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| Tuesday, February 13, 2001, Chandigarh, India   
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Punjab Budget to focus on exports
Petroleum Minister defends visits abroad
LIC expects Rs 200 cr claims from Gujarat
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Haryana okays sops for
traders SmithKline Beecham Pharma net up 23
pc Pugmarks, Exodus tie-up Markfed gets potato order from
Lanka Look out, your boss is watching
you
Cupid brings them riches
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Punjab Budget to focus on exports CHANDIGARH, Feb 12 — The Punjab Budget 2001-2002 will contain incentives to boost the food processing sector and development of exports, said Capt Kanwaljit Singh, Punjab Finance Minister, here today. He was speaking at a meeting convened to get a foodback from trade, commerce and industry. The CII and the PHDCCI made significant recommendations to the Finance Minister. Some of the key CII recommendations that were accepted, in principle, by the minister included: (a) Rs 20 crore budgetary allocation for the proposed Indian Institute of Information Technology (IIIT) in Mohali; (b) Enhanced allocation on research for agricultural production from 0.5 to 1 per cent; (c) Allocation of seed capital for establishment of common effluent treatment plants (CETPs) at various industrial centres; Capt Kanwaljit Singh clarified that the information collection centres (ICCs) were essentially set up by the Excise & Taxation Department for inter-state transactions and not intra-state transactions. Rationalisation of sales tax structure; disbursement of Rs 450 crore of subsidy already sanctioned to industry; disbursement of sanctioned claims and improvement of facilities in ESI hospitals and freeze on power tariff revision till the formation of the State Electricity Regulatory Commission (SERC) were the other CII recommendations accepted by the Finance Minister. At the request of CII, it was also agreed that the Punjab Government would prepare a white paper on the state of preparedness of the Punjab Government for implementation of VAT in 2002. CII also agreed to sponsor an international conference on “Formulation and Administration of VAT System”.
PHDCCI suggestions The PHD Chamber of Commerce & Industry while presenting its pre-Budget memorandum to the Finance Minister, suggested that the non-plan expenditure should be brought down and the government should focus on infrastructure development. Mr Amarjit Goyal, Chairman, Punjab Committee, PHDCCI, while highlighting the locational disadvantage that Punjab faces vis-a-vis the other states and being a land-locked State said the industrial inputs come from far away places. Therefore, the Finance Minister should prevail upon the Committee of State Finance Ministers to compress the multiplicity of rates for essential goods, industrial raw material and consumer goods. Even after the introduction of uniform floor rates of sales tax broadly under four slabs of 0, 4, 8, 12 and demerit rate of 20 per cent the Government of Punjab has put various goods broadly under seven categories, apart from the Schedule B (exempt goods). Exemptions should be kept to a bare minimum and the tax base widened to raise the desired revenue through expansion of trade & industry. Mr RS Sachdeva, Co-Chairman, Punjab Committee, PHDCCI, suggested that there should be rationalisation of octroi and particularly there should be no octroi on exports. The information collection centres set up by the Excise & Taxation Department were charging a very stiff penalty of 50 per cent on escape routes. It was also suggested that Punjab should adopt and implement the concept of “zero budgeting” in true spirit. The Finance Minister requested the Chamber to prepare two comprehensive notes on agro processing and exports, so that provisions in the coming Budget could be made. The CII team was led by Mr I.S. Paul, Chairman, CII Chandigarh Council and included Mr Jagjit Singh, Chairman, SMEs Sub-Committee, CII (Northern Region); Mr D.L. Sharma, Member, CII Punjab State Council & President & Executive Director, Vardhman Group and Mr Piyush Bahl, Regional Director, CII. Senior Punjab officials present at the meeting included Mr Ramesh Inder Singh, Secretary Industries; Mr Y.S. Ratra, Principal Secretary, Excise & Taxation; Mr K.R. Lakhanpal, Secretary, Finance; Mr D.S. Kalha, Commissioner, Excise & Taxation; Mr D.S. Guru, Director, Industries; Mr Karan A. Singh, Secretary, Expenditure and Mrs J.J. Kaur, Additional Excise & Taxation Commissioner.
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Petroleum Minister defends visits abroad NEW DELHI, Feb 12 — Minister for Petroleum and Natural Gas, Mr Ram Naik, under fire for going on foreign jaunts at a time when the nation was fighting the tragedy of Gujarat earthquake, today defended his trips saying they were equally important for the country. Refusing to draw a parallel with the Prime Minister’s decision to cancel his trips to Malaysia and Japan, Mr Naik said a natural calamity was like a war and the Prime Minister was like a “General” who had to command the situation. “On the other hand I am just an ordinary Captain and I was given permission by the Prime Minister to attend to my duties”, he added. Mr Naik said his presence at the roadshows for the second round of bidding under the NELP was important as it helped dispel apprehensions about red tapism in India. The presence of the Minister gives confidence to the investors, he added. On his visit to Russia, Mr Naik said it was no ordinary agreement. Though it was a company to company agreement, it had fructified only after Russian President Putin’s visit to India. At that level, India needed a representative at the highest level.
New exploration policy The third round of bids under the new exploration licensing policy (NELP 111) is likely to be offered this year end, the Minister for Petroleum and Natural Gas. Briefing newspersons after his return from a four nation tour for roadshows on the second round of bidding under NELP-11 and a trip to Russia where he witnessed the signing of an agreement with Russian companies Rosneft-S and SMNG-S, the minister said his trips were very successful. Hoping that the country would be able to attract around $ 2 billion in foreign investments, Mr Naik said not only were the fiscal and contract terms amongst the best in the world but the acreages available under NELP were also for the first time on the West Coast deep water areas and in the oil rich states of Assam and Gujarat. The response among the international companies were buoyed by the recent discoveries of hydrocarbons by Cairn Energy of the UK in the Cambay offshore and by Oil and Natural Gas Corporation in the Krishna-Godavari deep waters. On his visit to Russia, Mr Naik said it was a path-breaking venture under which the ONGC Videsh would invest Rs 8000 crore in the Sakhalin-l project. The project is expected to start production of oil and gas in the year 2005-06. The share of ONGC Videsh in the project was estimated to be 2-4 million per tonne per annum of oil and eight million standard cubic meter per day of gas. On the recent spurt in oil prices, Mr Naik said it has brought pressure on the Oil Pool account. He said the Oil Pool account deficit was Rs 12000 crore at the moment. On the forthcoming Budget, Mr Naik hinted that some steps to enable the government to move towards a decontrolled oil price regime would be initiated. The government is committed to decontrol prices by March 31, 2002. After decontrol, the subsidy on kerosene would be 33 per cent while that for LPG would be 15 per cent. This subsidy would be earmarked in the Budget. At present the subsidy on kerosene is Rs 3.50 per litre while that for LPG cylinder is Rs 153.
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LIC expects Rs 200 cr claims from Gujarat NEW DELHI, Feb 12 — As thousands of devastated people in Gujarat struggle to pick up their pieces of life, the state-owned Life Insurance Corporation (LIC) is bracing itself to handle the biggest ever claims-settlement event in its entire 45 year history. Highly placed sources in the LIC said that according to preliminary assessments, the corporation is anticipating approximately 13,000 claim applications worth more than Rs 200 crore. “This is inarguably the biggest ever claim-settlement case that LIC is going to handle in its entire history”, Northern Region Zonal Manager, Mr R. Chandrasekaran told the TNS. Gujarat is among the foremost insurance covered area in the country, and the cases of claims are bound to rise, he added. “From purely an insurance point of view, the quake of Latur is not comparable to that of Gujarat and most the people affected in Gujarat were covered by some policy or the other”, LIC officials said. As of today, LIC received 520 applications of which 200 cases worth Rs 3 crore has been settled. To meet the exigency, LIC, whose offices itself has suffered heavy structural damages, has put up special infrastructure for meeting the purpose. “To mitigate the suffering of the earthquake victims of Gujarat we are setting up a special Task Force in all offices of LIC in Gujarat, to attend to quake related claims”, LIC officials pointed out. In addition, special sells are being formed in all branches of Gujarat for speedy processing and settlement of death claims, and for claim inquiries. Under normal circumstances, settlement of death claims require that the death certificate be issued by the Municipal Commissioner or any competing government authority. “There would be several cases, where the policy documents may have been lost in the debris. Therefore, the agents have been given the authority to certify deaths of policy holders”, Mr Chandrasekaran said.
Bima Plus
PTI adds: “The new scheme (Bima Plus) will provide life insurance cover along with the prospect of high growth. A portion of the scheme will be invested in equity and debt instruments in capital market where scope for high growth exists,” he said. The scheme offers three options — Secured Fund, Balanced Fund and Risk Fund — and one could also switch from one fund to another within the term of the policy, he said adding 5 to 6 per cent would also be invested in call markets. Premiums under this plan, which will qualify for rebate under Sec 88 of the Income Tax Act, will be payable in yearly or half yearly instalments for a term of 10 years and one-time lumpsum payment towards all the premiums, Chandrasekaran said. Bid value of fund units along with maturity bonus at 5 per cent of Sum Assured would be payable on maturity, he said. Minimum and maximum sum assured under the scheme will be Rs 50,000 and Rs 2 lakh respectively by persons in the age group of 12 and 55 years.
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Haryana okays
sops for traders CHANDIGARH,
Feb 12 — The Haryana Cabinet today claimed to have approved a number of concessions for halwaiis, traders and industrialists. The Cabinet agreed to give sales tax exemption on silk fabrics from March 4, 2000. Silk fabrics were earlier included in a category IV of the uniform rates and made taxable at the rate of 12 per cent. The Cabinet also agreed to give option to halwaiis to pay lump-sum tax in lieu of 10 per cent sales-tax applicable to halwaiis. With this decision the demand of halwaiis will be met as the Haryana Pradesh Halwaiis Union was demanding that most of them were illiterate. Therefore, they could not keep books of accounts. Now the halwaiis will have the option to pay lump-sum sales tax at the rate of Rs 9000 per bhatti per annum. The tax will be payable quarterly in the first month of the quarter. A halwai, opting to pay lump-sum in lieu of salestax, will give his option in writing within a month. To facilitate greater coverage under the scheme, the procedure for registration under the Haryana General Sales Tax Act, 1973, will be simplified. The Cabinet also approved to reduce the rate of tax payable by manufacturers on the goods used in manufacturing, purchase of goods which are consignment transferred outside the state and sales made to Canteen Store Department from 5 per cent to 4 per cent. At present, the local rate of tax applicable on purchases made by the manufacturing registered dealers was 5 per cent while the rate of Central Sales Tax was 4 per cent. The Cabinet also extended the facility to job workers for making purchase of goods at the fixed rate of 4 per cent for use in job-working. The Cabinet also approved the proposal of the prohibition, excise and taxation department for adjustment of tax paid at the first stage from the tax payable under the Central Sales Tax Act, 1956, on inter-State sale of same goods.
SmithKline Beecham Pharma net up 23 pc NEW DELHI, Feb 12 — Smithkline Beecham Pharmaceuticals (India) today reported a 23.3 per cent increase in its net profit for the year ended December, 2000, at Rs 30.4 crore as compared to Rs 24.7 crore in the previous year. The company’s sales for the year touched Rs 319.4 crore, reflecting a decline of 2.1 per cent, against Rs 326.4 crore in 1999. The company’s board has also declared a dividend of 40 per cent. The dividend outgo would be Rs 11.7 crore as against Rs 8.82 crore in the previous year. Commenting on the performance, Managing Director V. Thyagarajan said that financial results for the year 2000 depicted a healthy growth in profits despite difficulties faced during the year.
— PTI
Pugmarks, Exodus tie-up CHANDIGARH,
Feb 12 — Pugmarks InterWeb Pvt Ltd has entered into a strategic alliance with US-based Exodus Communications Inc for offering design, development and hosting services to Exodus clients in the USA. Announcing this in a statement here today, Dr Pravin Mishra, President & CEO, Pugmarks Inc, said, “This partnership will allow both companies to leverage each other’s sales efforts and make Pugmarks in integral part of Exodus’ sales strategy.” Mr Atul Gupta, CMD, said Pugmarks is climbing the value chain by offering critical solutions in e-business to customers in India and the USA. |
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Markfed gets potato
order from Lanka CHANDIGARH, Feb 12 — Markfed has secured a potato export order from Sri Lanka, announced Mr D.S. Bains, Managing Director, on his return from Colombo here today. Six containers carrying potatoes will leave for Sri Lanka within a week. Sri Lanka imports over one lakh MT of potatoes from Pakistan, Holland and South India. However, the share of Indian potatoes is moderate and ranges from 15 to 20 per cent of the total imports by Sri Lanka. Markfed’s initial consignments are likely to be routed through Mumbai port. However, it may rent cold stroes at Tuticorin from where potatoes can reach Colombo within a day. The export order follows the visit to Colombo of a high-level team led by Mr Bains and including Mr Ragbhir Singh, President, Punjab Potato Growers Association. The other team members were Mr Jaswinder Singh Sangha and Mr Pawan Jot Singh. The Kufri Jyoti variety of potatoes was rated by Sri Lankan importers as superior to those imported from Pakistan. The Punjab potatoes have been offered a premium of $20 per tonne over the Pakistan prices. The Punjab team held a meeting with Mr M.S. Jayasinghe, Secretary, Ministry of Cooperative Development. Markfed is likely to invite the Sri Lankan Minister of Cooperative Development, Mr H.B. Semasinghe. Sri Lanka has shown keen interest in technology tie-up for increasing productivity in potato cultivation. Potato sells at Rs 30 a kg in Sri Lanka and is not a poor man’s food there. |
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Look out, your boss is watching you LONDON, Feb 12 — You’re at work, your stressed boss is in panic mode and you take two minutes off to pen a quick moaning e-mail to a friend. Too bad you also sent the message to the boss you’re complaining about. You didn’t know you had? That was probably what the chap who sent the crude image of Kermit the Frog thought as well. He was fired. These days, Internet and e-mail privacy is a contradiction in terms. It does not exist. Employers and employees alike are sailing into uncharted waters between the right to privacy and the power to snoop. “People are unaware of the legal implications. Some of the things they put on e-mail can lead to grounds for instant dismissal,” warned Theo Blackwell, a policy specialist at a workers’ body the Industrial Society. “It’s the informality of e-mail which really seems to land people in trouble, and the expectation that it’s private when it’s not.” Last year, legislation gave British employers the right to monitor workers’ e-mail and Internet use for legitimate business reasons. Companies say they are trying to prevent confidential information or trade secrets leaking out. City banks, for instance, would not want their financial transactions known. Hospitals want to
protect medical records. But that also means monitoring e-mails and images. Most major companies have software installed to monitor Internet and e-mail use or abuse. It doesn’t matter if you erase your e-mails, close files, log off, surf for porn or actually download it — every electronic manoeuvre leaves a trace. Even basic software allows a company to monitor every time someone uses the Internet, what they are looking at and where e-mails are coming from or routed to. They can check for key words, such as sex, and study images to see if they contain an unusual amount of bare skin. “Volumes of e-mail traffic and web transfer are
escalating massively,” said Chris Heslop, Director of marketing at a firm which provides such software. He quoted a recent report estimating that 22.2 billion e-mails would be sent worldwide every day by 2004. A year ago, Zurich Financial Services sacked seven staff after an internal inquiry into obscene e-mails. “Our IT section trawls staff Internet access for unauthorised use,” a spokeswoman said at the time. In September, mobile phone company Orange sacked 40 workers for circulating lewd e-mails and pictures. In November, six staff at Cable and Wireless in London were dismissed over offensive e-mails and others were disciplined. Earlier this year, insurance firm Royal and SunAlliance fired 10 staff and suspended 77 after an e-mail picture showing cartoon character Bart Simpson in an explicit clinch was inadvertently sent to a director. An investigation uncovered other doctored images, one involving Kermit the Frog and another a donkey. The Industrial Society estimated the cases that had drawn public attention over the past six months had led to 61 sackings and more than 100 suspensions, but were likely to be “just the tip of the iceberg.” “People are informal on e-mail, chatty, they think its private and might say something derogatory or things that put them on thinner ice than having a word with a friend in a pub,” blackwell said. “What we don’t hear about are dismissals from smaller companies,” he said. Many are unreported because no one wants the publicity, others are discreetly settled. Heslop pointed to new EU human rights legislation giving workers qualified privacy, but warned that its real test would only come in the courts. “The market is growing very fast. Technology is outpacing legislation.” The British Government is also drafting a new law on data protection, which it hopes to publish later this year. In the meantime, “organisations should as a matter of urgency put in place e-mail policies and consult with employees” on what is and is not acceptable, Blackwell said.
— AFP
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Cupid brings them riches NEW DELHI, Feb 12 — The Sangh Parivar may see it as a threat to Indian culture. But for companies dealing in gifts and cards, it is an occasion when Cupid brings them riches. ‘Love knows no bounds’ on Valentine’s Day and companies are hoping that couples live up to that reputation. Special products ranging from cuddly toys, exquisite perfumes, jewellery at discount, cassettes and cards are flooding the market. “The response for Valentine Day products has been tremendous” a shopkeeper selling gifts and cards told The Tribune. This despite the cultural watchdogs in the Sangh Parivar calling upon people to boycott the event as it was not an Indian tradition. Workers of the Shiv Sena and Bajrang Dal have threatened to disrupt celebrations and discourage people from buying Valentine’s Day products. The threat notwithstanding, companies are leaving no stone unturned to lure potential customers. The temptations are many. You could choose to capture your Valentine forever in a Fuji colour film and take home an Archiest photo album absolutely free. Or for that matter a Valentine cake at Haldiram could fetch a free Coca Cola. Swatch Group has created a special watch that is both funky and romantic. The Swatch Amour Total, designed by Swiss artist Albin Christen, allows one to share in his vision in the House of Love, a blue house with small windows that opens thanks to tiny plastic films. Archies the biggest name in greeting cards and gifts has introduced an attractive range of beautifully created cards, e-cards and an array of gifts to express heart filled emotions to the loved ones. The Valentine’s Day card series comprises 574 paper card and 100-e-cards to choose from. One can also choose from a range of mugs, candles, quoations, balls and lamps. For the daring there is the Passion Pack perfume while the meek can entertain their beloved ones with a Valentine special music cassette that has been aptly named “The Magic of Love”. For the traditional lovers Tanishq has launched a new silver collection of stunning fashionable jewellery for young women. The collection comprises of more than 100 designs in
the very contemporary white fashion look which is currently the vogue. Giggles is giving free five heart balloons with purchase over Rs 100 while Hallmark will give you a free pass for a dance party if you buy cards and gifts worth Rs 500. For the Internet savvy, Hungama.com has come up with a new channel called ‘Valentine Hungama’. It will play cupid online and offer online Love-bytes, blind dates and games. |
cr
India to push up sugar exports FBI changes name of surveillance system Hyundai Motor nets 667.9 b won |
bb
Cathay Pacific Opto Circuits net up Soiled notes Federal Bank |
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