Sunday, July 30, 2000, Chandigarh, India
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Working group for 1 million Net kiosks NEW DELHI, July 29 — The working group on “Information Technology for Masses” today recommended setting up of one million Internet kiosks in five years and franchising of last mile connectivity which connects household with local exchanges, on a revenue sharing model in rural areas. Bajaj
shareholders approve buy-back
CST reduction to start from April EMPOWERED Committee of State Finance Ministers to monitor sales tax reform has finalised uniform rates of sales tax on 206 items. There are four slabs of rates; 0,4,8, and 12. Items outside this list shall be taxed at the general sales tax rate of the state. Few items like petrol and jewellery enjoy exclusive rate. Item of uniform sales tax has now been removed from the agenda of the committee. |
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Rly loadings
exceed target
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Working group for 1 million Net kiosks NEW DELHI, July 29 — The working group on “Information Technology for Masses” today recommended setting up of one million Internet kiosks in five years and franchising of last mile connectivity which connects household with local exchanges, on a revenue sharing model in rural areas. A franchise operator must be allowed to set up the access network providing telephone and Internet connectivity on revenue sharing basis, the Maharashtra legislator and Chairman of the group, Mr Prakash Javadekar, told reporters here today. The group submitted its report to the Union Minister for Information and Technology, Mr Pramod Mahajan, who said he would forward the report to the Cabinet Committee on IT soon. Mr Javadekar said the DoT “should not have any problems with this proposal as telephone networks in rural areas other than class a cities has been a loss making proposition for the department. Moreover, we are recommending it on the revenue sharing basis of upto 50 per cent.” Setting up of basic service operations providing telephone and Internet connectivity must be made licence free for areas where telephone connectivity was less than one per cent of the population, he said, adding that the last mile connectivity should be through wireless technology. He said spread of telecommunication in the far flung areas was first step towards IT proliferation at the grassroot level. The group has projected 100 million Internet connections by the end of 2008, Mr Javadekar said, adding that the target could be met only by liberal last mile connectivity policies. The last mile connectivity is an expensive proposition costing more than two-third of the total network cost, Mr Javadekar said adding that “ideally DoT should retain only 35 per cent of the revenue while 65 per cent should be with the operator.” Other recommendations of the group include Close User Group (CUG) status for private e-commerce information infrastructures and right of way for cable operators. “Right of way should be extended to cable operators for laying opticle fibres cables. The permission should be granted within 15 days by the concerned
municipal agencies,” he added. Telecom network infrastructure such as leased, dial-up lines, co-location of digital subscriber line equipment at exchanges should be made available to the ISPs on priority by DTS within 90 days of application, he said. On e-governance, the group recommended that the Centre and states should prepare five-year IT plans and keep 5 per cent of the budget for this. Administrative Engineering commissions should be set up at the Central and state levels, the report said. The report also suggested mobilisation of 10,000 experts to tell people about the benefits of IT in various areas like land records, getting information from government and so on. The kiosks should be on the model of the STD booths to reach masses who cannot afford PC and Internet. These kiosks could be self sustaining and the government should work only as a facilitator, the report. The working group suggested extensive use of IT in judiciary, land record computerisation by 2005, file tracking system at district collectorate by 2002, all government payment on Internet by 2003 and all government information on Internet by April next year.
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Bajaj shareholders approve buy-back MUMBAI,
July 29 (PTI) — The shareholders of Bajaj Auto Ltd (BAL) today approved the buy-back of upto 1.8 crore equity shares of Rs 10 each of the company at a price not exceeding Rs 450 per share. Subsequently, at the board meeting held after its 55th annual general meeting in Pune, it was decided to offer the buy-back via the tender offer method at a price of Rs 400 per share involving a total maximum outlay of Rs 720 crore. This buy-back was well below 25 per cent of the paid-up capital and free reserves of the company, which as on March 31, 2000 stood at Rs 800.58 crore, according to a company release. The company does not expect the buy-back operation to adversely impact its earnings per share in the future years. The company reported a 4.7 per cent increase in its net profit at Rs 116.32 crore in the first quarter of 2000-01 as against Rs 111.09 crore in the same period last year. Total sales and other income in the reporting quarter was up by 16.2 per cent to Rs 1017.96 crore (Rs 876.02 crore in Q1 in 1999-2000), as per the financial results approved by the company’s board today. The company has attributed the 3 per cent fall in gross profit, after interest but before depreciation and taxation, to Rs 187.94 crore to the fall in scooter sales by 25,831 units at 1,43,303 units (1,69,134 units in Q1 in the previous year). It said changing the product mix towards motorcycles and increased sales and after sales expenses were the other important contributors for the fall in gross profit. Profit before tax declined by 8 per cent to Rs 146.32 crore. Rationalisation of state sales tax on vehicles to 12 per cent done in May had resulted in the increase of sales tax by 5 to 7 per cent approximately mainly in the Northern states, which were also the major scooter markets. This rationalisation in sales tax had reduced the scooter sales of the industry and of the company and as a result its plant at Akurdi was working five-days a week from June 30, the statement said. |
ITC plans 600 cr investment CALCUTTA, July 29 (UNI) — ITC Limited will make a total Rs 600 crore investment in various projects during the current financial year, Chairman Y.C. Deveshwar has said. Talking to newspersons here last night, Mr Deveshwar said the company plans to invest substantially not only on expansion and modernisation of its existing businesses, but will enter into new areas like greeting cards and packed food businesses. He said the board in its meeting on July 27 had approved a proposal regarding marketing of packaged food under “Bukhara” brand name. The Bukhara range of food products would be initially marketed in India and then attempts would be made to penetrate into international markets, he said. Mr Deveshwar said a separate division will be opened to look into Bukhara business and the first product to be marketed under this brand name will be “Bukhara dal”. The division would be headed by a responsible ITC Executive, who at present is in packaging division in Chennai. He has been asked to report to New Delhi where the division would be located, Mr Deveshwar said. “We will set up a task force for this business for which initiative is coming under India Tobacco Division,” he said. Asked how much company is going to invest in this business, Mr Deveshwar said, “today the company is in such a situation that money will not be a factor so long as idea is sound.” Regarding greeting cards business, Mr Deveshwar said at present greeting cards business is worth Rs 300 crore and considering the fact that ITC Bhadrachalam producers international quality papers within the country, company’s this business will do well in the days to come. Speaking about newly launched designer garments business under “Wills Sport” brandname, the Chairman said, the response of the outlet opened in Delhi last fortnight was much more than our expectation.” |
CST reduction
to start from April EMPOWERED Committee of State Finance Ministers to monitor sales tax reform has finalised uniform rates of sales tax on 206 items. There are four slabs of rates; 0,4,8, and 12. Items outside this list shall be taxed at the general sales tax rate of the state. Few items like petrol and jewellery enjoy exclusive rate. Item of uniform sales tax has now been removed from the agenda of the committee. This was revealed by Punjab’s Financial Commissioner Taxation, Mr Y.S. Ratra. The committee has dithered in introducing VAT. Earlier it was agreed to effect VAT from April, 2001. Now it is postponed by one year. CST is the reason behind this deferment. The committee has agreed to phase out the CST. From April 2001 CST shall be reduced by 1 per cent and process shall continue with reduction of CST by 1 per cent yearly till it comes to zero. CST phase out is obviously a loss to many states and it is not likely that phasing out shall carried out. So domestic tax reform are still in a state of flux. For efficient tax regimes VAT is only answer. With VAT in place CENVAT; Service Tax and state taxes would be merged. In our country the ratio of direct to indirect taxes in gross tax revenue is 1:2 which calls for rationalisation of the later. CST in the major revenue of some states and its phasing out seems to be difficult. CST embroglio is the main hurdle in introducing VAT. CST is collected by the exporting states and consuming states cannot give credit for CST. If no credit is given for CST it is inconsistent with VAT on principle. Fiscal economists justify VAT on three theoretical grounds; it is a neutral tax; removes cascading and achieves zero rating of exports. Alan A Tait, the most authoritative writer on VAT warns against the harm of introducing imperfect VAT. Many experts differ on the virtue of VAT. For instance in theory VAT is not neutral between labour and capital. While it gives credit for tax paid on capital it does not do so for labour expenses. In Punjab we are adding more irrationality to the already irrational indirect tax system. Agreement on uniform rates of sales tax does not cover the mode of levy. Some items attract sales tax of First stage while others at the last stage. In Punjab certain items used as inputs for the manufactured products or as an essential part of the product are being taxed twice. For instance packing material, fuels like Furnace Oil attract sales tax at the first stage. Final product is also taxed. Is it not a multiple taxation? This is long thing. Fortunately in Punjab we have a good team in the tax department. Unfortunately this good team cannot overcome the faulty system. For instance Chief Minister agreed to reduce sales tax on Furnace Oil on July 5. Industry is suffering a heavy financial loss on daily basis. Despite these two facts the reduction has not been affected so far although all concerned are eager to expedite. So along with rationalisation this aspect should get more attention. |
Rly loadings
exceed target NEW DELHI, July 29 — The Indian Railways’ Freight loading have exceeded the target in the first quarter of the current financial year. Sources in the ministry told TNS that the Indian Railways transported about 116.57 million tonnes of goods recording an increase of 8.61 million tonnes over the loadings in the corresponding period last year. As per provisional figures, earnings from freight traffic have been Rs 5774.15 crore in April and June. This is Rs 454 crore more than the earnings in the corresponding period last year. Sources said that the Railways also moved more than 300 rakes of fodder and over 12000 BG and 700 MG wagons of water to the drought affected areas of Gujarat, Rajasthan and Orissa free of charge during this period. Loading of coal, iron, ore for export, cement, foodgrains and other goods has been more than the proportionate target. Barring fertilisers , a positive growth has been achieved in all commodities. |
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by Praful R. Desai Accustomed to live Q: Whether, landlord is accustomed to live in four rooms along with his family, is sufficient ground to deny additional demand of possession of additional room? Ans: In Brij Lal v R.S. Sharma (2000 (1) RCJ 378) the Delhi H.C. gave the opinion thus: The petitioner in this case is 84 years old. He lost his wife. He has two sons aged 51 years and 49 years. One son has got a son aged 28 years. Second son of the petitioner has got two daughters aged 18 years and 13 years. Even if it is assumed that the petitioner has got four rooms, still that accommodation falls short of the requirement of the petitioner. The petitioner lives in one room. His married son needs one room for himself and his wife. Third room is required for grandson of the petitioner who is 28 years of age — of marriageable age. Fourth room is required by the second son for himself and his wife. Even if the requirement of two grand-daughters are considered to be limited to one room but they definitely require one room. That makes the requirement of five rooms. For the married daughters of the petitioner who must be visiting the petitioner and other guests and relatives, the petitioner requires one room for that purpose also. The HC said that it is not considering the requirement of drawing and dining room. The finding of the Additional Rent Controller that as the petitioner was accustomed to live in four rooms along with his family, therefore, he cannot demand the possession of additional room on the face of is perverse. Consequently, the HC set aside the said order and passed an order of eviction U/s. 14 (1) (e) of the Delhi Rent Control Act. However, it was clarified that the order of eviction will not be executed before the expiry of period of six months. In that way , the HC allowed the petition. |
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By A.N. Shanbagh Q: I obtained, in 1994, a loan of Rs 80,000 from my uncle who is living at Bombay and invested in my business. Now my uncle wants to gift this amount to me. Please advise how this loan amount can be converted into gift in my books and how to show in the income tax return. — Rattan Chand, Panchkula A: Get an offer of the gift from your uncle and accept it. So simple. However, it is absolutely necessary for him to make an offer and you to say, “Thank you uncle”, in black and white. Q: 1. I have agriculture land about 10 acre situated on 26 km from ‘A’ class municipal limit and 10 km from ‘C’ class municipal limit on which I have constructed three rooms set. 2. My wife has commercial building market value of which is Rs 20 lakh. Annual rent is received Rs 72,000 for which she obtained loan of Rs 8 lakh from her own proprietary for construction of property in question. Guide me if any tax liability under wealth tax arised an myself as well as to my wife. — Mr Sushil Kumar, Ambala A: Your queries are not clear. 1. You should have mentioned how are you using these 3 rooms and also whether you own another house. Any building or land appurtenant thereto used as residential, commercial, guest or a farm house situated within 25 km from the local limit of any municipality (irrespective of its class), but does not include — (a) Houses used for his business or profession. (b) Residential property let out for minimum of 300 days in a year. (c) Commercial establishments and complexes. (d) One house or part of a house or a plot of land not exceeding 500 square metres, belonging to an individual or an HUF. Farm Houses were found to be misused for generating commercial income from being hired out for residential purpose or hosting parties and picnics. FA00 has brought such income arising out of non-agricultural use of the farm houses eligible to tax. As regards your wife, if I have understood you correctly, there is no wealth tax on commercial property, but her income of Rs 72,000 is chargeable to income tax. From this, she can deduct the interest paid on loan for purchasing the property. Q: Which is the best field of investment with maximum return today? — Pankaj Maria, shivalikwala@satyam.net.in A: I am sorry if I am hurting you but I feel that you are treating your investments casually. Please realise that your strategy is dependent upon several factors such as your (and also the members of your family) current income, current investments, age, future requirements of liquidity, your risk appetite and several other factors. With this casual approach, you are not only hurting yourself but your wife and children. Q: Kindly enlighten me on the following: 1. During FY 98-99, I suffered a long term capital loss of Rs 4000. This loss was shown in the income Tax Return for the AY 99-2000. 2. During the current FY 99-2000 I again suffered a long term capital loss of Rs 15,000. At the same time there is also a short term gain of Rs 21000. — Amir Chand, Chandigarh A: During the FY 99-2000 you can set off the loss of Rs 15,000 against the gain of Rs 21,000. This will leave you with a gain of Rs 6,000. This can be set off against the carried forward loss of Rs 4,000, leaving a long-term gain of Rs 2,000. You may pay either tax on this or use some of the tax saving devices, if these are available to you. I cannot comment on the availability, because you have not given me the complete details. Q: I am a pensioner having invested Rs 2 lakh in the Post Office Monthly Income Scheme in April 98. The tenure of the scheme is 6years. Premature closure of the account is allowed after one year of its opening with a deduction of 5 per cent of the principal amount. I needed some money in the month of Nov, 99, I closed the account. The Post Office authorities have deducted Rs 10,000 while refunding the principal amount. Kindly guide me how this capital loss of Rs 10,000 is to be shown in the income tax return for the assessment year 2000-01 for the financial year 1999-2000. Can this loss be adjusted against the income under other heads of income? — R.K. Jindal, Haryana A: As per its definition, when a ‘financial asset’ is ‘transferred’, the surplus or deficit is treated as capital gain or loss. Prior to the introduction of indexed cost, regular income-paying avenues like bank deposits, NSCs, Co-FDs, MIS etc. posed no problem since at their maturity there was no surplus or deficit. Now, if I am allowed to go strictly by the letter of the law, I can claim substantial long-term capital loss even on such instruments! This is so, even if there is no penalty on premature encashment and the account is allowed to run upto its maturity. This is illogical. However, I am given to understand that some of the ITOs allow such a claim. You may try your luck. Q: I want clarification and guidance on the following points regarding PPF deposit and interest thereon: 1. It is clear that no interest is payable on amount deposited in excess of Rs 60,000 in a single financial year during the year of deposit, what is the position of interest payment on the excess amount during subsequent year? If payable whether it is taxable or taxfree? 2. If no interest is payable either in the year of deposit or during subsequent years, how the PPF account holder can get refund of this excess amount if deposited through on oversight by him and accepted by the bank. — G.K. Singhla, Bathinda A: Annual contributions in excess of Rs 60,000 are treated as irregular. Excess amount will be refunded without any interest as and when the accounts office notices the discrepancy. (N.S.C. Nagpur Letter 12235/Tech/PPF/20-3-98 dt 20.7.98). So, take care. |
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VSNL SO, the big bad wolf of the Internet gateway is a party pooper. While the rest of the world fights its battles on the broadband platform VSNL refuses to let go of its monopoly. Whatever happened to the ‘‘customer is king’’ theory? Guess its only business, but what they don’t realise is that bottling things up only leads to them coming out with a much stronger force. Also they seem to have bitten off much more than they can chew with their recent monsoon package, we mean connectivity and speed wise of course.
Mastek The first Indian IT company to embark on a branding exercise, this company surprised sceptics by posting excellent Q1 results, thus burying once and for all the rumour that the loss of a major customer in the last quarter would affect this company adversely. Talk about resilience.
Guj Ambuja When Gene Kelly was ‘‘singing in the rain’’ he definitely didn’t forecast the same for the cement sector, but this is one company, which comes up with surprises, galore. while the entire cement industry is moaning the worst of seasons for cement sales, not much cribbing is heard out of this company. The company almost seems to be saying ‘‘watch me now’’. |
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by Pushpa Girimaji Unbearable lightness of unfair trade practices WHILE suggesting the establishment of a competition commission and winding up of the Monopolies and Restrictive Trade Practices Commission, the high-level committee on competition policy and law constituted by the government has recommended that provisions relating to unfair trade practices need not figure in the Indian Competition Act as they are covered by the Consumer Protection Act. Cases of unfair trade practice pending before the MRTPC may then be transferred to consumer courts. Let us look at the feasibility of this particular suggestion in the context of the Consumer Protection Act as it stands today. Well, the MRTP Act the Consumer Protection Act share the same definition of unfair trade practice and they both have the power to issue cease and desist orders against an unfair trade practice. But there the similarity ends. In fact, the consumer courts do not have many of the advantages that the MRTPC has in dealing with cases of unfair trade practice and protecting the interests of consumers. First and foremost, unlike the MRTPC, the consumer courts lack the power to issue interim orders. This is a very big lacunae because to tackle unfair trade practices, particularly false or misleading advertisements and protect the interests of consumers, the consumer courts should have the power to issue interim injunctions preventing the trader from pursuing such a practice, pending disposal of the case. But unfortunately, consumer courts have not been vested with this power. Secondly, unlike the MRTPC, the consumer courts do not have the power to order corrective advertisements. In other words, if the MRTPC concludes that an advertisement is misleading or false and is prejudicial to public interest or consumer interest, it can order publication of corrective advertisement and disclosure of additional information as found necessary to correct the impression given by the earlier advertisements. In fact, if used effectively, this provision can be a very powerful weapon in tackling false and misleading advertisements. The commission can also order that any agreement relating to such unfair trade practice will be void or will stand modified as specified in its order. Thirdly, unlike the MRTPC, the consumer courts cannot award compensation to victims of unfair trade practice because the CP Act provides for compensation only in cases where loss or damage is caused as a result of “negligence” of the opposite party. Since no negligence is involved in an unfair trade practice, which is an intentional or a deliberate act, a consumer is not entitled to compensation for loss suffered on account of UTP. However, I must say that many State Consumer Disputes Redressal Commissions have given compensation under UTP and this issue does not seem to have been raised before the consumer courts so far. Fourthly, one of the biggest advantages that the MRTP Act provides in tackling unfair trade practice lies in the fact that there is a separate watchdog of public interest in the office of the Director General, Investigation and Registration. The office of the DG can investigate into unfair trade practices, either on its own, or on a complaint or complaints from consumers and haul up those carrying on such practices before the MRTPC. In other words, there is an entire investigative machinery that can act on behalf of consumers, probe into cases of unfair trade practices. And the office of the DG or the lawyers appointed by it will argue the case on behalf of consumers, before the commission. Unfortunately, the consumer courts do not have such advantages in tackling unfair trade practices. Consumer courts do not even have the power to take up cases on their own. Unfair trade practice is defined, both in the MRTP Act as well as in the CP Act, as a trade practice, which, for the purpose of promoting the sale, use or supply of any goods or for the provisions of any service, adopts any unfair method or unfair or deceptive practice. Such practices include false representation regarding goods and services, misleading or false warranty or guarantee, misrepresentation with regard to price, disparaging the goods or services of a rival, conduct of lottery, contest and offering of gifts to promote a product, permitting the sale of non- standard or unsafe products and hoarding of goods and refusal to sell. Given these facts, it would be unwise and certainly not in the interest of consumers to dismiss unfair trade practices so lightly. In fact considering the fact that the consumer movement in the country is still in its infancy and consumer
organisations hardly have the resources to fight cases of unfair trade practice, a watchdog body, be it in the form of the MRTPC or the Competition Commission, is very essential to protect the interests of consumers. And this is a factor that should not be lost sight of. |
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IEC to provide IT education CHANDIGARH, July 29 (TNS) — IEC Softwares Limited has emerged as leading IT education company in India and is rapidly enlarging its presence overseas in the same space. IEC is now an international softwares major and e-commerce enabler. IEC has secured government-sponsored projects to provide turn-key IT solutions. IEC has bagged contracts from Uttar Pradesh, Rajasthan and Delhi to provide IT education in schools and colleges of these states. IEC Webdrome has recently launched a portal — www.dupluse.com — on all colleges in Delhi University and others in the Delhi area. Essar Shipping net soars 64 pc MUMBAI, July 29 (UNI) — Essar Shipping Limited has recorded an impressive 64 per cent increase in the net profit to Rs 10.47 crore during the first quarter ended June 30, 2000, as against Rs 6.38 crore in the corresponding period last year. The company has registered a total income of Rs 101.24 crore as against Rs 104.27 crore for the corresponding period last year. Kothari Pioneer to pay dividend NEW DELHI, July 29 (PTI) — Kothari Pioneer Mutual Fund today announced a tax-free monthly dividend of 1 per cent on its open-ended scheme Income Builder Account fund having a corpus of Rs 537 crore. This amounts to a dividend of Rs 1.20 annually on each of the units under Income Builder Account having a net asset value of Rs 14.58. The mutual fund also declared a tax-free weekly dividend of 0.115 per cent on its Treasury Management Account. Thermax on restructuring drive NEW DELHI, July 29 (PTI) —Thermax Babcock & Wilcox Ltd (TBW) has initiated a restructuring drive to cut costs and expand its market share in captive power and co-generation sector. As part of the revamp exercise, the company has appointed Satish Kumra as chief of the engineering division and Anand Mokashi as head of business development. IPCL posts 11 pc net growth NEW DELHI, July 29 (pti) — State-owned Indian Petrochemicals Corporation Ltd (IPCL) today reported a 11.2 per cent growth in net profit at Rs 3547 crore in the first quarter of 2000-01 as against Rs 3189 crore in the same period last year. IPCL’s operating profits touched Rs 258.10 crore. Snowcem net up 6 pc mumbai,
July 29 (pti) — Snowcem India has reported a 6 per cent rise in the net profit at Rs 3.40 crore in the first quarter of 2000-01 as against Rs 3.20 crore in the same period in the previous year. Net sales in Q1 were up 52 per cent at Rs 34.25 crore as against Rs 22.51 crore recorded in the corresponding period of the last year. Unichem Lab net rises 35 pc mumbai,
July 29 (pti) — Unichem Laboratories has posted a rise of 35.40 per cent in the net profit at Rs 5.31 crore in the quarter ended June 30, 2000, compared to corresponding period of the previous year. Sales in Q1 were higher by 30.60 per cent at Rs 64.70 crore as against Rs 49.55 crore recorded in the same period of the last year. Unichem made a bonus issue in the ratio 1:1 in May, 2000.
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Zee TV BANGALORE, July 29 (UNI) — Zee TV celebrate the eight year of its successful venture which had established bonds with millions of viewers by launching a new contest programme “Zee Malamaal” with a weekly prize money of Rs 11 lakh. The event will go in line from July 31 and will continue till October 8, cash worth Rs 2.10 crore in total to be won during the feast company Executive Sainath Iyer said here today. Mr M. Sitarama Murty, Chief General Manager, State Bank of Patiala, who has been promoted to the cadre of Dy Managing Director (State Bank Group).
AAAI award NEW DELHI, July 29 (UNI) — Mohammad Khan, Chairman and Creative Director of Advertising agency Enterprise Nekus, has been presented with the prestigious AAAI Premnarayan award for outstanding contribution to Indian advertising.
SBP loan CHANDIGARH, July 29
(TNS) — Sector 32 branch of the State Bank of Patiala today launched a scheme — “Gyan Jyoti” to extend financial assistance to the needy and deserving students of school and college education in Indian and abroad.
Canadian trip CHANDIGARH, July 29
(TNS) — A group of 50 Indian businessmen who went to Toronto on a week-long exploratory visit to look at the opportunities for setting up ventures have decided to invest up to $ 50 million in Canada. Their visit was aimed at looking for opportunities to start business, independently or after tie-ups with Canadian businessmen. The second delegation, planned for October 15-22, consists of people from the hospitality and restaurant industries. The trip is organised by WWICS.
UTI prices MUMBAI, July 29 (UNI) — The sale and repurchase prices of US64 units have been fixed at Rs 13.65 and Rs 13.35, respectively, for August, 2000, as against Rs 13.50 and Rs 13.20, respectively, valid up to July 31, 2000. US64, the flagship scheme from UTI, has been ranked third by the household investors in terms of safety only after bank deposits and gold. |
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