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Saturday, September 1, 2001, Chandigarh, India  
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Import restrictions on Pak goods eased Trade
delegation to attend Saarc fair
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UTI Bank plans to offload 33 pc stake
Haryana imposes 4 pc tax on fertiliser
IMF to cut global growth forecast to 2.8 pc Governor asks PSUs to raise productivity More banks may accept tax deposits Andhra Bank opens personal banking unit Sops for units in Haryana Code Red worm born in China Radio Foundation
Cyber police station to open on Sept 15
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Import restrictions on Pak goods eased New Delhi, August 31 Under the list of 50 tariff lines identified by the Government and announced in the Lok Sabha by the External Affairs Minister, Mr Jaswant Singh, Pakistani newspapers and printed books can now be imported from the neighbouring country. Dried mushrooms and truffles, pistachios, dental cements, lip and eye make ups and wooden furniture are in the list of 50 tariff lines identified by the government under the decision to relax Pakistani imports as part of confidence building measures announced before the Agra summit. The list also includes frozen fruit and nuts, apricots, calcium carbonate and fresh or dried figs. Before the Agra summit, Prime Minister Atal Behari Vajpayee had instructed the Commerce Ministry to identify 50 tariff lines on which duties could either be eliminated or reduced on imports from Pakistan. Mr Singh recalled that in order to create a conducive atmosphere for talks prior to the India-Pakistan summit, the Prime Minister had announced certain unilateral initiatives to enhance people-to-people ties and to assist in the establishment of durable peace and stability between India and Pakistan. “These initiatives were born out of our continuing conviction that the foundation of peace between India and Pakistan has to be laid in the minds and hearts of the people of both countries,” he said. India holds that increase trade between the two countries would have its own dynamics and that would impact positively on bilateral relations, he stressed. The Commerce Ministry has identified the 50 tariff lines through a process of inter-ministerial
consultations. |
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Trade
delegation to attend Saarc fair
Chandigarh The delegation
includes top businessmen and entrepreneurs from sectors such as
chemicals, engineering, plastics, auto components, pharmaceuticals,
power generation and entertainment. This is the biggest trade delegation
that has gone to Pakistan in the recent past and has been mounted by the
Government of India in collaboration with the CII. The proposal to
activate trade ties with Pakistan was cleared by the government three
weeks back and an exhibition of Indian goods has been put together to
motivate more Pakistan buying from India. According to Mr Piyush Bahl,
Head, International and Trade Fair Division, CII, the exhibition will
showcase Indian goods and services which are not in the list of 600
items that can be traded between the two countries. He said that all
these consumer durables are being re-exported to Pakistan from the
Middle East thereby adding to their cost-to-consumer. He said that if
these items were directly imported from India, the Pakistani consumers
will have to pay substantially lower prices. Mr Bahl said that the
primary aim of the delegation is to remove apprehensions in the minds of
Pakistani businessmen about trading with neighbouring India. This
mindset, he said, is largely due to the lack of information about
India’s trade and business policies. He said that the delegation would
hold talks with the chambers of commerce located in Karachi, Lahore and
Islamabad in order to set the record straight and bring the two nations
closer through improved economic ties. Mr Bahl said that India too has
a lot to gain by trading with Pakistan specially bulk items like sugar,
molasses, limestone, fertiliser, natural gas, electricity and textiles.
In 1998-99, India bought sugar worth Rs 750 crore from Pakistan. The
mission is also likely to raise the issue of granting Most Favoured
Nation status to India by Pakistan as also emphasise the need to freely
issue visas to businessmen travelling on work to India. |
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UTI Bank plans to offload 33 pc stake New Delhi, August 31 “We had a choice of overseas listing and private equity model. We chose the latter. We are trying to raise over Rs 40 crore by offloading 30-33 per cent stake,” UTI Bank Chairman P.J. Nayak told reporters after signing an MoU with the Department of Post here today. The move is part of the RBI’s directive to private banks to reduce promoters holding to a maximum 40 per cent. UTI Bank’s promoter Unit Trust of India currently holds 60 per cent in the bank. Nayak said UTI Bank may rope in more than one private equity partner. But he declined to give names of the players or the premium amount that the bank intends to charge over and above the share price currently at about Rs 28. Cholamandalam Cazenov Securities are advising the bank on pricing of the equity offer, expected to be finalised shortly. After the equity offer, Nayak said the bank’s paid-up equity would go up by Rs 40 crore from the present Rs 130 crore while capital adequacy ratio (CAR) was expected to go up to about 11 per cent from the present 9 per cent. UTI Bank may go for a small private placement of bonds to shore up its Tier-II capital from the current Rs 150 crore. Asked about overseas listing, he said the bank was open to the idea in the future. “We are also not averse to inclusion of a strategic partner, either a bank or insurance company, or a possible merger after some years,” Nayak added. The bank doubled its balance sheet to Rs 10,500-11,000 crore last year and intends to increase it further by 30-40 per cent.
PTI |
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Haryana imposes 4 pc tax on fertiliser Chandigarh, August 31 The new rates on fertilisers, pesticides and diesel will come into effect from tomorrow and notifications in this regard has already been issued, official sources told TNS. The policy of uniform floor rates, drawn up by the Empowered Committee of Finance Ministers of states for preventing the practice of luring trade and industry by offering lower rates of taxes originally listed 200 items for being covered under the system. While, the state government’s decision to bring the four items under the uniform floor rate system is expected to trigger off reactions from the INLD’s political opponents, traders too tried to dissuade the government from introducing sales tax on pesticides and fertilisers and increasing tax on diesel. A delegation of the Haryana Fertilisers, Pesticides and Seed Traders Association also met Agriculture Minister Jaswinder Singh Sandhu and Transport Minister Ashok Arora recently and requested them to refrain from following the uniform floor rate policy on fertilisers and pesticides. They reportedly assured the delegation that the state government would reconsider the issue. However, official sources here said the progress on the implementation of the uniform floor rate policy was being monitored by the Empowered Committee of Finance Ministers. It is also believed that the introduction of tax on fertiliser and animal feeds and increase in taxes on diesel and pesticide will help the Haryana Government to mop up money to make up for the loss of revenue expected to augur from proposed gradual reduction in the central sales tax. The introduction of VAT from April 1, next year, will be followed up by gradual reduction in CST. As Haryana makes its largest share of tax collection from CST, the state government is fearing that reduction of CST may have adverse affect on the state’s coffer. |
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IMF to cut global growth forecast to 2.8 pc Washington, August 31 The IMF source told Reuters that the latest data being compiled for the IMF’s World Economic Outlook (WEO) will leave forecasts for US growth unchanged at 1.5 per cent for 2001 and 2.5 per cent for 2002. The IMF last published its WEO in late April and will next publish the document, which takes the pulse of economies around the world, in late September. The IMF source said growth prospects for the 12 nations of the euro zone will be cut to 2.0 per cent for 2001 compared to an earlier forecast of 2.4 per cent growth. Euro zone growth for 2002 will be cut to 2.5 per cent from 2.8 per cent. Japan is forecast to be in recession this year, with a contraction of 0.2 per cent compared to an earlier forecast of 0.6 per cent growth. Japan’s prospects for 2002 have also been downgraded, to growth of 0.5 per cent compared to an earlier prediction of 1.5 per cent, the source said. The source said that the latest estimates were based on information available through the middle of August, and recent economic data will likely lower estimates even further. “It’s a very uncertain outlook, that much is clear,’’ the IMF source said. “This is based on information through to mid-August, but the string of information over the last couple of days has been very negative and stock markets are down strongly today on negative earnings news, us consumer confidence and so on.’’ “It’s not just the United States, European numbers are also looking weaker and I think there is a growing sense that these negative numbers will affect the forecasts,’’ the source said. Growth in Germany is forecast at a paltry 1.2 per cent this year, down from an earlier 1.9 per cent projection, and 2002 growth is now expected at 2.1 per cent compared to earlier expectations of 2.6 per cent. The IMF will cut its 2001 forecast for Britain to 2.1 per cent from an earlier forecast of 2.6 per cent and lower its 2002 prediction to 2.6 per cent from 2.8 per cent. Forecasts for Italy are unchanged at 2.0 per cent and 2.5 per cent for 2001 and 2002, respectively. Growth estimates for Canada are also unchanged at 2.3 per cent this year and 2.4 per cent next year. The source said growth prospects in France, previously seen at 2.6 per cent for both 2001 and 2002 are being cut to 2.1 per cent and 2.2 per cent, respectively. Prospects in South Korea remain unchanged at growth rates of 3.5 per cent and 5.5 per cent for this year and next. With four weeks left before the IMF releases its flagship WEO publication, there is plenty of time to revise numbers. Tweaking the massive biannual forecast has become easier because the IMF now circulates draft copies of the WEO for input from far-flung finance ministers electronically as opposed to the diplomatic pouch of earlier years. Fresh data, including weak economic growth in the US economy for the second quarter of the year, have darkened prospects in recent days. And expectations of weak corporate profits ahead dragged the Dow Jones Industrial Average to its lowest level in nearly five months yesterday. The IMF Survey, the lender’s internal publication, hinted at the general tone of the upcoming WEO in its latest edition, published on the IMF’s web site this week. “Global output growth is now projected to come in at slightly less than 3 per cent, down from almost 5 per cent in 2000,’’ the September 1 edition of the IMF Survey said. “Although short-term prospects have worsened significantly during 2001, the most likely outcome remains a relatively mild and short-lived slowdown, with growth recovering in 2002-2003.’’ But the IMF Survey cautioned there were “significant downside risks’’ to the global outlook.
Reuters |
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Governor asks PSUs to raise productivity Shimla, August 31 The Governor was inaugurating a two-day seminar on restructuring of public sector enterprises here today. He said that new technology should be adopted in such a way as is harmonious with the development and utilisation of human and natural resources. Stressing on high quality and quantity of production, he said that the thrust should be on raising the standard of living and making human life better. He said that maximum number of people should be involved in the process of development and production. Emphasising on the need of work culture and good governance the Governor asked the company secretaries and executives to adopt best practices and work with honesty and commitment. |
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More banks may accept tax deposits Chandigarh, August 31 ‘’The excise and Taxation Department is looking for possibilities of tax depositors also being able to do so with banks other than the State Bank of India,’’ an official source told The Tribune here today. This need arose as till now the SBI was the sole agency collecting taxes for the state exchequer. The idea, at a premature stage now, has already been discussed among top government officials concerned with the finance and tax affairs. The informal meeting of the officials recently decided that the Excise and Taxation Department should first get a nod from the Auditor General (Accounts) on whether such a possibility could be entertained or not. The Excise and Taxation Department is likely to approach the AG afresh next week to again seek permission for allowing banks other than the SBI to accept taxes. The Department has already made a preliminary inquiry with the AG (Audit) who has directed it to approach the AG (Accounts). The AG (Audit) is learnt to have suggested that he would only come into picture if AG (Accounts) required to do so. The clearance of the Auditor General is necessitated as it would look into the requirement of accounting and audit norms. The institution of the AG is responsible to the legislature and the President of India. The State Government is seeking a fresh permission of the AG on the ground that many states have been permitted to allow tax deposits in more than one banks, apart from the SBI. The State Government also believes that allowing more banks to receive taxes will be in tune with the Value Added Tax (VAT) regime likely to come into operation from April 2002. The permission of the AG will then pave the way for the Department to approach the Reserve Bank of India for a permission to do so. Only after meeting these prerequisites, the Department will be able to tie up with individual banks for collecting tax money. If implemented, the facility will offer tax payers facility to largely operate from their own accounts in different banks instead of approaching the SBI. Network of different banks will make accessibility easier apart from reducing the load on one bank itself and resultant queues. |
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Andhra Bank opens personal banking unit Chandigarh, August 31 The personal banking centre is set up with the objective to provide services which include individual customers comprising of doctors, advocates, engineers, chartered accountants, contractors, employees, businessmen, students etc and this centre will cater to the credit needs of individual customers only and not the other segments. The bank has decided to open about 100 personal banking centres all overIndia. The centre was inaugurated by Mr Ravinder Chopra, President, Chandigarh Club. |
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Sops for units in Haryana New Delhi, August 31 Stating that the state has an industrial friendly policy, he said Haryana has location advantage of being near the Capital and good infrastructure facilities including in the field of information technology. Mr Chautala was speaking on the occasion of the launch of Megalube lubricant produced by South Africa. The Indian subsidiary of the company would set up its lubricant manufacturing plant in IMT, Manesar and plans to invest Rs 20 crore for the plant. |
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Code Red worm born in China Washington, August 31 "The worm is believed to have started at a university in Guangdong, China," Keith Rhodes, chief technologist at the General Accounting Office, said in written testimony on Wednesday before a House Government Reform subcommittee. The testimony, delivered at a field hearing in Monterey, California, did not elaborate on the virus' alleged Chinese origin. Rhodes and his associates did not return calls seeking details. Code Red infected more than 250,000 systems in just nine hours on July 19, shortly after it was first reported, according to the National Infrastructure Protection
Centre at FBI headquarters. Reports in the Indian press earlier this month said the Code Red virus had been traced to the University of Foshon in Guangdong province. Following the reports, Reuters contacted a laboratory technician at the University of Foshon's computer department who said he was surprised to learn of reports fingering the school because classes had been out since July 6 and the premises were being refurbished. "All students are on vacation and we're under construction. Even the electricity is down," the technician, who gave his last name as Hu, said in the August 7 telephone interview. Asked about the congressional report, Navy Capt. Robert West of the Joint Task Force for Network Operations, responsible for defending the U.S. military's information infrastructure, said the Defense Department was "not ready to attribute the Code Red worm to any specific actor at this point" while efforts to pinpoint the origin continued. A spokeswoman for the FBI-led infrastructure protection
centre, Debbie Weireman, said the Code Red worm and successors known as Code Red II and SirCam were still under investigation. Zhang Yuanyuan, a Chinese Embassy spokesman, said he had no information about the origin of the malicious computer code. Reuters |
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Radio Foundation New Delhi, August 31 The Rainbow Foundation said it would soon launch an interactive data-based internet website covering all aspects of life — education, science and culture, to be used not only for daily news and views on South Asia. |
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Reliance Ind New Delhi, August 31 |
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Price index Spice Movie Line Abolish duty FAI Director Website award ICICI Bank Investors meet |
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