Consensus needed on short-term loans: FM
NEW DELHI, Sept 25 — India will raise the issue of IMF conditionalities at the Fund-Bank annual meeting and press for a consensus on managing short-term loans, the unrestricted movement of which has played havoc with the financial system of several countries in East Asia and Latin America.“We will raise the issue of IMF conditionalities," Sinha told newspersons.

Onion export prices raised
NEW DELHI, Sept 25 — The NAFED has raised the export prices of onion further, in a fresh bid to rein in rising domestic prices of the vegetable.

Maruti Zen may cost less
CHANDIGARH, Sept 25 — Maruti Udyog Limited is considering the introduction of a lower-priced standard Zen model and offering value additions like power steering and power windows in Zen VX without raising the price, say company sources.

MMTC to sell gold, silver medallions NEW DELHI, Sept 25 — MMTC is bringing out special 24 carat gold medallion and silver medallion of 999 fineness for sale during the Divali season.

DCM shareholders allege bungling
NEW DELHI, Sept 25 — Bedlam marked the 109th annual general meeting of DCM Limited today with shareholders hurling abuses at the Board of Directors and even threatening to move SEBI over alleged financial irregularities in the company’s balance sheet.

Tax incentives cost Rs 13,174 crore
NEW DELHI, Sept 25 - The revenue loss due to various tax incentives during 1997-98 has worked out to Rs 13,174 crore which is 32.7 per cent of the total revenue from indirect taxes, a senior government official said here today.

MF to launch euro conversion tool
NEW DELHI : California-based software major Micro Focus is all set to introduce a euro-currency conversion tool in India through the launch of its computer software package later this year.

Consensus needed on short-term loans: FM

NEW DELHI, Sept 25 (PTI) — India will raise the issue of IMF conditionalities at the Fund-Bank annual meeting and press for a consensus on managing short-term loans, the unrestricted movement of which has played havoc with the financial system of several countries in East Asia and Latin America.

“We will raise the issue of IMF conditionalities. It is our view there is no universal or uniform solution,’’ Sinha, who heads the Indian delegation to the Fund-Bank meeting at Washington early next month, told newsmen here today.

Sinha, who leaves for Canada tomorrow to attend the Commonwealth Finance Ministers conference before going to Washington, said: “There is need for consensus on management of short-term loans and it is all the more so when capital becomes freely movable without any other consideration.”

Sinha said he did not foresee an East Asian or Latin American type crisis and said: ‘‘We have enough strength to meet any situation.’’ Besides the country’s economic fundamentals are strong.

When pointed out that India had $ 9.1 billion worth foreign institutional investment, Sinha said nowhere in the world the crisis was caused by institutional investors.

No country would feel safe if short-term loans were taken for repaying long-term loans as was done in East Asia, he said adding excessive short-term loans were also taken for trade related payments by these countries.

India’s short-term loans were a mere 5.6 per cent of GDP and hence such a situation is not expected to arise.

This went to show full convertibility of the currency was the only factor for the East Asian currency meltdown, he said.

On the question of full convertibility of rupee, he said it was not true to say India was going slow on it because of the East Asian crisis.

The Tarapore committee, which has recommended a three-year time frame for full rupee float, had wanted the government to fulfill certain preconditions before taking the step.

Onion export prices raised

NEW DELHI, Sept 25 (PTI) — The NAFED has raised the export prices of onion further, in a fresh bid to rein in rising domestic prices of the vegetable.

Freight on board (FOB) price for onions to Dubai from Mumbai port has been raised to $ 500 a tonne from $ 475 in August, NAFED sources said.

The prices have been raised to discourage exports and ensure better supply in the domestic market, in the wake of sharp rise in onion prices locally.

Onion prices are ruling around Rs 40 a kg in retail outlets following reports of rains in main marketing centres in Maharashtra and Gujarat and shortage of stocks.

This is the second time that export prices for onions has been raised in the last two months.

In August, NAFED raised the prices to $ 475 a tonne FOB to the Gulf region from $ 325.

The decision to raise export prices of onions was taken at a meeting called by the Prime Minister’s office to take stock of the price situation.

Besides the move to curb exports, the government has also decided to import 10,000 tonnes of onion from Dubai and Iran.

Onion exports, which make up 90 per cent of India’s vegetable exports, earned Rs 325 crore foreign exchange last year for the country.

The government has decided to review the onion price situation in the domestic market every fortnight and if necessary, further steps would be taken to restrict exports.

Maruti Udyog may cut Zen price
Tribune News Service

CHANDIGARH, Sept 25 — Maruti Udyog Limited is considering the introduction of a lower-priced standard Zen model and offering value additions like power steering and power windows in Zen VX without raising the price, say company sources.

This is to meet the challenge from Hyundai Santro, priced at Rs 2.99 lakh in Delhi, and Daewoo Motor’s Matiz, which too is expected to be priced lower than the Zen.

Although as a policy, MUL does not reduce the prices of its vehicles, it may introduce new Zen models at a lower price or with more value additions. Since MUL’s cost per car is as low as Rs 30,000 and the return as high as 54 per cent, it can easily absorb any additional burden.

Meanwhile, Mr A.P. Gandhi, President, Hyundai Motors India Ltd, today inaugurated the office of Charisma Goldwheels Pvt Ltd, the Santro dealer in Chandigarh. The car is 4 per cent cheaper in Chandigarh than in Delhi and the price works out to about Rs 2.88 lakh.Mr Gandhi told newsmen that formal booking of the car would start on October 8 and continue for five days. A draw of lots would be taken out for the first 10,000 cars to be delivered in January. In Chandigarh the car delivery will start in October.

Tax incentives cost Rs 13,174 crore
Tribune News Service

NEW DELHI, Sept 25 - The revenue loss due to various tax incentives during 1997-98 has worked out to Rs 13,174 crore which is 32.7 per cent of the total revenue from indirect taxes, a senior government official said here today.

In case of the Export Promotion Capital Goods (EPCG) scheme alone, the loss of revenue worked out to Rs 2,250 crore which is 7.5 per cent of the total revenue.

Spelling out these figures at a conference organised by FICCI here today, Mr S.P. Srivastava, Joint Secretary (Drawback), Department of Revenue, said that the World Trade Organisation (WTO) has challenged the EPCG scheme.

The industry has been demanding an across-the-board extension of the EPCG scheme to capital goods imports worth Rs 1 crore. Only a few items currently enjoy the facility of EPCG with zero duty for Rs 1 crore import threshold.

The Director General of Foreign Trade, Mr Lakhanpal, said that the government has to take a very cautious step for extending the EPCG scheme across the board due to the likely revenue loss.

The Director General Income Tax, Mr S.C. Saxena, said that the loss of revenue due to various schemes like 80 HHC, depreciation etc are being looked at in order to take a cautious step in this regard.

DCM shareholders allege bungling

NEW DELHI, Sept 25 (UNI) — Bedlam marked the 109th annual general meeting of DCM Limited today with shareholders hurling abuses at the Board of Directors and even threatening to move SEBI over alleged financial irregularities in the company’s balance sheet.

The shareholders further threatened to take legal action against the company and initiate proper investigation into the accounts alleging that the company was ‘‘bungling funds’’.

The AGM was, in fact, disrupted over a dozen times by the agitated shareholders who blamed mismanagement by the company’s promoters for its slipping into the red.

The foremost reason for the grievances of all shareholders was the non-recommendation of dividend for the year.

‘‘We have seen the company’s scrip go through the best and the worst and we have stood by it at all times. Is this the way you reward your shareholders?’’ Mr O.C. Kapur shouted.

Pandemonium broke out and DCM Limited Chairman and Managing Director Vinay Bharat Ram had a tough time cooling the tempers.

During 1997, DCM Limited had recorded a net loss of Rs 21.93 crore as against Rs 45.65 crore in the previous year. The company attributed the losses to the depressed real estate market conditions and delay in construction activities.

MMTC to sell gold, silver medallions
Tribune News Service

NEW DELHI, Sept 25 — MMTC is bringing out special 24 carat gold medallion and silver medallion of 999 fineness for sale during the Divali season. The gold medallions will come in two varieties — one depicting Lord Ganesh and the other Goddess Laxmi on one side with the MMTC logo on the other side of both medallions. The silver medallions depict both deities together on one side. The gold medallions would be available in 10 gm denomination and the silver in 50 gm.

The gold medallions are priced at Rs 4700 per piece, which would remain fixed for the entire period of sale upto Divali. Similarly, the silver medallions are priced at Rs 600 each. Sales tax and other local taxes would be payable by the customers.

That's IT
MF to launch euro conversion tool

NEW DELHI (PTI): California-based software major Micro Focus (MF) is all set to introduce a euro-currency conversion tool in India through the launch of its computer software package later this year.

Nitin Wagh, Managing Director of Micro Focus (India), said another major market of the company in India is the Y2K (year 2000) solution for programmes written in the Cobol language.

Although there are about three million Cobol programmers worldwide, India has very few. This number has to increase significantly if India wants to compete in the global market where 70 per cent of the business is done in Cobol, he said.

Bill videotape
NEW YORK (AFP): Television networks lost millions of dollars for broadcasting the four-hour long grand jury interrogation of President Bill Clinton.

Faced with full coverage by all-news cable channels, television networks ABC, CBS and NBC abandoned initial plans to offer only excerpts.

Judging by reported reactions from weary US citizens, the networks’ devotion of four hours broadcasting to this particular public affair may not have gained them much in terms of popular esteem.

Compaq
BANGALORE (PTI): Compaq has won the “PC Quest User’s Choice” awards in the office PC and home PC categories for the second consecutive year.

The PC Quest User’s Choice survey 1998 rated Compaq India a top vendor in all four hardware categories — office PCs notebooks, home PCs and network servers by Indian corporate users.

“We are honoured” said Som Mittal, Managing Director, Compaq India.

C-DAC
NEW DELHI (PTI): Pune-based Centre for Development of Advanced Computing (C-DAC) has bagged the second major overseas contract from a Singapore-based company to deliver a total business solution on Param 10000 — the supercomputer unveiled by C-DAC last March.

The contract worth $ 780,000 was received last week from Man-Drapeau Research (MDR), a research and consultancy organisation, for a datawarehousing application as well as related hardware.

Nahar Exports, Nahar Fibres may merge

CHANDIGARH, Sept 25 (TNS) — The Nahar group of companies propose to undertake a restructuring exercise. There is a plan to merge two group companies – Nahar Exports and Nahar Fibres. The merger plan will be considered by the Boards of Directors of the two companies at a meeting on September 29. The share prices of all Nahar group companies have declined sharply in the past three years and the proposed merger is unlikely to improve significantly the prospects of the companies or refurbish the group image.

Shaw Wallace’s distinction

NEW DELHI, Sept 25 (TNS) — International recognition has been accorded to an Indian brand owned by Shaw Wallace & Company. Recording a growth of 98.2 per cent over the five-year period spanning 1993-1997, Director’s Special topped the growth chart amongst 110 top-selling spirit brands in the world, according to data compiled by Drinks International, a London-based magazine. Director’s Special has outplaced globally known brands which include Gilbys, Southern Comfort, Passport, Teachers and VAT 69. “In the liberal economic environment when Indian brands are pitted against internationally acclaimed brands, a growth rate of about 100 per cent achieved by Director’s Special had definitely done India proud”, said Mr Ravi Jain, Managing Director Shaw Wallace.

Haryana Agro dividend
CHANDIGARH, Sept 25 (TNS) — The Chairman of the Haryana Agro Industries Corporation, Mr Bijender Singh Kadiyan, presented a cheque for Rs 25.38 lakh as dividend for 1997-98 to Mr Bansi Lal here today. He also presented a cheque for Rs 20 lakh to Mr Bansi Lal for the Chief Minister’s Relief Fund. The Commissioner and Secretary, Agriculture, Mr H.C. Disodia, said the corporation had declared 10 per cent dividend for 1997-98. The corporation had recorded the highest-ever operational profit of Rs 16.66 crore for 1997-98, which was 92 per cent more than that of the preceding year. The net profit of Rs 8.61 crore was also the highest so far.

SBI counter
AMRITSAR, Sept 25 (FOC) — The SBI today launched the sale of gold bars in retail at its main branch here. Deputy General Manager R.L. Vig opened the counter. Mr A.C. Sharma, Asstt. General Manager, said the bank today sold five gold bars, each costing Rs 50,520. The daily rate of gold will be available on telephone nos 547780 and 556526. The sale counter will remain open from 10 am to 2.00 pm daily except Saturday.

Forex rates
MUMBAI, Sept 25 (PTI) — The Following were interbank forex and RBI rates (in rupees per unit) U.S. $ Rs 42.49/50 Sterling £ Rs 72.46/48 Deutsche Mark Rs 25.53/55 Jap Yen (100) Rs 31.67/69 .The RBI reference rate was Rs 42.51.

Gold firm
NEW DELHI, Sept 25 (PTI) — Cheerful conditions continued to prevail on the bullion market today when silver shot up on hectic buying by dealers and gold took another jump. The quotations: Silver .999 (ready) 7625, delivery 7635, coins buyer 11,000 and seller 11,200. Standard gold 4340, ornaments 4190 and sovereign 3600.

Bank of Punjab
CHANDIGARH, Sept 25 (TNS) — Mr H.L. Kumar, Additional Deputy Commissioner, Ferozepore, today inaugurated the 43rd branch of the Bank of Punjab at Abohar. The bank plans to open 14 more branches during this fiscal at Goraya, Gurdaspur, Muktsar and Khanna etc. This branch will function from 10 a.m. to 5 p.m. daily.

Gasoline
CHANDIGARH, Sept 25 (TNS) — Gasoline, a US fashion brand, was launched in Chandigarh today Gasoline, which is owned by Jeanjer Ltd. is the first brand to be introduced in the Indian market through Licensing Plus. Mr G.P. Singh, Director Licensing Plus India Pvt Ltd. said, we would be simultaneously launching the new Gasoline styles as and when they are launched in the USA.

‘Hindi divas’
PANCHKULA, Sept 25 (TNS) — The SBI’s Panchkula branch celebrated “Hindi divas” today by organising a declamation contest in St. Soldier Divine Public School here. The bank’s Deputy General Manager, Mr J.S. Gupta, presided and gave away State Bank trophies to the winners. A tree plantation function was also organised in which 100 saplings were planted in the school.

Office-bearers
AMRITSAR, Sept 25 (TNS) — The following have been elected office-bearers of Amritsar Tea Traders Association: president — Mr Chhotabhai Patel; senior vice president — Mr Subhash Khanna; junior vice president — Mr Ashok Kapoor; general secretary — Mr Rajinder Goel; treasurer — Mr Sat Pal Narula.