Sunday, April 18, 1999
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B U S I N E S S | Sunday, April 18, 1999 |
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NABARD sanctions Rs 121
crore for J&K CNG-fitted Maruticabs flagged off Congress-led govt may enthuse
market |
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Ludhiana hosiery helps
quake-hit PSB records 45 per cent growth |
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NABARD sanctions Rs 121 crore
for J&K JAMMU, April 17 — The National Bank for Agriculture and Rural Development (NABARD) sanctioned Rs 121 crore to J&K during 1998-99 under the Rural Infrastructure Development Fund (RIDF). This includes Rs 59 crore for Jammu region, Rs 55 crore for Kashmir region and Rs 7 crore for Ladakh region. The NABARD has sanctioned Rs 41 crore for irrigation projects and Rs 80 crore for roads and bridges projects. In Jammu region, the sanctioned projects are — Nikowal Lift Irrigation Scheme (Jammu district). construction of Battery of 100 tubewells (Jammu and Kathua districts), replacement of 53 tubewells in Jammu and Kathua districts, remodelling of Neeli-Najana and Malong-Jandrore Khuls in Udhampur district, installation of pumping equipment and voltage stabilisers on 27 lift irrigation schemes in Jammu, Kathua, Rajouri and Udhampur districts, and 31 roads and bridges projects in Jammu region districts. In Kashmir region, the sanctioned projects are — Marwal Lift Irrigation Scheme in Pulwama and Budgam districts and 26 road projects in Srinagar, Baramulla, Pulwama, Budgam and Anantnag districts. In Ladakh region the
Mulbekh Irrigation Canal has been sanctioned for Kargil
district. |
Congress-led govt may enthuse market NEW DELHI, April 17 (PTI) — Leading foreign institutional investors (FIIs) today said that a Congress-led Government at the Centre could enthuse foreign investment and stock market but flow of investment would be halted till the political uncertainty was overcome. Ongoing political crisis leading to fall of the Vajpayee Government would adversely affect foreign investment in the country as a stable government at the Centre was necessary for taking up crucial economic policies, they said. J.M. Morgan Stanley President B.D. Gupta said stock market will remain volatile till uncertainty prevailed over the next government. A Congress Government could have a positive impact on the market as it was known for economic reforms and liberalisation since 1991, he said. DBS Securities, dealer Vipin Aggarwal said in the current situation markets would move side-ways and we could see a further fall of around 100-150 points before market stabilises. Japanese Export Import Bank India representative N. Motokawa said Japanese investments would be affected as foreign investors want to have a stable government. This would severely affect the economy as the foreign investors would seek a stability in policies and consistency in reforms, he said. Sumitomo Bank, head (South-East Asia) Bharat Kaushal said this uncertainty may have an impact only in the short run and may affect the day-to-day transactions of the stock markets temporarily. Investors confidence in the long-run would not be affected as they have seen political uncertainty in the country since liberalisation era, he said. The economy has absorbed the political uncertainty and capital inflows both direct and indirect would not be affected as long-term investors confidence is based on reforms in various sectors but not in the political uncertainties. Kaushal said the process of economic liberalisation has to continue irrespective of government coming to power. Asian Development Bank,
Indian representative, Frank J Polman said though the
bank would continue to negotiate with India on critical
loans, but present political uncertainty could affect
foreign investments in India. |
CNG-fitted
Maruticabs flagged off NEW DELHI, April 17 - In a major initiative to curb pollution in the Capital, the Chief Minister of Delhi, Mrs Sheila Dikshit, today flagged off 50 Maruti Omni cabs fitted with Compressed Natural Gas (CNG) kits. Mrs Dikshit said that CNG was an eco-friendly fuel and the Delhi Government was keen to introduce CNG in a big way for vehicles to reduce the pollution level. Mrs Dikshit stated that she was in favour of reduction of tax on CNG. She pointed out that the Delhi Government is also exploring other options for promoting usage of CNG by way of providing incentives on CNG kits for vehicles. “We are also working towards putting in place around 82 CNG filling stations in the Capital by March 2000,” she observed. Maruti Udyog Limited Joint Managing Director, Mr Jagdish Khattar said that the company has drawn up plans to promote CNG vehicles and is targeting sales of 2,500 CNG vehicles in Delhi in the current financial year. The CNG kits fitted in the Maruti vehicles have been supplied by Transenergy India Limited. CNG vehicles with their extremely low emissions are not only environment friendly but also economical. With an average fuel consumption of 19.6 Km/Kg and cost of Rs 11.30/Kg, the running cost of Omni cabs with CNG will be as low as 59 paise per Km, a company official said. Within the next month,
all 12 Maruti dealers and 20 dealer workshops in the city
will be fully equipped to fit CNG kits in all Maruti
vehicles. Six dealers have already been equipped to
assist Maruti owners in switching to CNG and fit CNG
kits. |
Ludhiana
hosiery helps quake-hit NEW DELHI, April 17 — Four truck loads of hosiery were flagged off by the Punjab Chief Minister, Mr Parkash Singh Badal, for the Chamoli quake victims. Following an appeal by the Union Minister of State for Human Resources Development, Ms Uma Bharati, the Chief Minister of Punjab had urged the people in the state to contribute towards this noble cause. Hosiery owners and trade unions of Ludhiana collected goods worth Rs 55 lakhs which included gents pullovers, ladies pullovers, children wear, blankets, shawls, track suits, caps, mufflers and woollen socks. Mr Badal said the tercentenary celebrations of the birth of the Khalsa had in fact conveyed the message of helping the needy to the whole world and it was but natural that the people of the state had come forward to help the quake victims. The Chief Minister also appealed to all Punjabis to come forward and help quake victims. Ms Uma Bharati, who had appealed to the Punjab Chief Minister during her visit to Anandpur Sahib on April 13, stated that Mr Badal had shown the true Khalsa spirit by following the philosophy of Guru Gobind Singh. The Chief Minister of Punjab, she said had given priority to this cause at a time when the political parties were busy in political wranglings. Among those present on
the occasion were the MPs, Mr Sukhbir Singh, Mr S. Amrik
Singh Aliwal, Mr S. Jora Singh Mann and Mr Satnam Singh
Kainth. |
PSB
records 45 per cent growth CHANDIGARH, April 17 — Punjab and Sind Bank, Chandigarh Zone, has shown considerable improvement in the credit deposit ratio which has gone up from 48 per cent as on March 1998 to 77 per cent on March 1999. Mr G.S. Vedi, Deputy General Manager of the bank said that the zone has registered a growth of 45 per cent in its business turnover during the financial year ended March 1999. The rise in credit disbursement has been of the order of 100 per cent over and above the figure of the last year. Mr Vedi said that in the
recently concluded tercentenary celebrations of the
Khalsa Panth the bank opened special counters at its
Anandpur Sahib branch with a view to facilitate the
public at large to do their banking transactions. The
bank had also been selling gold/silver medallions brought
out by the Punjab Small Scale, Industries & Export
Corporation and during the celebrations it sold about
1000 medallions. In yet another significant contribution,
the bank put up 250 roadside hoardings containing the
Gurbani couplets leading to Anandpur Sahib. |
‘New age’ books cash in on stress THE new age’s most common and talked about pit-fall-stress-after feeding a roaring business in medicines and health clubs or fitness centres, is now giving a fillip to books of a different kind. Promising readers instant solutions with success formulae and useful tips in an “age of depression”, these ‘new age’ books, as the ones on personality development are referred to, are suddenly proving to be best sellers even in a country where classical texts abound in mantras for quick success. Most of the titles going into reprints are the ones giving advice on beating stress, becoming successful and on useful tips from modern gurus and counsellors like Deepak Chopra, Shiv Khera, or Arun Wakhlu. “Though self-improvement books have always been available in India thanks to old scriptures prescribing self enhancement through yoga and meditation, it’s only recently that such books have caught the common man’s fancy, giving the fiction segment a tough competition”, says Shekhar Malhotra, a publisher who deals with only such literature. “In the last two years, if any book has done good business its Arundhati Roy’s ‘God of small things’, closely followed by Khera and Chopra’s books, showing that the new age segment is giving a close competition”, says Malhotra. And publishers say that this market is here to stay. Dressed up WHEN a slovenly husband suddenly spruces himself up and takes new pride in his appearance, a wife knows she is in trouble, according to a new survey of married women in Germany. The survey of 1,260 German women between 20 and 35 conducted for Freundin, a woman’s magazine, showed that over 50 per cent fear hubby is seeing another woman when he suddenly starts shaving on weekends and buys flashy new clothes for himself. For 61 per cent of the respondents, another dubious sign is when the man in their lives dispenses with a kiss on the cheek before leaving for work in the morning. That is a sure sign he is doing his kissing elsewhere, they reasoned. Surprisingly, only 32 per cent considered it suspicious when their mates stopped initiating sex, apparently believing that it was nothing unusual in a long-term relationship. Nude Olympics THE Princeton University Board of Trustees has voted to ban the students’ traditional ‘Nude Olympics’, after this year’s even turned into an alcoholic brawl, the Daily Princetonian reported. It said that the board voted to abolish the 30-year-old annual ritual, in which students gather for a nude frolic at midnight following the year’s first snowfall. After this year’s event, students at the elite lvy League School complained of being sexually groped, and more than a dozen of the 350 participants landed in hospitals with alcohol poisoning or injuries. Elephants HUNDREDS of draught elephants, rendered jobless after the closure of the timber industry in the North-East, are starting to find alternative employment in the region’s tea plantations. Some animal loving planters in the tea-growing eastern Assam district of Tinsukia have started providing employment to the idle pachyderms, giving them work that was earlier done by machines. At least 1,000 elephants were forced out of work after the Supreme Court in December 1996 banned felling of trees in the North-East, leading to closure of some 1,600 saw, veneer and playwood mills. The elephants were used by timber traders to drag logs from the forests to the mills and depots. —
Agencies |
Q: Whether prior occupation of premises by tenant is relevant, when only evidence available was first date of assessment, for the purpose of claiming exemption from the application of the Rent Act? Ans: The issue was discussed by the S.C. in the case of Saleem v Dist. Judge, Muzaffarnagar (1998(2) R.C.J. 627). What is to be seen is the date on which the construction can be said to have been put up by the landlord for the purpose of earning exemption from the applicability of the Rent Act. The date of occupation would be taken to be the date of completion of the construction only where there is no report on record of the completion of the construction or on assessment thereof. If there is an assessment, as in the present case it is, it will be the date of the first assessment which will be deemed to be the date of completion of the construction. Prior occupation by the tenant was not mentioned by the Legislature as one of the requirements for applicability of Explanation I to S. 2(2) of the Rent Act. In the instant case, no evidence is available on record to show as to whether the municipal authorities had issued any notice or it recorded construction of the premises at any time prior to the date of assessment i.e. 1.4.82. Once such evidence is absent and was not available and the only evidence available was the date of first assessment i.e. 1.4.82 as per Explanation I to S.R. (2), the only date which could have been taken into consideration for deciding the question whether 10 years had elapsed from the date of construction of the building was the date of assessment i.e. 1.4.82, 10 years had to be counted from that date. Therefore, the S.C. held
that in the absence of any other evidence, date of first
assessment to tax would be deemed to be the date of
completion of construction of building for the purpose of
computation of exemption U/s. 2. of the U.P. Urban
Buildings (Regulation of Letting, Rent and Eviction) Act;
prior occupation of premises by tenant is not relevant. |
Q: Presently I am working as part time accountant in different private firms. so I am earning 6000/- per month, secondly this income is not regular. It may be more or less in the days to come. I am living in joint family with my father who is a pensioner. Every month I give to him Rs 2000/ for my family expenditure. 1) I wish to become an Income tax assessee for the F.Yr. 1997-98. 2) Can I open R/D Account for Rs 2500/ per month in post office or bank. Will this money be accounted as white money on maturity if I become an income tax assessee. 3) How to fill the return of income tax. Kindly advise so that I can fill up the return. 4) I have no savings with NSC or R/D account in the F.Yr. 1997-98. — Yash Dhingra, Jalandhar City Ans: If you want to become income-tax assessee, you just start filing your Income-tax return. Your earning may vary from time to time because of your nature of activity. There is no problem on this account. The amount paid by you to your father every month towards family expenditure will not be entitled to any tax deduction or rebate. You can open recurring deposit A/C in the post office. Naturally on maturity this money will be white money. For becoming an income-tax assessee all that you have to do is just to file your income-tax return in the New Saral Income-tax return form. In case you are receiving salary from different sources by working as a part-time employee, namely as an accountant, then you will also be eligible to claim standard deduction from your salary income. And if you have not done any investment in NSC etc. still there will be no liability of Income-tax on you. To conclude, you may file your Income-tax return and apply for a Permanent Account Number. Q: I am karta of Dr Harcharan Singh Huf which is to be partitioned. A PPF A/C in the name of Huf was opened on 4-3-97 and has a credit balance of Rs 87549. Please advise the procedure to withdraw the said money for distribution to the various members of the Huf. — Dr Harcharan Singh, Amritsar. Ans: For closing the PPF A/C you may contact the concerned bank officials. In case it is not possible to close the PPF A/C and you are interested to partition the Huf in full, then you are authorised to allocate the PPF A/C to one of the co-partners of the HUF. Q: I am a Punjab Govt. pensioner and senior citizen too. (D.O.B. 15-3-1932). My total income during 1996-97 (A.Y. 1997-98) was as under: 1. Pension :Rs 31197/- 2. Interests (FDRs) :Rs 30000/- Total :Rs 61197/- I do not have a telephone connection, do not own a motor vehicle and have not assisted in any way some one going abroad. I am the owner of a self-occupied house total area of which is 125 sq. yds. and regn. deed of the same is in the name of two persons — I and my wife, meaning only 621/2 sq. yds is my share. Kindly let me know whether I am required to file I.T. return in Form 2-A or any other Form, if so what are the standard deductions from Pension and interest on FDRs. I have to add that I was advised by some one to apply for PAN in Form 49-A which I did. If I am not required to file the IT return, what would be the impact of this application for PAN, if any. — K.S. Chhabra, Ludhiana. Ans: On the facts stated by you, you are not required to file your Income-tax return. Moreover, the net taxable income of yours is much below the exemption limit. You will be eligible to standard deduction on pension income as also deduction u/s 80L in respect of your bank fixed deposit interest income. The application for allotment of Permanent Account Number has to be filed in Form No. 49-A but on the facts stated by you, you need not apply for Permanent Account Number. Q: I want to know about some difficulties faced by me. Please clarify the same. I owned about 10 acres agricultural land in a village. I have given this land to my brother on contract base. Please tell me. i) Should this contract be made on plain paper? Is written contract necessary? ii) Should I show the income in my income return? iii) Is the receipt of this amount be got from my brother? If yes, then tell me (a) Should it be on plain paper or on a stamped paper? — Sat Pal Saini, Ambala City. Ans:
The contract for giving the agricultural land on
“patta” to your brother can be made on a plain
white paper or on a stamp paper. The choice is upto you.
There is no legal requirement of stamp paper for the
purposes of executing a contract for leasing agricultural
land. Yes, the income received by you from lease of
agricultural land will be treated as agricultural income
for you, which has to be aggregated with your other
income only for higher rate on non-agricultural income
only. If, however, your income other than income from
leasing out agricultural land is much below the exemption
limit of income Tax, then you need not file your Income
Tax return. The receipt from your brother in respect of
payment made by him towards the lease rent can be done on
plain white paper. |
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