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| Thursday, June 1, 2000, Chandigarh, India  
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VSNL cuts Internet rates by 50 pc
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FERA passes into history Kewal Dhillon
is chief of WPO Punjab Chapter
NEW DELHI, May 31 (PTI) — Exports of information technology software and services and electronics grew at a 35 per cent in rupee terms at Rs 24,025 crore in 1999-2000.The sector thus contributed 15 per cent of the country’s total export earnings during last fiscal against only 12.4 per cent in 1998-99 with Rs 17,775 crore worth of exports, an Electronics and Computer Software Export Promotion Council (ESC) statement said here today. “The continuing high export performance of the sector is reflective of, and a tribute to, India’s inherent strengths in the knowledge-based industries,” Executive Director of ESC D.K. Sareen said. To realise the (60 billion dollar) Prime Minister’s vision of transforming India into a leading player in global trade, an expanding share will have to come from export of software, electronic goods and IT enabled services. India exported Rs 17,300 crore worth of computer software and services last fiscal against Rs 12,500 crore in 1998-99, registering a growth of over 38 per cent in rupee terms. Electronics hardware sector recorded a 27 per cent growth last fiscal, after two years of continuous downturn, with export earnings of Rs 2,600 against Rs 2,050 crore in 1998-99, the statement said. The hardware export figures include consumer electronics, electronic components, computer hardware, telecom equipment and office and medical equipment. Computer hardware grew by a spectacular 100 per cent at Rs 600 crore after witnessing a sharp decline in 1998-99 when it raked in a mere Rs 300 crore. Electronic components, which contribute the maximum to total hardware exports, clocked in Rs 1,200 crore last fiscal registering 33 per cent growth over the previous year. A destination-wise analysis of software and services exports revealed that five new countries were added last fiscal to take the number of countries which classify as software export destinations to 90. Accounting for over 66 per cent of Indian software and services exports, the USA and Canada were the largest export destinations, with Rs 11,500 crore worth of software exports from India during 1999-2000 against Rs 7,683 crore in the previous year. European countries maintained their second position with an estimated Rs 3,700 crore worth of software exports from India, the statement said. On the hardware front, India’s electronics hardware exports to Singapore, Hong Kong and other South Asian countries saw a quantum jump from Rs 491 crore in 1998-99 to Rs 940 crore last fiscal. As in the case of software exports, the European Union countries were the second largest markets for electronics hardware exports while the USA and Canada were the third largest importers. Major electronic hardware items exported were colour televisions linear ultrasound scanners, UPS, floppy diskettes, connectors, colour picture tubes X-ray tubes, electric sound amplifier sets, watches clocks etc. Among the major exporting companies for these items were Moser Baer India, Kalyani Sharp India, Tancom Electronics, BPL, Wipro GE Medical Systems, Sony India and SPIC Electronics.
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Fashion behind coat-hanger bodies THE British Medical Association may not have publicly pointed the finger until yesterday, but the public has long been happy to lay the blame for eating disorders at the door of extremely thin models. Model Kate Moss tells of women shouting at her in the street for “making” their daughters anorexic. Of course it cannot be that simple: a well-adjusted woman does not starve herself because she sees a picture of a skinny model. But in the light of the BMA’s findings, surely it is time for the glossy magazines and designers who demand and promote an extremely thin body shape to take a more responsible attitude. The stock response of the fashion industry is that it simply gives women what they demand. While women claim to want pictures of bigger models, publishing companies claim that bigger models bring down sales. To investigate, this month Marie Claire magazine is on sale in the UK with alternative covers — one featuring the superskinny Pamela Anderson, the other the more rounded Sophie Dahl. Both versions carry the coverline: “Is this the ideal body shape?” Designers, who often have the very thinnest models in their catwalk shows, often blame retailers. The successful British designer Elspeth Gibson reports that she produces mainly (British) sizes 8-12 because buyers for department stores rarely order anything larger. It is difficult to get close to the truth when images of women are so distorted throughout the media. Television shows a miniaturised version of women’s bodies. In the British public eye, a size 12 — as worn by the actresses Martine McCutcheon or Christina Ricci - marks you out as a “larger woman”, when the most common dress size in Britain is a size 14. To add to the confusion, women such as the Brazilian model Gisele Bundchen, who aside from her sizeable breasts is extremely thin, are held up as models of a new “healthy” look, when such a body shape would be achievable to most women only by a combination of extreme dieting and breast implants. Lastly, the media’s obsession with eating disorders would have us believe that teenage girls are wasting away, when obesity is a far bigger problem among adolescents than anorexia. Perhaps the problem lies partly in the way the fashion industry has raised its profile in the past decade. For catwalk shows, a body that resembles a coat-hanger is simply a device for showing off expensive clothes. Anyone who has attended a show will tell you that without the plumping lens of a camera most catwalk models are unattractively, freakishly thin. But the obsession with fashion, and with models in particular, has meant that what used to be a marginal look has slipped into the mainstream, with actresses such as Calista Flockhart and Jennifer Aniston shrinking to model size and thus promoting the coat-hanger look as desirable, a mark of success. Once again the message is that lunch is for wimps. — By arrangement with The Guardian |
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VSNL cuts Internet rates by 50 pc NEW DELHI, May 31 — The Videsh Sanchar Nigam Limited (VSNL) today slashed its Internet rates for the monsoon package by 50 per cent and offered free night access. “VSNL today is not only the best ISP in the country in terms of its features, but also provides for the first time the most innovative access packages. Free night access on VSNL’s optimised internet network is designed to deliver real value to customers and make internet a mass phenomena,” the Chairman and Managing Director of VSNL, Mr S.K. Gupta, said. Explaining the free night service, he said customers will now be able to access the Internet free during 11 p.m. till 8 a.m. on all working days and for full day on Sunday. All customers registering for VSNL’s internet service during the special offer period (June 1 to July 31) will be able to avail of 50 per cent discount and the free night access for the duration of the VSNL account which is three years. Another new feature introduced today was the online registration service. The registration forms can be filled online and the payment will be collected by VSNL for the renewal. “The online renewal system provides a highly advanced facility to customers to flexibly choose their usage package from the comfort of their homes,” he said. Mr Gupta said the credit card gateway launched by VSNL was a major initiative for secured electronic transmission based on the credit cards in the Indian online market. Also the wireless access protocol (WAP) gateway and access to internet through WAP enabled cellular mobile phones was commissioned today, he stated. “VSNL’s WAP gateway is the first such advanced facility to be launched by any ISP in India. Customers with a WAP cellular phone, will be able access their email or obtain other information online with their personal internet account,” Mr Gupta said. And, to check the fradulent use of customer’s Internet account, VSNL today launched its crackbloc service, which has a unique security feature enabling the customers to access the internet from specified phone numbers. “The crackbloc facility unmatched in protecting customers against fraudulent use of their accounts and is particularly suited for new applications like e-banking, share trading and online access to key official websites. The facility operates fully online and can be controlled by customers on a day-to-day basis, if necessary,” he added. |
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NEW DELHI, May 31 (PTI) — The draconian Foreign Exchange Regulation Act (FERA) will lapse into history tomorrow bringing relief to the corporate world. Enacted in 1973 in the backdrop of acute shortage of foreign exchange in the country, FERA had a controversial run for 27 years during which many big names in the Indian corporate world found themselves at the receiving end in the hands of the Enforcement Directorate. But even today some feel that FERA was necessary to deal with those who have stashed money abroad. The Foreign Exchange Management Act (FEMA), which will replace FERA, was enacted by the government as it became incompatible with its pro-liberalisation policies. The most significant change brought in by FEMA is that
Forex law violators will no longer be treated as criminals but as civil offenders. Sections three to nine of FEMA spells out the do’s and don’ts for those dealing in foreign exchange but contravention of these provisions will invite a monetary penalty amounting to a maximum of three times the sum involved, in contrast to five times prescribed in FERA. While specifying that there will be no prosecution in the
Forex violation cases, the law provides that in case an offender fails to pay the penalty the Enforcement Directorate can move the court, which could send him to jail. In jail also the offender will be treated like a civil prisoner, who has to pay for his stay behind bars. The cases already under FERA purview would have to be settled within a time period of two years, that is May 31, 2001, beyond which it will lapse. However, if the FERA cases were in court, it would end with the verdict given by the judicial officer. There are around 4,000 cases which are before the courts under FERA and another 3,000, in which investigation is almost complete and the same ready for filing before the competent courts, says ED Chief Sot S Dawra. He said the ED might not be in a position to pursue 346 cases which are still in nascent stage and added that these cases would automatically move under FEMA. FEMA provides for a number of appellate authorities who can be approached by a person against whom the Directorate officials have adjudicated and levied penalty. Section 5 and 6 of the Act provides for freer convertibility of rupee into other currency has been welcomed by Assocham saying that the introduction of the new law is in tune with economic liberalisation which has proved beyond doubt that stringent laws of the early seventies need to be done away with. |
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Kewal Dhillon
is chief of WPO Punjab Chapter CHANDIGARH, May 31 — Mr Kewal Dhillon, a noted industrialist, has been elected as President of the Punjab Chapter of the World Punjabi Organisation (WPO). A decision to this effect has been taken by the governing body and other patrons of the organisation. Mr Jaspal Singh Bhasin ( Mumbai), Mr Tirlochan Singh Chawla (Bangkok), Mr Yusaf ( Jehlum-Pakistan) and Mr S. Chattwal ( New York) have been taken on the governing body of the organisation. The WPO, a non political international body of renowned Punjabis, was formally launched by Mr Inder Kumar Gujral, a former Prime Minister, in 1998. The idea behind launching this was to have apolitical organisation of Punjabis to foster social, economic and cultural links irrespective of caste, creed and religion among
Punjabis the world over and to unite them. |
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Sinha denies Puneeta got $ 5.3 m reward CHICAGO, May 31 (PTI) — Finance
Minister Yashwant Sinha today hit out at critics who had alleged that
his daughter-in-law had secured a huge reward because he had provided
a tax haven route to foreign institutional investors through Mauritius
and pledged to expose their “sinister designs”. Denying that his daughter-in-law Puneeta Sinha secured a “reward” of $ 5.3 million in the face of capital gains tax exemption given to the
FIIs, Sinha asserted “She is not recipient of this money”. Dismissing the CPM charges, Sinha said in a statement, that such allegations were based on “wrong facts and mis-statements.” Clarifying for the first time the exact position of his daughter-in-law, Sinha said she is the Executive Director and senior portfolio manager of
CIBC Oppenheimer which through its subsidiary, Advantage Advisers, is the fund manager of India Fund Inc. “But what is not being clarified in this case is that the investment manager is a company named Advantage Advisers Inc,” he said, adding that when the investment manager received a reward of $ 5.3 million, it was the company and not his daughter-in-law. “An impression is sought to be created that my daughter-in-law received this money”, he said adding “obviously, she is not the
recipient of the money.” There was no doubt that her fund had done exceedingly well between December 31,1998, and December 31,1999, Sinha said. Other well managed funds had also done equally well because the stock market generally did well during this period and market capitalisation increased substantially. Sinha said normally he would have ignored these allegations and treated them with the “contempt they deserve”. Now he had chosen not to
ignore these allegations as he believed that a concerted campaign has been mounted by some “vested interests” who are out to ruin the Indian economy, the Finance Minister said. “This sinister design has to be nipped in the bud... The blatant falsity of the allegations and the nefarious design of those who have prompted them must be exposed,” he said. |
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Amnesty scheme begins NEW DELHI: “Millennium Year Company Law Settlement Scheme”, an amnesty scheme allowing companies or its officers to get relief from prosecution for various offences, including delay in filing annual balance sheets, will come into effect from June 1. The scheme, announced by Minister of Law, Justice and Company Affairs Ram Jethmalani earlier this month, will be valid for three months up to August 31. The scheme is intended to permit defaulting companies to file all pending documents on the payment of lumpsum amount based on the period of delay so that the system of corporate governance begins on a clean slate and investment climate emerges as a healthier one. The fees to be paid by defaulting companies will be a minimum of Rs 2,500 for filing up to two documents for a delay of less than three years and Rs 3,000 beyond three years. For documents up to five in number, the fees chargeable will be Rs 5,000 minimum for a period for three years delay
— PTI Italian sweets “Seven premium quality chocolates will compete with other sweets from August,” says Ms Smriti Jindal, Director of Jindal Exports. “Giving sweets during happy occasions has been part of our culture. We want to bring in modernity in Indian tradition”, she adds. “Apart from the metros, we will
focus on Chandigarh and Ludhiana,” she says, adding that “a large number of persons from these places go abroad and they know what Sorini stands for.” The seven range which will be available are Gilda, Violetta, Cuore Maxi, Color, Rio, Bolero and Carmen.
— TNS Career choice This web-enabled service is designed to help students right from Class ix onwards to choose their ideal career direction through an innovative and scientific testing process based on time-tested methodologies. For this module, Brainvisa.com, has entered into an exclusive tie-up with the Institute of Career Studies (ICS). Through both online and offline technologies, students are required to undergo a comprehensive and rigorous test comprising 199 questions spread over nine tests. These tests are modelled around identifying a student’s aptitude, interest and learning style. The tests included logic aptitude, office administration, business aptitude, numerical aptitude, social aptitude, design aptitude, mechanical aptitude, interest identification exercise and learning style inventory.
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UNI
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by Ashok Kumar Wipro & Hughes long-term picks WITH the resurgence in demand of stocks from the FMCG and pharmaceuticals sector, the old economy stocks are the ones in the limelight at the
moment. Following the controversy surrounding the Satyam group and some of its past transactions, the sentiment for infotech stocks has further worsened and even though there are good stocks on offer from this segment at fairly attractive prices, investors appear averse to take the bait. However, the fact remains that notwithstanding the same, it is the frontrunners from the IT segment that will post the best results in the years to come. Thus, investors with a long term perspective could give a look in to pedigreed stocks from this segment like Wipro and Hughes Software and pouch them at successive price declines. Traders too can benefit from the uncertain sentiment at the bourses and those with a bearish temperament can consider short positions at the counters of ITC at Rs 704 (cover up at Rs 679) and Global Tele at Rs 1014 (cover up at Rs 977). Bull operators could consider taking up long positions at the counters of Smithkline Consumer at Rs 334 (square up at Rs 369) and German Remedies at Rs 625 (square up at Rs 668). Discerning investors looking for good value at a discounted price can keep an eye on the counter of Melstar Info, whose share has been a casualty of the IT crash notwithstanding its better than projected financial performance. |
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Dr Reddy’s, Cheminor merger okayed NIIT to invest in OneWeb Systems Infosys support for Mauritius banks ICICI sets up infotech jv in EBG Britannia net up 29 pc M&M maintains dividend at 55 pc Voltas posts operating profit of Rs 6 crore ADB condition for loan to Railways |
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Directories Export award ConnectCapital Web on WTO Maruti offer SBI helpline Spice news |
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