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India offers $100 m credit to Syria
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| Aviation Notes Air India’s loss Rs 5,551 crore Pawan Arora, the sacked COO of Air India Express, the airline's low-budget carrier, continues to function from the Nariman Point office. On Wednesday, November 24, he, among other pressing matters, was interviewing pilots and also issued instructions for one doctor to function as director personnel in addition to his medical duties. Investor Guidance
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India offers $100 m credit to Syria
November 27 To further economic ties, India, on its part, offered a $100 million line of credit to be used by Syria in sectors to be mutually agreed upon, keeping in view the latter’s priorities. Addressing the media jointly after a meeting that followed the ceremonial reception, President Assad, speaking first, renewed his country’s support to India in fighting terrorism. He didn’t also fail to mention the second anniversary of the “Mumbai bombings” which fell yesterday. Expressing Syria’s support to India’s efforts to get a permanent seat on the UN Security Council, President Assad said he agreed with India and all peace-loving nations on the importance of reforming the UN to make it more democratic and representative. Making his address in Arabic, President Assad, struck an emotional chord by relating Syria’s position to that of India, stating that India, which “experienced the injustice of occupation, knows and understands more than the others the justice of the cause of a people under occupation”. At pains to explain the lack of peace in his region, President Assad stated that the tension in the region as a consequence of Israeli policies, undermines Syria’s efforts for economic development and prosperity. He thanked India for its position on the cause of Palestine and the cause of the Golan heights. On the economic front, he mentioned that the two leaders, at their meeting, had discussed the importance of doubling efforts to strengthen the legal framework of their relations, especially in the transport sector and active involvement of the business community on both sides. Maintaining that this meeting, in a sense, was the “carrying forward” of discussions between the countries in June 2008 during his visit to India, President Assad said that Syria was witnessing a dynamic movement to build bridges of cooperation with friendly countries. President Patil, too, reciprocated the sentiments of the Syrian head of government by reiterating India’s strong support for the former’s legitimate right to the Golan Heights and for its early and full return while emphasising that India consistently supported all just Arab causes. Speaking in English, Patil, appreciative of the economic reforms under her counterpart’s leadership, reaffirmed that the target of doubling bilateral trade in a couple of years would be achieved. Reflecting India’s interest in the phosphate and tourism sector, she said the economic engagement between the two countries had not reached its potential owing to lack of awareness of each others’ requirements and capabilities. Offered a $100 million line of credit to encourage Indian companies to involve themselves in developmental projects in Syria, she said it would lead to increased trade. Later, President Patil laid a wreath at the Tomb of the Unknown Soldier, a war memorial dedicated to Syrian soldiers killed in battle.
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Aviation Notes
Pawan Arora, the sacked COO of Air India Express, the airline's low-budget carrier, continues to function from the Nariman Point office. On Wednesday, November 24, he, among other pressing matters, was interviewing pilots and also issued instructions for one doctor to function as director personnel in addition to his medical duties.
There is considerable unrest in the staff as to how a sacked officer - he was removed on November 18 - could be in 'saddle'. When asked, Arora reportedly replied that he had received no orders and was working on order of the CMD Arvind Jadav. Did Yadav ask Arora to continue or he was acting on the directions from the top? Arora's appointment was considered 'illegal' by board of independent directors. The appointment of Stefan Sukumar, chief of training, and two other officers have been under a cloud. The board of directors have gone on record saying that all these four high-profile appointments are unnecessary and the turn-around of the airline cannot be possible if we continue to increase over-head expenses. The airline has plunged into Rs 5,551-crore loss. Four directors had brought to the notice of the principal secretary to the Prime Minister, TKA Nair, expressing their dissatisfaction at the functioning of the CMD. Not only Arora and Sukumar , but even some ministers were directors in private carriers before securing political assignment. Air India has already been given by the government Rs 800 crore and another Rs 1,200 crore has not yet been released until it brings down its overhead expenses. The Cabinet Committee on Economic Affairs (CCEA) has not given its clearance as the airline has not set its house in order. Strange continue to be doings of the airline. Two days after the sack of Arora, the Minister of State for Civil Aviation, Praful Patel, had said soon the carrier would have a new COO. The recent high-level appointee, Gustav Baldauf, who draws much more salary than the CMD, has been supportive of Arora. He is reported to have said that Arora's removal is illegal and he will quit if such actions continue to be taken. It is a great news in the Indian civil aviation that another airport in Navi Mumbai will shortly come up. It will remove congestion at the existing international airport and passengers will have an option to fly from any airport. Similar another international airport at Noida or anywhere around should come up so that congestion at the Indira Gandhi International Airport (IGIA) reduces. Despite raising new Terminal-III, the function at the airport has not shown any improvement. In fact, complaints have increased As Terminal-III was opened without 'test operations'. The passengers are being inconvenienced while there is no transparency in air fares, domestic and international. This is the most unfortunate development in airline industry, which is in utter turmoil. |
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Investor Guidance Q: I am a salaried person and use PPF to complete my Sec. 80C quota of Rs.1 lakh. My spouse is a housewife; however I sometimes open FDs in her name. Now instead of FD I want to go for PPF. Can I open a PPF a/c in my spouse’s name, and deposit money earned by myself? I understand that I will not get Sec. 80C benefit for the amount I am putting in my spouse?s name. However do I need to pay gift tax on this amount? — Arindom A: You can contribute to your wife’s PPF account and even take Sec. 80C benefit on such contribution. Moreover, since gifts from a relative are tax-free and as per the Income Tax Act, you qualify to be a relative of your wife’s, there would be no tax on the gifted amount. Income earned on funds gifted to spouse has to be clubbed in the donor spouse’s hands? However, since PPF interest is tax-free, the clubbing provision is rendered redundant. Capital gains Q: I have made certain short term capital gains by selling property recently. In this regard, my queries are: 1. Can I minimize my tax liability by investing in a property purchase within six months? 2. I recently quit my job from and am currently not working anywhere. Therefore my annual income is zero. Can the short term capital gains be minimized by getting a tax exemption up to a certain limit? 3. Is the short term property gain fully taxable and at what percent in the current financial year? — Ujwala Karandikar A: Investing in property or in bonds for saving tax is only available with respect to long-term capital gains. Short-term capital gains tax cannot be saved by making any investment. However, since your income in the current year is nil, the basic exemption limit may be set-off against the short-term capital gains. Assuming you are not a senior citizen, the same is Rs. 1,90,000 in your case. So basically only the amount of short-term gain over and above Rs. 1,90,000 will be taxable at the slab rates applicable. The authors may be contacted at
wonderlandconsultants@yahoo.com
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