Sonalika tractors’ horse power raised CHANDIGARH, Oct 17 International Tractors Limited, makers of Sonalika tractors, has moved on from medium-range horse power tractor to high horse power segment.

IMF accepts controversial US terms
WASHINGTON, Oct 17 — International Monetary Fund has accepted controversial US terms for a $ 18 billion pledge from Washington to widen its usable resources (loan kitty), as part of reforming the world financial institution.

Traders apprised of SBI’s approach
CHANDIGARH, Oct 17 — The State Bank of India organised a traders’ meet at Bank’s local head office which was attended by nearly 100 persons from Punjab, Haryana, Himachal Pradesh and Mr RC Agrawala, General Manager (Development and Personal Banking) of the bank, presided over the meeting.

• Rebate on khadi restored
• Telecom book
• Electrolux

Punjab keen on private sector
in infrastructure
Tribune News Service

NEW DELHI, Oct 17 — The Punjab Government appears to be determined to make the state the next hot spot for private investors.

Extensive plans have been drawn out to woo private participation in the infrastructure sector.

A high-powered delegation of state government officials led by Principal Secretary Ramesh Inder Singh will directly interact with private investors in the forthcoming conference on infrastructure development, Infranet — organised by the Confederation of Indian Industry (CII) in the capital.

Infranet ‘98’ a three-day conference to be held from October 22, is aimed at providing a forum for direct interaction between government and private agencies for finalising a concrete action plan for infrastructure development.

The primary focus of the conference will be on surface transport including roads, bridges, highways and ports, urban infrastructure like housing and waste management systems, drainage and water supply and industrial estates and townships.

As many as 12 states have confirmed participation in the conference. They are Jammu and Kashmir, Haryana, Delhi, Rajasthan, Uttar Pradesh,Maharashtra, Orissa, Andhra Pradesh, Karnataka, Kerala and CIDCO apart from Punjab.

Punjab is the only state government to participate as principal sponsors to the event.

The Punjab State Container and Warehousing Corporation Ltd (CONWARE) is in the process of commissioning a large container freight station (CFS) at Navi Mumbai.

CONWARE, it is learnt, is in the process of identifying a suitable joint venture partner through the competitive bidding route. CONWARE would enter into joint participation with the selected bidder through equity participation, management contract, lease contract or any other such arrangement as may be proposed by the bidder.The finalisation and the signing of the agreement is expected by April 1999.

Regarding, urban infrastructure upgradation, the Chief Administrator of Punjab Urban Development Authority, Mr Subodh Agarwal, will make a formal presentation focussing on issues like privatisation of healthcare services, allotment of land to institutions,allotment of land for the development of amusement parks and marketing of properties under the scheme of OUVGL.

The presentation assumes significance as the new housing policy is expected to facilitate greater private sector participation in the housing sector.It may be recalled that only recently Housing and Urban Development Corporation Ltd (HUDCO) had sanctioned a loan of Rs 71.39 crore for police housing projects in Punjab.

In this regard Punjab has taken a pro-active stand in creating the enabling environment for private participation in infrastructure projects, he said.

7,413 girls enrolled in LIC scheme

CHANDIGARH, Oct 17 (PTI) — ‘‘Kanya Jagriti Jyoti scheme’’ launched by the Punjab Government in collaboration with LIC two years back to improve the status of the girl child to that of an asset rather than liability has become popular among the poorest of the poor.

As many as 7,413 girls have been enrolled in the scheme in which the state government has spent more than Rs 3.5 crore. Amritsar district topped the list with 676 enrolments followed by Patiala (496) and Kapurthala (428), says Mr R.C. Aggarwal, senior divisional manager, LIC.

The scheme provides easy access to education, particularly higher and technical education to girl child.

The girl born on or after January 26, 1996, are eligible for the benefits in the scheme if she belongs to parents having yellow card (living below poverty line) with income less than Rs 11,000 a year, he said adding that the parents were enjoined upon to have two-child family norm irrespective of the gender of the child. If both the children are girls, both would be eligible under the scheme.

After six years of age, the school-going girl child will get scholarship from LIC.

The scheme has been made operative through a fund to be kept with the LIC in trust on behalf of the Punjab Government which initially pays Rs 5000 a child with the birth of the girl child, says Mr Janak Kumar, Divisional Manager, LIC.

6 artists get Bank of Punjab award
Tribune News Service

CHANDIGARH, Oct 17 — The six-day art exhibition organised by the Bank of Punjab at Punjab Kala Bhavan, here, concluded today.

The theme of the exhibition was “Palaces, havelies and fort”. More than 200 artists from Punjab, Haryana, Jammu and Kashmir, Delhi, Rajasthan and Uttar Pradesh participated.

A jury comprising of Dr B.N. Goswamy, art critic and art historian, Ms Mala Marwah, artist and critic and Mr Prem Singh, painter, adjudicated the exhibits for awards.

Mr Tejbir Singh, Executive Director of the bank expressed his satisfaction at the response of artists. He said the bank art exhibition would be an annual feature. The objective of the exhibition was to encourage the upcoming young artists of the region.

The bank plans to take out a calendar based on these exhibits this year. Such calendar was brought out last year also.

Two prizes of Rs 20,000 each were given to Gayatri for “Neer Mahal Palace at Agartala” and Him Kumar Chatterjee for “Vice Regal Lodge, Shimla” Three prizes of Rs 5,000 each went to Suman Gupta for “Haveli”, Gurpreet Singh `Preet’ for “Save Heritage”, Sukhvinder Singh for “Budda Darban”.

The Jury recommended a special prize of Rs 2,500 to Ravinder Sharma for “Castle at Chauki Mamar in Una”.

2 more dry ports soon

THE first consignment of containers of the Shipping Corporation of India containing machinery has landed at the dry port in Amritsar.

The port had been earlier only exporting goods since February 1992. Last year it exported goods worth Rs 108 crore, especially to Gulf and European countries.

The importers and exporters used to get their goods cleared by the Customs authorities at Mumbai or Kandla port. This was too expensive and time-consuming.

Exports from Amritsar dry port are largely of Basmati rice. The main competition is with Pakistan.

The first consignment from Yakohama (Japan) belongs to M/s Birla Masuzawa, a sister concern of OCM Mills carrying machinery for the new Birla plant coming up at Khasa near Amritsar.

The Regional Manager of the Shipping Corporation of India, Mr Subodh Behari, was present at the inaugural ceremony.

According to Maj Vinod Joshi, Port Manager, as estimated 3,000 containers of imports consisting of woollen raw material, paper waste, dry fruit and iron scrap are imported.

The dry port is a baby of the Punjab Warehousing Corporation. Ludhiana, Jalandhar, Amritsar and Bathinda have dry ports. Two more are being opened in Punjab and Mumbai, says Mr Karan Avtar Singh, Managing Director, Punjab State Warehousing Corporation. — Varinder Walia

Kotler’s tips

Prof Phillip Kotler, the undisputed guru of modern marketing, has suggested that the Indian Government should select certain key areas such as information technology and pharmaceuticals and go all out to get foreign investment to enable them to become world class players.

Addressing a seminar on “Winning through value-oriented marketing”. In new Delhi recently, Dr Kotler, however, felt that level-playing field for the domestic industry was necessary.

The distinguished Professor of international marketing at the Kellogg School of Management, Northwestern University, Illinois, gave business-like ideas to promote tourism and greater foreign flows.

The acclaimed supreme persona in the field of marketing in the “Van Heusen dialogue” addressed topical issues, trascenoing theory to illuminate his thinking with examples drawn from many international business.

Every country, as also India, should work out the level of protection it should accord to its industry. The Planning Commission should give time to domestic industry to improve quality and if failed to do so then it should bring in tigers’ from international market, suggested Professor Kotler. — UNI

GVR speaks

Disinvestment Commission Chairman G.V. Ramakshrina is at it again. He has blasted the corporate sector for not working in the interests of minority shareholders and called for making Directors of companies accountable for their deeds.

“There is no corporate democracy in the country as Boards of Directors are not fully accountable to the shareholders,” said Ramakrishna, while chairing a seminar on corporate governance organised by the PHDCCI in Delhi earlier this week.

He said nominee Directors representing financial institutions have also not been to do the job as shareholders in companies.

The system of voting rights for shareholders at EGMs and AGMs had not been successful.

“Current AGMs and EGMs are held at distant places and few shareholders attend such meetings,” he said, forthright as ever. — PTI

Sonalika tractors’ horse power raised
Tribune News Service

CHANDIGARH, Oct 17 International Tractors Limited, makers of Sonalika tractors, has moved on from medium-range horse power (hp) tractor to high horse power segment.

Established just two years ago, the company, its Executive Director, Mr D.K. Mittal, decided to move to the 50-60 hp segment because of a change in preference of customers, despite a steady decline in the size of land holdings. Now small farmers use tractors for custom ploughing to increase their income.

Mr Mittal says against the average annual growth rate of about 6 per cent in the entire tractor industry in India, his company has been able to achieve a 100 per cent growth rate. In two years it has doubled its production. In the first quarter of the last year 750 tractors were manufactured against which the company made 1500 tractors this year. The Mittal, who have moved to the tractor industry from the field of threshers (Sonalika threshers have over 50 per cent market share), now plans to make 100 tractors per day.

If all goes well International tractors are likely to really go “international”. An MoU has been signed with a French auto giant for manufacture of French-designed tractors in the company’s Hoshiarpur plant as well as for the export of Sonalika tractors to the Western countries by the French company.

Mr Mittal, however, refuses to disclose the name of the foreign collaborator in deference to the wishes of the French company. A formal agreement is likely to be signed next month.

The company has helped industrialisation of the industrially backward area of Hoshiarpur. So far 10 ancillary units have already come up near Hoshiarpur while 22 such units have been set up near Jalandhar.

IMF accepts controversial US terms

WASHINGTON, Oct 17 (PTI) — International Monetary Fund (IMF) has accepted controversial US terms for a $ 18 billion pledge from Washington to widen its usable resources (loan kitty), as part of reforming the world financial institution.

The new rules “substantially improve our capacity to respond to any escalation of the present economic crisis,” IMF’s Managing Director Michel Camadessus was quoted as saying by bloomberg news in Paris.

Though such US dictates are unprecedented, Camadessus described them as “constructive suggestions” to pursue the IMF reform process which has already begun.

IMF’s usable resources are being stepped up ten times from the present $ 9 billion to $ 90 billion and with the United States honouring its $ 18 billion pledge, other member countries are expected to pump in their promised funds.

As per the stiff US terms, believed to be against the interest of the developing countries, IMF should have new rules for its lending operations and be more transparent in its activities, including release of all documents discussed by the executive boards and making public summaries of board proceedings.

Letters of intent a member country signs with the IMF to get a loan should also be published, as per the US terms, it said.

Traders apprised of SBI’s approach
Tribune News Service

CHANDIGARH, Oct 17 — The State Bank of India organised a traders’ meet at Bank’s local head office which was attended by nearly 100 persons from Punjab, Haryana, Himachal Pradesh and Mr RC Agrawala, General Manager (Development and Personal Banking) of the bank, presided over the meeting.

He apprised the participants of the emphasis being placed by the bank on meeting the credit needs of this sector, flexibility in its approach and relaxations in various stipulations specially relating to margins security.

Mr Agrawala said significance attached to financing this sector in the recent past was reflected in the circle trade advances growing at a rate of 24 per cent during the financial year ended March 1998. Even in the difficult period marked by industrial slow down and slack demand for credit during the half-year ended September 1998, circle advances for trade grew significantly.

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Rebate on khadi restored
Tribune News Service

CHANDIGARH, Oct 17 — The Government of India has decided to restore rebate on all type of cotton, silk and woollen khadi. This year silk khadi costing more than Rs 200 per metre and silk sarees costing above Rs 1000 were not provided special Gandhi Jayanti rebate. The Central Government has decided to withdraw all restrictions on khadi rebate w.e.f. October 16, 1998.

Telecom book

NEW DELHI, Oct 17 (UNI) — Telecommunication Consultants India Limited (TCIL) has published a book titled “Golden era of Indian Telecommunications 1947-97. It gives account of the Indian telecom scenario in context of liberalisation and global perspective. The book has been written by Mr R. Balashankar who was earlier Chief of Financial Express’ Infrastructure Bureau

Electrolux
Tribune News Service

NEW DELHI, Oct 17 — Electrolux has launched a whole new range of refrigerators and washing machines in the Indian market. The company has introduced four end frost refrigerators two each under the Electrolux and Kelvinator brand names. The company has also launched new front loading Electrolux Aquapower washing machine. It has been priced at Rs 15,900 in Delhi.

By Praful R. Desai

Consent decree

Q: Does 0.47, R. 1 of CPC authorise the review of decree which was right when it is made, on the ground of happening of some subsequent events?

A: In Yasneem Ahmed v Mrs Hem Kumari Gupta (1998 (1) R.C.J. 555) Delhi HC expressed the view thus:

The contention of the appellant before the HC was that the respondent has re-let the premises to one sub-tenant, and therefore, he should not be compelled to adhere to the undertaking given to this court. However, this court felt that the said contention is without substance. In the opinion of the HC, in such an eventuality the applicant is not without remedy. S. 19 of the Delhi Rent Control Act makes it clear that where a landlord who had recovered possession U/s 14(1) (e) and re-lets either whole or any part of the same within 3 years from the date of obtaining such possession the Rent Controller has power to put that tenant in possession of the premises.

Therefore, in the opinion of the HC, apprehension of the applicant that respondent has already re-let the premises and he would be without remedy are unfounded. This apprehension, asserts the HC, is without substance and contrary to the provisions of S. 19 of the Act.

Legislature in its wisdom has incorporated this provision against unscrupulous landlords. S. 19 imposes a condition on the landlord not to re-let the premises within 3 years after having obtained the possession on the ground of bona-fide requirement.

In conclusion, the HC observed that those landlords who for financial gains obtain eviction under the garb of bonafide requirements and thereafter re-let can be penalised. For that purpose reference can be made to S. 19 which provides punishment to a landlord who contravenes the provisions of S. 19 (1) & (2). The punishment can run for a period of six months or with five or with both.

Therefore, while dismissing the review application, the HC held that it is not the applicant is without remedy.

Q: Kindly advise if it is mandatory for a Sr citizen above 65 years and having a gross income of Rs one lakh in the year 1997-98 to file the Income-tax return, when the tax payable works out to nil after allowing a tax rebate of Rs 10,000, as admissible under Rules.

— K.K. Sharma, Udhumgarh (Jagadhri)

Ans: As a senior citizen you are not required to file your inome tax return for the financial year 1997-98 relevant to assessment year 1998-99 because the net tax payable comes to Nil. However, please do remember that if you are fulfilling any of the economic indicators, then there will be a liability to file your income tax return even if the net taxable income is below the exemption limit.

Q: I am a Punjab Government pensioner. I want to do business at the name of my grandson, whose parents are both Government servants. I am caretaker of grandson who is a minor. Please do clarify that my income from business will be included in.

(i) My Income

(ii) Income of his parents

(iii) Income of child

What should be his legal relation with me that his income be included in my income.

— Sarla Bedi, Jalandhar.

Ans: If any business is done in the name of the grandson then the income arising from that business will be added with the income of the father or the mother of that child who has got higher income.

The question of clubbing or including this income in your income will not arise. This is as per the provisions of Section 64 of the Income tax Act, 1961.

Q: I invested Rs 1,00,000 in promoters quota shares in 1992. On 31.3.97, I sold all shares on same rate Rs 1,00,000. As per index cost the purchase price stand around Rs 1,30,000. I have shown in I.Tax return separate note Rs 30,000 as capital loss carry forward. Now I received assessment order in summary in which assessing officer not comments any about carry forward LTCL. Can I adjust said carry forward LTCL in other shares this year.

— Manik Malhotra, Patiala

Ans: Your calculation of long-term capital gains/loss is correct. In view of the Cost Inflation Index there is a loss on selling your shares, this loss will be allowed to be carried forward to be adjusted in subsequent years’ income from capital gains. If you have made detailed mention about the loss in your Income Tax return you will be eligible to claim carry forward for subsequent year.

Q: I would like to know from you that how much tax I have to deposit if status is like this. I am retired person from Government Undertaking. Yearly:

(i) Income from Post Office Monthly Scheme in joint name (myself & wife) - 31980

(ii) Income from UTI, MIS in Joint name - 19200

(iii) Income from Pension 3996

(iv) Income from F.D. Rs 21000

(v) Others - Nil

Under these circumstances I would like to withdraw MEP 92 (in month April 98) in which I had invested Rs 10000 in year 1992 and the value of the same is now Rs 14000. Please sugget me in this regard.

— S. Sanjeev, Panipat

Ans: Out of the various incomes mentioned by you, you will be eligible to claim standard deduction on the pension received by you @ 331/3rd of the pension amount. The maximum deduction permissible to you on your post office interest income, UTI income bank fixed deposit interest income would be Rs 15,000. Thus from the gross total income of yours, deduction u/s 80L will be available to you amounting to Rs 15,000. Out of the MEP 92 receipts, the principal amount so invested would be added to your total income and the amount in excess of the principal amount will be treated as long-term capital gains subject to Cost Inflation Index. After applying Cost Inflation Index, there will be no liability to tax on long-term capital gains.

European Software

THIS is yet another software company that has caught the fancy of bull operators of late. After a sharp upswing, its price declined again ahead of its forthcoming book-closure. Now in the ‘No-Delivery’ trading zone till nearly the end of this month, the bull operators are back, building up large positions at its counter. Watch its price chart!

Hind Lever

EVERYONE agrees that this scrip is ‘the’ one to be acquired, but does one have to do it at all prices? Well, the FIIs do not seem to be overly bothered about the price at which they acquire this scrip from the looks of things. On the two occasions in the past three months that the share price of this company crossed the Rs 1700 mark, the FIIs were the buyers and the domestic financial institutions and operators, the major sellers. While there is no doubt that this scrip will continue its onward march, time alone will tell whether the FIIs or FIs have the last laugh at this counter.

Reliance Ind

THE grapevine has it that a recently tabled FII report seeks to explode the myth surrounding the Reliance group. The report evaluates what the true worth of its flagship company, Reliance Industries would be where it not for the protectionists import barriers available for its products. To cut a long story short, the resultant revised figures are far from inspiring. Perhaps, that is why the FIIs have hammered its price down to its present dismal level, and from the looks of things, there is still a lot of selling remaining pending at this counter.

IFCI

EVER since the NPA concept set it, the stock prices of our domestic financial institutions have taken a beating. The grapevine has it that IFCI, the oldest institution of them all is likely to be the worst hit on this front. A veteran BSE broker goes so far as to predict a single-digit price for this scrip within a year. Not so comforting?

Mr B.K. Gupta, who has been elected President of the Hotel and Restaurant Association of Northern India covering Delhi, UP, Rajasthan, HP, Chandigarh, Punjab and J&K for 1998-99.

KRIBHCO
NEW DELHI, Oct 17 (PTI) — Prime Minister Atal Behari Vajpayee was yesterday presented a dividend of Rs 59.04 crore by state-owned fertiliser giant KRIBHCO for the year 1997-98. The cheque was handed over by KRIBHCO Chairman K. Srinivasa Gowda. KRIBHCO has so far paid a sum of Rs 348.42 crore to the Government as dividend.

PSB
From Our Correspondent
SIRSA, Oct 17 — Rural Development Division of Punjab and Sind Bank Sirsa was inaugurated by Arun Gupta, Additional Deputy Commissioner Sirsa here yesterday.