Sunday, January 17, 1999
today's calendar
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B U S I N E S S | Sunday, January 17, 1999 |
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US court ruling to affect
telecom tariff rates |
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Woollens export declines FIPB
clears Rs 902 crore proposals |
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US court
ruling to affect telecom tariff rates NEW DELHI, Jan 16 — A US court ruling upholding an order of the US Federal Communications Commission (FCC) prohibiting US telecom companies from paying foreign carriers call termination charges in excess of a specified benchmark rates will not affect the Videsh Sanchar Nigam Ltd in the short run, but it would have long term implications for the country’s telecom rates. According to information received by the VSNL here, the US Court of Appeals has issued a decision rejecting the appeals made by a group of international carriers against FCC’s settlement rate benchmark decision. The court has held that the FCC has the authority to establish the amount which US carriers may pay for foreign termination services but has no authority to regulate foreign carriers. Call termination charges are collected by telecom countries in the country receiving a call from the foreign firm carrying the call for the service of transmitting the call through the local network to the recipient of the call. At present the call termination charges are negotiated on a bilateral basis between the countries and in the case of India these charges are normally on a higher basis. This enables the cross-subsidisation of domestic telecom operations by international telecom traffic. Though the agreement between the USA and India telecom operator ensures that carriers from both the countries pay the charges on a reciprocal basis, the agreement has been to the disadvantage of the USA as the calls from the USA to India are far more than what is made from India to the USA. The FCC had tried to check this trend by imposing a benchmark rate for the US carriers, a move which was challenged by a group of international carriers. According to the VSNL, the operative part of the US court’s judgement clearly indicates that while the FCC establishes the benchmark, the court does not endorse the FCC’s ability to enforce the benchmark against foreign carriers who refuse to accept them. In view of the inability of the US carriers to enforce the benchmark rates, there is no material change in view of VSNL in the bilateral nature of the accounting rate negotiations process. VSNL has been able to settle the accounting rates with the US carriers for 1997 and 1998 which have been formally endorsed and approved by the FCC, the Indian carrier said. Discussions for the forthcoming year are currently under progress and no difficulty is anticipated even after the FCC judgement which only reflects the legalities of FCC’s own actions in their country. Though the US court’s order has no immediate bearing on the rates charged by the VSNL, telecom experts say this could have a long term implication for the telecom tariff rates in the country. The multilateral discussion process is underway at the international telecom union for defining the termination rates which each country should pay for terminating international traffic in its territory based on actual costs. ITU guidelines on this matter would become benchmarks for global settlement process. VSNL said even on this
account it was protected from erosion of revenues as it
had a revenue sharing agreement with the Department of
Telecom. The Telecom Commission, as a run up to the GDR
issue of VSNL has reaffirmed the continuance of the
revenue sharing formula till its expiry in 2002 and the
monopoly of VSNL till 2004. |
Woollens
export declines LUDHIANA, Jan 16 — India is unlikely to achieve the export targets of wool and woollens set for the current financial year ending March 31, 1999. As a matter of fact, there has been a negative growth in the export of worsted fabrics, shawls, scarves and woollen yarn, according to official data made available here today by Wool and Woollens Export Promotion Council, Ministry of Textiles, Government of India. Woollen Knitwear, machine made carpets and wool tops have shown only a marginal increase. Only acrylic knitwear has recorded a respectable growth. In the overall export of woollen products, there is a decrease of 7 per cent as compared to the corresponding period last year, says Mr Raj Chaudhry, Chairman of the council. In an interview here today, Mr Chaudhary ascribed the decrease in exports mainly to the overall recession in the western market and devaluation of the currency in the Far East countries. Mr Chaudhary says that the council has been urging the Government of India to hand over to the council the quota administration to knitwear as was being done prior to 1997. “We had cautioned the government that any delay in this regard will adversely affect the exports. Our apprehensions have now been proved true by the events”. He complains that while India has met most of its commitments under WTO by reducing the tariff rate in line with WTO, countries having quota regimes are resorting to a new kind of non-tariff barriers through technical regulations laying down high standards of health, safety and environment etc for the exporting countries. Mr Chaudhary says that
while some of these legislations could be due to a
genuine concern about the environment. But the timing of
the legislation and the past experience has created
doubts in the developing countries that this might well
be a move to raise new tariff barriers in preparation for
the year 2005 by the developing countries. It is,
therefore, apprehended that countries like India may find
themselves in a situation where they have opened their
domestic markets to foreign competition but cannot
compete in the international market because of failure to
meet the ever increasing technical standards of the
developed countries. |
FIPB clears Rs 902 crore proposals NEW DELHI, Jan 16 (PTI) — The Foreign Investment Promotion Board (FIPB) today cleared Foreign Direct Investment (FDI) proposals worth Rs 902 crore, including a $130 million convertible Eurobond issue by Essar Steel. The foreign currency convertible bond of about Rs 550 crore would go towards funding equity component of the Rs 1,840 crore Essar pellet project in Vishakhapatnam, Industry Ministry sources said. After the conversion of bonds, the foreign equity in the project will increase to 54 per cent while the domestic component will go down from 76 per cent to 34 per cent. The proposal envisages manufacture of pellets using iron ore fines from Bailadila mines. The board also cleared a proposal by Fidis Spa of Italy to set up a joint venture in the country for financial services and auto financing, basically meant for Fiat range of vehicles. Fidis will invest about Rs 147 crore to pick up 51 per cent stake in the joint venture. The remaining 49 per cent will be held by Sundaram Fastners. Among other proposals cleared by the board are BPL Cellular, Marubeni Corporation, YKK and ABB Asia. BPL Cellular has been allowed to expand paid up capital in its joint venture with France Telecom through a rights issue. The sources said France Telecom will bring in Rs 7.67 crore to subscribe to the issue and the stake of both the partners will remain the same. Marubeni India, a wholly-owned subsidiary of Marubeni Corporation, Japan, has been allowed to increase its capitalisation to $ 15 million from the existing $ 5 million, Marubeni India is engaged in trading activities. Similarly, YKK, an integrated Zip manufacturer, has also been allowed to increase its equity capital from $ 25 million to $ 30 million. FIPB also allowed ABB Asia’s proposal to increase its stake in its joint venture with Intron India to 60 per cent from existing 30 per cent. ABB Asia will bring in Rs 10.8 lakh to increase its stake in the joint venture company, which manufactures actuator pumps. The board also cleared a proposal by Nissin Corporation of Japan to set up a joint venture with ABC India Ltd for international freight forwarding, Nissin would bring in Rs 1.02 crore as its stake in the joint venture. A proposal by Suessen
Asia, which manufactures components for textile spinning
machinery, to issue non-convertible redeemable shares
worth Rs 11 crore has also been cleared by FIPB.
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Cost
management seminar begins CHANDIGARH, Jan 16 —
A two-day seminar on Strategic Cost Management organised
by University Business Schools, Chandigarh Chapter of
Cost Accountants, inaugurated here today, by Mr A.K.
Babbar Executive Director HMT Ltd., Pinjore. The key note
address delivered by Padam Shri Chandra Mohan. Other
present were; Prof. Parmajit Singh, Prof. S.P. Singh, Mr
K.V. Ramnamurthy. Mr Piera Mevellece from France
presented the technicals paper. Mr S.K. Tuteja, Chairman
PSEB, chaired the technical session. First time in India
the technical paper was presented from USA through video
conference at University Business School. The topic of
the seminar is the need of changing scenario of
liberalisation, globalisation and increasing competition.
Technical sessions covered topic as such, cost and value,
strategic cost management, activity based costing, cost
management with a strategic emphasis, analysis of
strategic management. Mr O. K. Aggarwal was the seminar
coordinator
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Implementation
of ST laws in Haryana CAN the procedure for refund as laid down in the statutory provisions relating to the sales tax laws be amended by the Commissioner? This precisely is the significant question that arises from a circular which was issued by the Excise and Taxation Commissioner, Haryana, Chandigarh, in the recent past. Stipulating that no refund involving amount of or more than Rs 50,000 under the provisions of the sales tax laws shall henceforth be issued by the appropriate authorities without prior approval, it has been stated in the communication that all cases falling in the aforesaid category would be first sent to the Commissioner for orders. Ironically, Section 43 of the Haryana General Sales Tax Act, 1973, which primarily governs the procedure for refunds does not at all speak of seeking prior approval from the officer heading the department. A reading of the plain language employed by the state legislature in this statutory provision reveals it gives independent powers to the assessing authorities to determine the refunds. Even a study of the detailed procedure as laid down in corresponding rules 35 and 36 of the Haryana General Sales Tax Rules, 1975, regarding the issue of refunds makes one aware of the legal position that the powers to determine the refunds are exclusively vested with the assessing authorities except that sub-rule (1) of rule 36, inter alia, requires that if the amount to be refunded exceeds Rs 2000, the assessing authority concerned shall submit the record of the case together with his recommendations to the officer in charge of the district for orders. Similarly, rule 24-A of the Haryana General Sales Tax Rules, 1975, which, too, relates to the procedure for refunds in certain cases dresses the assessing authorities with the exclusive and independent powers to determine the refunds if found due to the assessees. One, therefore, is at a loss to see as to how the new procedure of seeking prior approval from the Excise and Taxation Commissioner, Haryana, for refunds is sought to be introduced to the existing scheme of the Act. Even the powers of general superintendence and collection of tax leviable as provided in rule 3 of the Haryana General Sales Tax Rules, 1975, cannot be used to alter altogether the basic structure of the Act. Another important aspect of the circular is that it encroaches upon the powers of the tribunal, high court, and even the Supreme Court in the sense that if a refund of any amount paid by any dealer or other person becomes payable as a result of the order of any appellate tribunal or the high court or the Supreme Court will it be appropriate to get the validity of that order examined from the Commissioner for the purpose of issuing the refund? When contacted, the Excise and Taxation Commissioner, Haryana, Chandigarh, told this writer that the circular was issued for administrative reasons as some cases of illegal refunds had come to notice. Interestingly enough, Section 40 of the Haryana General Sales Tax Act, 1973, gives wide powers to the Commissioner to call for the record of any case for the purposes of satisfying himself as to the legality or propriety of any proceedings or of any order made therein and to correct the errors involved, if any. There has been a great
resentment among the trading community as well as the
taxation lawyers over the manner in which the procedure
has been changed and that the unanimous feeling is that
this circular is not only without jurisdiction but it
will cause undue hardships to the tax payers which could
well have been avoided. |
Implications
of buyback The Government by an ordinance has allowed companies to buy their own shares which was so far restricted under the Companies Act, 1956. In this regard, the Companies (Amendment) Bill 1998 was also placed before the Lok Sabha but has not been passed for the reasons best known to the parliamentarians and thus the ordinance remains effective or fresh ordinance issued. There are newspaper reports that the government has asked five Public Sector Undertakings to prepare themselves for buy back of shares from the government by the end of the current financial year to balance the fiscal deficit in this year. When the government offloads the holding in a public sector company, an important point to be kept in mind is that status of a government company as defined under Section 617 of the Companies Act is not altered. In case a government undertaking does not remain to be so there will be consequential ramifications under Income-Tax Law. For instance, a charitable/religious institution required to make investments of the surplus funds in Public Sector Undertakings as per Section 11(5) of the Income-Tax Act, 1961 will be effected, Clause (g) of Section 11 (5) prescribing mode of investment of funds reads as. Therefore, Charitable/Religious Trusts who have invested their available surplus funds to avail Income-Tax exemption will have to withdraw funds (deposits) before maturity, and invest in some other government owned company. The interest rate on pre-matured withdrawal of deposits is less by 1 per cent to 2 per cent for the entire period of investment in such undertaking. Thus such institutions
will be put to avoidable financial loss besides
inconvenience. It is, therefore, proper for the
government to make consequential amendments under the
Income-Tax Law also to enable them to allow the funds
remain invested till maturity or for some more period
with the government undertaking so that they are not put
to any financial loss. It is understood that the
charitable religious institutions have made huge
investments of their funds in government undertakings as
deposits.
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BRITISH American Tobacco is almost certain to be forced to sell some of its cigarette brands as the price for winning the approval of global competition authorities for its £ 13 billion ($21bn) merger with Rothmans. Executives from the companies - which together sell more than 900 billion cigarettes a year — have opened negotiations with the European competition directorate and with regulators in the Australian market, where BAT is about to launch a £ 400 million ($650m) offer to buy out minority shareholders. The acquisition of Rothmans, with brands such as Peter Stuyvesant and Dunhill as well as Rothmans itself, has strengthened BAT’s position as the world’s second-largest cigarette maker - after Philip Morris, US maker of Marlboro. The enlarged group will have a global market share of just over 16 per cent, coming within a whisker of Philip Morris’s 17 per cent. That will give BAT even more leverage with suppliers, and will allow it to maximise its advertising power. After the takeover, BAT will have 14 per cent of the European market but intends to argue that this is small compared to the 34 per cent its rival controls. The company’s lawyers will contend that the market will benefit from the creation of a stronger number two player. “Clearly we knew about all these positions before we announced the deal, but we think that ultimately we will be able to satisfy the regulators,” a BAT spokesman said. The groups do not want to be seen to horse-trade with regulators. It is unlikely, too, that BAT will sell any of its top 10 brands, which also include Lucky Strike, Kent, Benson & Hedges and John Player Gold Leaf. But brands such as John Player might be shaken loose in South Africa, and Kim and Winfield look vulnerable in Europe. Manmohan Singh Former Finance Minister Manmohan Singh has taken the government to task for its move to allow cash-rich oil PSUs to resort to swap equity and buyback saying it is an attempt to shore up the Budget, sacrificing the interest of the public enterprises. This is “some clever-by-half scheme” as buyback mechanism is being used to shore up the Budget, he says. “This is not the purpose of the buyback Ordinance nor is it in the developmental interests of public enterprises.” The buyback ordinance has been brought to boost the capital markets and is not a method to finance the government’s fiscal deficit, he says. “These are things which will not bring credit to the government.” Asking cash-rich PSUs to buy back will “crowd out PSU investment” as surplus cash of oil rich firms is being used to reduce the fiscal deficit, he adds. Tea samples Eighty per cent out of the 25 loose tea samples gathered randomly from different parts of India do not fulfil the statutory provisions under the Prevention of Food Adulteration (PFA) Act. “The test report of loose tea samples has confirmed the fact that edible items, which are sold loose, are grossly adulterated says Mr NG Wagle, member, Consumer Guidance Society of India. “High levies on packaged commodities, which are already burdened by cascading costs of packaging material, have increasingly turned the consumer towards buying loose commodities,” he adds. Describing the amount of adulteration, he says there are traces of foreign vegetable matter in 80 per cent of loose tea samples. The other adulterants include sawdust, sand, stone, stalk and used tea leaves. Several colouring and dyeing agents, proven carcinogens, are also being used, he warns. An analysis of the samples
of loose tea has shown that in most of them the water
soluble extracts are significantly lower than the 32 per
cent, specified by the PFA, Act.
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Bajaj Auto profit down 30 pc NEW DELHI, Jan 16 (UNI) — Hit hard by the ongoing recession in the automobile segment, two and three-wheeler major Bajaj Auto Limited has recorded a 30 per cent drop in net profit during the third quarter of the current fiscal ending December 31, 1998 to touch Rs 86.16 crore from Rs 123.5 crore in the same period last year. The company’s net profit during the first nine months of the current fiscal was down 5 per cent from Rs 328.9 crore to Rs 312.4 crore a year earlier. Bajaj auto’s total sales during April-December 1998 were Rs 2,541.64 crore, up 6.7 per cent from Rs 2,381.25 crore last year. In the third quarter of 1998-99, the company’s sales stood at Rs 850 crore, down 2 per cent from Rs 868.3 crore a year earlier. Earnings per share on an annualised basis stood at Rs 28.74 during the third quarter this year as against Rs 41.25 in the same period last year. Hero Honda net up 81 pc NEW DELHI, Jan 16 (UNI) — Motorcycle major Hero Honda Motors Limited (HHML) has recorded an 81 per cent surge in net profit during the third quarter of the current fiscal ended December 31, 1998 to touch Rs 33.76 crore as against Rs 26.71 crore in the same period last year. The company’s net profit during the first nine months of 1998-99 stood at Rs 86.47 crore, up 58 per cent from Rs 54.76 crore last year, according to audited results approved by the Board of Directors of HHML today. Riding on the increased sale of its motorcycle models, the company recorded a 36 per cent surge in its total turnover during the October-December period to touch Rs 408.71 crore as against Rs 299.05 crore in the same period last year. Gross profit during the period stood at Rs 48.09 crore, up 67 per cent from Rs 31.11 crore last year. Despite the increased turnover, the interest paid and depreciation was lower during the period. NIIT reports 100 pc net rise NEW DELHI, Jan 16 (PTI) —NIIT Ltd today reported a net profit of Rs 8.58 crore in the first quarter ending December 31 last year, more than 100 per cent rise from Rs 4.10 crore during the same period last year. The gross profits grew to Rs 16.48 crore from last year’s figure of Rs 10.14 crore, NIIT said in a statement here. International revenue grew by 71 per cent to touch Rs 83 crore during the first quarter, constituting 57 per cent of total revenues. The company said there was a 53 per cent growth in software business leading to revenues of Rs 73.6 crore, a rise of 98 per cent in educational multimedia and 30 per cent in education and training. Preferential shares by Modi Xerox MUMBAI, Jan 16 (PTI)
— The Board of Modi Xerox Ltd today decided to make
a preferential issue of shares for Rs 86.4 crore to the
company’s two promoters, Modicorp and Multinational
Xerox Corporation. The two partners would subscribe
equally to the preferential offer. The company has called
for an extraordinary general meeting of its shareholders
on February 11, 1999, to seek their approval. “Xerox
will hold a substantial majority share in the combined
equity and take the lead in setting the strategic
direction and ongoing management of operations”,
according to a statement here. Modicorp would continue to
hold a substantial stake in the combined equity and
consolidate its earnings in Modicorp.
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Q: I am receiving gifts in dollars from my unmarried daughter who is serving in the U.S.A. Please clarify if amount so received in foreign currency is taxable or not. Please further clarify about the tax liability on the income received on depositing above amount in bank fixed deposit/NSC/Indra Vikas Patra etc. In case my major son who is a student also receives gifts cheques in foreign currency from his sister, what will be tax liability on gifts so received and also on the income earned by investing gift amount in various Post Office/Bank schemes. — Sunita Garg, Patiala Ans: From 1-10-1998 all gifts either received from friends and relatives staying abroad or from persons staying in India are now completely exempt from Income-tax. There is no liability to Gift Tax either on the donor or the recipient in respect of gifts received on or after October 1, 1998. Your major son who is a student can also receive gifts in foreign currency from his sister. There is no tax liability attached to it. However, in respect of income derived by a person by making investment of the gifted amount would attract tax liability in normal course. Q: I am getting pension Rs 6500 per month. I am doing some tuition work and getting Rs 2500 per month. I have fixed deposit of Rs one lakh which I got at my retirement. I am living in my own house. My date of birth is January 2, 1932. Keeping in view the above kindly clarify the following points for which I shall be grateful to you. (i) Whether I am to file the I.T. return. (ii) Should I apply for a PAN? Since tuition work is temporary one. (iii) Under which saving scheme a senior citizen can save money to minimise the tax burden. — M.P. Singh, Patiala Ans: On the facts stated by you there will be no liability on you of Income-tax for the Assessment year 1999-2000 specially because after granting standard deduction on your pension income as also granting you a tax deduction for interest from bank fixed deposit your net tax payable after taking advantage of tax rebate of the senior citizen would be Nil. Hence, you would not be liable to make payment of Income-tax. You need not file your Income-tax return. It is also not compulsory for you to obtain and apply for a permanent A/C No. However, our practical recommendation to you is that it is better to obtain and apply for a permanent A/C No. and file your Income-tax return even if there is no taxable income so that there is no problem at a future date in case your tuition income increases. For a senior citizen it is advisable to make investment in tax-free bonds of the RBI or to make investment in NSCs. Q: I am pensioner. I am filing my I/tax return for the first time. Please guide me to file the return. The details are as follows:- 1. Pension from April 97 to March 98 = Rs. 61532. 2. Interest on FDR = Rs. 6075. 3. Savings till date (NSC) = Rs. 1000. (After standard deduction) Tax on Pension = Rs. 154. Rebate on NSC = Rs. 200. Tax to be paid = Nil. Please guide about the interest on FDR exemption and under what section & how much. 4. I have house property only for my family. No portion is rented and I have no income from house property in anyway. Please guide if I have still to fill this column & what is the deduction under section 24. My house in village. — Sohan Lal, Ludhiana Ans: The
maximum deduction permissible in respect of income from
bank fixed deposit is Rs. 12.000 for the Assessment year
1998-99. This deduction is available as per section 80L
of the Income-tax Act. Section 24 of the Income-tax deals
with various deductions that are permissible from income
from House property. In your case you need not fill up
this column and just write Nil or not applicable. If,
however, you had made payment of any interest on loan
taken either for construction of house or repairs of the
house you would have got the benefit of deduction u/s 24
in respect of interest on loan. |
Q: Whether the court while determining the relationship is further required to decide the question of title and ownership of landlord? Ans: Patna H.C. in Maheshwar Prasad Sharma v Shobha Devi (1998 (L) R.C.J. 514) was dealing with this question. It is well settled, said the H.C. that in a suit for eviction the Court is not required to decide the title of the plaintiff in a fullfledged manner. The court is rather required to see whether there is relationship of landlord and tenant between the parties or not. It is for that purpose that the Court is required to see whether the plaintiff is the owner of the premises, whether the defendant is the tenant and whether he is liable to pay rent to the plaintiff. It is worth mentioning that as against the documents produced by the plaintiff, no document having bearing on questions of right, title and interest in the premises, not even the alleged sale deed has been brought on record. In the above circumstances, the H.C. agreed with the court below that the plaintiff has succeeded in proving her case of being owner of the premises, entitled to receive rent from the petitioner-tenant and, therefore, “landlord” within the meaning of S.2(f) of the Bihar Rent Act. The fact that the plaintiff has six children is not disputed. Since some of the children are grown up (eldest of them being 19 years of age) and they are prosecuting their studies, it is quite natural that they would require separate space for living and studies. Two rooms obviously cannot satisfy the plaintiff’s need. Under these circumstances
the H.C. held that the scope of the revisional power U/s.
14(8) of the Act, although not as narrow as S.115 of the
C.P.C., is not wide enough to convert this court into a
Court of appeal. The court below having recorded findings
of fact on proper scrutiny of the evidence, there is
little scope for interference. Consequently, the present
Revision was dismissed. |
Property prices INVESTORS who had been deferring investments in property are reportedly finally taking the plunge. Estate agents have reported enquiries for mass purchase of property by corporates and PSUs. Yet, the same has resulted only in a firming up of prices and not an upswing. The resurgence of demand is particularly noticeable in Mumbai, Delhi and Bangalore, while the new hotspot is Hyderabad. Mah Scooters This Bajaj group company has always been overshadowed by its highly visible big brother Bajaj Auto. Perhaps, being in the shadow has helped this company, as the grapevine has it that this company is poised to record extraordinarily good results during the current financial year. Given its healthy reserves, a bonus issue too could be in the offing. Hind Lever For once Hindustan Lever Ltd (HLL) notwithstanding its obvious muscle power, has had to eat humble pie. FENA, which is a small player in the detergents segment allegedly poked fun at the giant MNC’s claims of its detergent, Wheel having lemon power. However, ASCI threw HLLs case out of the window. Now, adding insult to HLIs injury FENA has slapped an MRTP case on HLL for placing misleading ads. Touche! Indica After more than a decade of almost complete market dominance during which it put a lot of pretenders to its numero uno spot in their rightful places at the bottom of the heap, Maurti-Suzuki’s Maruti 800 model is likely to face its first serious threat in the form of Telco’s Indica. What’s more the Tata vehicle also has the blessings of the Swadeshi brigade. Silverline The grapevine has it that
the original promoter of Silverline Industries is on the
verge of finalising a deal to hand over his stake in the
company to an American corporation at a negotiated price
of Rs 138 per share. Reportedly, last minute wranglings
are still on.
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| Onion MUMBAI, Jan 16 (PTI) — Maharashtra Government should declare guarantee price for onions after a huge production and low prices for the crop, leader of Opposition in the State Legislative Assembly Madhukar Pichad demanded here today. Pichad said due to the huge crop, the prices have reduced from Rs 300 to Rs 250 per quintal and the farmers were incurring heavy losses, the Congress leader said. Award |
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