. This is a real story of Air India, which, after an irrelevant merger, is battling for survival. Another merged entity, Indian Airlines, a very successful national brand, has been wiped out from the Indian skies. A ‘suo motu cognisance’ petition has been filed in the Supreme Court. A spate of allegations from four high-profile appointments to thoughtless utilisation of route structure and deliberate destruction of national resources in civil aviation has been listed in the petition. Without undertaking judicious survey, Air India has either withdrawn or re-scheduled its flights from Amritsar to Toronto and London and back allowing private airlines to steal a decisive march over national carrier. No one can explain why the government has allowed this to happen as the routes from Amritsar to the UK and US are exceedingly lucrative. “It seems politicians are determined to cause more turbulence to AI instead of bailing it out”, according to analysts. Once a ‘blue-eyed entity, the Airports Authority of India (AAI) has been reduced to a virtual non-entity as politicians, like in airline affairs, have switched their support to private consortium of gamer Industries and govs Power and Infrastructure. While providing them a precious land at Delhi, Mamba and other centres for renovation and modernisation of airports, the private operators have been allowed to levy ‘development fee’ from every departing passenger for national and international travel. The fee, according to analysts, is totally uncalled for and private operators are ‘milking’ travelling public without any justification. The new Terminal-III was inaugurated recently. But it has failed to streamline its operations. The aero bridges are functioning erratically and baggage conveyor belts are functioning slowly. The entire baggage handling system has failed. The passengers are being inconvenienced. They have to toss about from one belt to another. They have to wait for hours before retrieving their baggage. The wait at the Terminal-III for baggage has become longer than the flight time!
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Investor Guidance Q: I have a couple of questions about PPF account that I am not clear about. 1. I have a daughter who is eight years. What happens if I invest Rs. 70,000 in my PPF account and also invest Rs. 70,000 in my daughter's PPF account? 2. In one of your past Q&As, I have read that one can invest in the name of self and spouse or major child and thereby invest the full amount of Rs. 100,000 (Sec. 80C deduction) in PPF. In such a scenario, will the extra Rs. 30,000 earn any interest? Will the interest be taxable or tax free? — Anil Bapat A: As per Notification GSR 908(E) dt 6.12.00 the ceiling on the aggregate contributions to accounts of self and all the minor children of whom the individual is a guardian is Rs. 70,000. Note that if the child is major, even a married daughter, contributions can be made in the name of the child. If the total contribution to the self account and the account of the child is Rs. 1 lakh and over, there is no bar on claiming the entire benefit of Rs. 1 lakh. The interest continues to remain tax-free. What if an individual who is not a guardian contributes to the account of the child? The contributions can flow from any source, but the clubbing with the parent is applicable. Under such circumstances, neither the grandfather nor the parent can claim the benefit of Sec. 80C. The contributions exceeding the ceiling will not earn any deduction u/s 80C or any interest. PPF maturity
Q: My father died recently and my mother being the nominee (as mentioned in the passbook), applied in form G and got the payment of the balance . However the bank paid the amount computed with interest at 8% only till the end of the preceding month, and not till the date of application or the date of sanction of payment. This results in loss of a few thousands of rupees. The bank claims to have done the right thing and when I ask for payment with interest up to date of application (of form G) they want me to show the law or rule for such computation. My quoting telephonic conversation with the Regional Director National Savings Mumbai is also ignored. What in your opinion is the right interpretation of the government's PPF scheme in this matter? And what can I show to the bank if my stance is right. — Ravindra Dave A: As per NSC Nagpur letter No. 6398-6417(6)-CR/68-IV dt a.3.73 --- “On the death of the subscriber, the balance in the PPF account does not cease to earn interest. The interest is admissible till the end of the month preceding the month in which payment of the deposits is made to the nominee/legal heirs of the deceased subscriber.” Note carefully that the date of application for closure of the account in Form-G, or the date of sanction is not of consequence. If the bank has paid the interest till the end of the month preceding the month of payment, the bank has paid you correctly. II
Q: I would be thankful if you could clarify the following. PPF account of my son in US has matured recently. He is a Person of Indian Origin (PIO). Can the amount of Rs. 4.68 lakh be repatriated without any taxes? What is the procedure for repatriation? I am 74 and retired. I would be thankful if you could guide me. — C S Natarajan A: The PPF maturity proceeds should be credited to your son’s NRO account. The money is fully repatriable and tax-free. The procedure for the remittance process has been modified from 1st July 2009 as follows. First, you would need to provide the bank with a certificate from an Indian Chartered Accountant. This certificate is to be provided in prescribed Form 15CB. You would also need to fill out Form 15CA. This Form 15CA also known as the ‘undertaking’ requires the remitter to furnish certain specified details regarding the proposed remittance. The information to be furnished in Form 15CA is to be filled using the information contained in Form 15CB (certificate). Form 15CA has to be then uploaded on www.tin-nsdl.com <http://www.tin-nsdl.com>. The remitter will then take a print out of this filled up Form 15CA (which will bear an acknowledgement number generated by the system) and sign it. The duly signed Form 15CA (undertaking) and Form 15CB (certificate), has to be submitted to the bank who will in turn forward a copy the certificate and undertaking to the Assessing Officer concerned. Once this is done, the funds may be remitted abroad. Please note that though the procedure seems complicated at first glance, it basically amounts to filling out of two forms, one of which will be done by the chartered accountant concerned. The other one has to be filled online and then printed out with the system generated acknowledgement number. Submission of both these documents is all that is needed to effect the
remittance. The authors may be contacted at wonderlandconsultants@yahoo.com |
RCom, Twitter in pact Škoda unveils Yeti Awarded
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