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Sunday,
September 2, 2001, Chandigarh, India  
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Singapore Airlines pulls out of AI race
AVIATION NOTES
LIC Chandigarh Div records 35.5 pc growth
Classical music goes online |
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India’s exports dip 1.86 pc to
$ 13.16 bn Axis laser centre opens Novartis to
pay 150 pc dividend
Shree Cement signs
pact with Thermax
No longer reliable
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Singapore Airlines pulls out of AI race New Delhi, September 1 With the government making up its mind to blacklist the second bidder Hindujas, the only company in the fray are the Tatas. Disinvestment Minister Arun Shourie said SIAs pullout is a major setback and this would send wrong signals to the international investors. Singapore Airlines has mentioned that under the prevailing conditions it was not possible for them to play a constructive role in the revival of Air India. Mr Shourie said there have been various developments which has tried to derail the disinvestment procedure and the SIA pullout was a result of this. The Tatas said that they would take another week to decide their future course of action. Mr Ratan Tata is expected to meet Mr Shourie next week. SIA said in a statement that it was surprised by the intensity of opposition to the privatisation of Air India from various quarters including certain sections of political groups, trade unions and the media. In such an adverse climate, SIA is not confident that it could play a useful and effective role. PTI adds: SIA General Manager (India), Andrew Wong, earlier met Disinvestment Secretary Pradeep Baijal to hand over a communication written by the foreign airline to Ratan Tata about its decision. Baijal
said I that it was unfortunate and sad that foreign airlines were withdrawing from the privatisation process due to delays. “The delay in disinvestment very often leads to withdrawal of foreign investors. This (Air-India) was a very good opportunity and I feel sorry that SIA, a very good airline, has withdrawn,” Baijal said. Disinvestment process had suffered a major setback yesterday when the Hindujas, the sole bidder for Indian Airlines, withdrew on the ground of “unfair treatment” and prejudging the issue of their reply to show cause notice on their eligibility. Conveying SIA’s decision to the government, the Tatas said in a statement “Air-India has always been very dear to the Tatas. Tata Sons is, therefore, assessing the situation arising from SIA’s decision to withdraw with an open mind.” Tata officials, however, declined to comment on whether the group was talking to other players in the field for joining them for the Air-India stake. In a separate statement, SIA said it “did not think that it would be an easy endeavour, but was surprised by the intensity of opposition to the privatisation of Air-India from various quarters including certain sections of political groups, trade unions and the media. “In such an adverse climate, SIA is not confident that it can play a useful and effective role,” it said. While thanking the Department of Disinvestment for conducting the privatisation exercise in a “very professional manner” SIA said India would remain an important market for it and cited its investment in Australasia as another reason for withdrawal. |
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AVIATION NOTES IF balance-sheet is the yardstick, the Airports Authority of India (AAI) is among the healthiest public undertakings in the country. It makes profit every year and every new chairman, who occupies the ‘hot seat’, tries to improve upon the previous balance-sheet. The AAI’s accumulated surplus revenue over the years has been more than Rs 2000 crore. This is despite being hugely over-staffed. The chairman is recruited by the government, which also appoints Board of Directors. There is no area where Government does not have a finger in its operations. The criticism — and perhaps rightly — against the AAI has been that it concentrates more on making money than providing befitting service to the passengers, airlines, public and other agencies operating at airports. It is indeed not as efficient, a body as it ought to be. But which PUC is efficient, effective and free from corruption? Instead of going ‘private’, the government will do well if the AAI is rendered service-oriented, as airport authorities abroad are. In USA, Britain, France, Germany, Japan and Singapore, there is a trouble-shooter, who not only makes his unit function like a well-oiled machine but oversees functioning of other units at airports, like, Heathrow and Kennedy. The Indira Gandhi International Airport (IGIA) is the second busiest airport in the country. The first, however, is Mumbai. But unlike Mumbai which functions smoothly, it cannot be said about the IGIA where the airport director has all the time for only the VIPs and bureaucrats. Passengers at the IGIA are nobody’s babies. Each visitor pays Rs 50 (international) and Rs 20 (domestic), but he does not get the facilities that he should be provided. Often, even flight information is not provided to him when the flight is delayed. Come October, 32 sophisticated cameras will be operational at the IGIA. The cameras will be fitted at customs, immigration, police and the AAI areas. They are ultra-modern and those monitoring can even read a paper lying on the counter. This should help improve efficiency if handled and operated properly. The scheme of awarding visas to passengers of some countries on arrival is indeed a laudable move. But there is a great deal of possibility of some innocent passengers being harassed by a few unscrupulous immigration officials. The immigration is one of the units which has not geared up as well as, say, customs which does not cause inconvenience or harassment to bona fide passengers. The ‘third eye’ can reduce corruption to a great extent as wrong decisions in cricket matches have reduced considerably. |
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LIC Chandigarh Div records 35.5 pc growth Chandigarh, September 1 As on 15.8.2001, Chandigarh Division is No 1 in the zone on policies and sum assured and No. 2 in FPI in respect of percentage achievement to the Budget, said Mr R.C. Sodhi, Senior Divisional Manager of the Chandigarh Division in a press release. The division has 20 branches in the districts of Sangrur, Patiala, Fatehgarh Sahib and Ropar, besides UT Chandigarh. The division settled 75,530 maturity claims for Rs 104.18 crore and also paid Rs 16.46 crore under 2129 death claims. Only 0.33 per cent (248) maturity claims and 3.58 per cent (79) death claims were outstanding as on 31.3.2001. Mr Sodhi said the pension and group insurance unit also achieved a record growth of 44 per cent in premium income having collected Rs 6.5 crore on 37,197 lives under 241 new schemes introduced during the year. With an eye on the future, LIC is making maximum use of Information Technology. All the seven branches at Chandigarh, Mohali and Manimajra have been brought on Metro Area Network (MAN). Now the policy holders at these places can deposit premium in any of the seven branches. Besides, LIC offices at Chandigarh have also been connected with the offices in Delhi under Wide Area Network (WAN) scheme. During the year, LIC recorded
phenomenal growth of 64.98 per cent in first premium income and 39.04 per cent in sum assured. More than two crore policies were sold for a sum assured of Rs 1,31,178.87 crore with Rs 6,262.39 crore first premium income. Under individual pension plans growth of 80.49 per cent was recorded. The total income of the corporation as on 31.3.2001 was Rs 54,736.30 crore with Life Fund touching new heights of Rs 1,86,024.75 crore and the total assests being to the tune of Rs 1,93,282.99 crore. |
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Classical music goes online New Delhi, September 1 Launched by Human Resources Development Minister Murli Manohar Joshi on Friday, the site, www.itcsra.org, is an offering of ITC's Sangeet Research Academy (ITC-SRA). A tranquil mood was set by the musical recitation of Pandit Ajoy Chakraborty — a guru at the SRA — and the traditional lighting of a lamp by Joshi to lend sanctity to the occasion. Hindustani classical music had evolved in the past helped by royal patronage. With the gradual disappearance of this tradition after India's independence, classical music suffered. The ITC-SRA was thus set up in 1978, as a public charitable trust to encourage corporate patronage to Hindustani classical music. In the past 23 years, ITC-SRA has painstakingly brought gurus, and shishyas (scholars) together and documented thousands of hours of Hindustani classical music recordings, including some more than a century old. Past gurus of the academy include eminent classical musicians like the late Nissar Hussain Khan and Girija Devi. At present there are names like Ulhas Kashalkar and Mashkoor Ali Khan. Musicians present at the occasion besides Chakraborty included Pandit Ulhas Kashalkar, Ustad Abdul Rashid Khan and Omkar Dadarkar. Also present was ITC-SRA founding Executive Director Vijay Kichlu. ITC-SRA Executive Director Amit Mukherjee says the academy's greatest achievement has been its revival of the age-old "guru-shishya parampara", or the practice of disciples of a music teacher living and practising with him to imbibe his spirit of music completely. The idea for the site came about, said Mukherjee, about two years ago. The site was then gradually developed by ITC's infotech division. The site offers audio and video clips, besides a wealth of information on various aspects of Hindustani classical music, the gurus and shishyas at the academy and the pioneering research and archival work of the academy. ITC Chairman Y.C. Deveshwar pointed out that the site would allow the "larger Indian diaspora", as well as people in India, to effortlessly access their country's treasure trove of classical music. Mukherjee, however, admitted that current bandwidth limitations in India could hinder the way the site was experienced in the country. "However, I am confident the problem of bandwidth will be resolved in the near future." Chakraborty, who was the academy's first scholar, and now a guru, told IANS that he was "extremely pleased at the launch of this site" and that the site would "both preserve our musical heritage as well as make people at large aware of it." Among the generally well-known crowd at the event was one young person who could barely contain his excitement. Seventeen-year-old Arshad Ali Khan from the old quarter of Delhi, and the academy's youngest scholar, watched and listened with reverence as snatches of familiar ragas (classical pieces) were played from a blown-up image of the site. Khan, who has been training under Ustad Mashkoor Ali Khan of the Kirana gharana (a gharana is a family tradition of music, a school by style and tradition) since 1990, told IANS that he didn't really know much about websites, but that he thought the ITC-SRA site was a wonderful thing. The site has a number of simple, user-friendly functions. One can listen to performances by artistes from different gharanas and put together ones favourite pieces in a "Music Room" for easy access later. Then there is a section on "samay ragas", or ragas meant for particular times of the day. Also, people who have just started exploring the world of Hindustani classical music can find answers to their queries on the site. The ITC-SRA, which was recognised as a Scientific Research Institution by the Government of India in 1982 for its work on sound and music, has an invaluable documentation of over 5,000 bandishes (the expansion of the composition of a raga) recorded by 41 living learned musicians from different gharanas under a Ford Foundation grant.
IANS |
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India’s exports dip 1.86 pc to
$ 13.16 bn New Delhi, September 1 Imports dipped 1.57 per cent to $ 16.96 billion during the first four months of the current fiscal as against $ 17.23 billion during the same period last year, thus improving trade deficit to $ 3.35 billion as against $ 3.37 billion in April-July, 2000-01. According to official figures, exports during july fell by $ 1.76 per cent to $ 3.46 billion as against $ 3.53 billion in the same period a year ago. Imports dipped by 2.09 per cent to $ 4.39 billion during July as against $ 4.48 billion during the same period last year. Oil imports during the first four months decreased by 6.2 per cent to $ 5.12 billion as compared to $ 5.46 billion in the same period of 2000-01. Non-oil imports rose by 0.58 per cent to $ 11.84 billion in April-July this year as compared to $ 11.77 billion in the year ago period. Trade balance in rupee terms stood at Rs 15,742 crore in April-July 2001-02 as compared to Rs 14,882 crore in the same period in the previous year.
PTI |
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Axis laser centre opens Chandigarh, September 1 The centre will provide solutions for vascular lesions, pigmented lesions, superfluous hair-related problems and skin rejuvenation. "Axis laser centres are technically equipped with a combination of 11 lasers that help providing solutions to the entire spectrum of conditions that are amendable to laser treatment", said Dr Caplash. Lasers work with high intensity light energy is one of the most effective ways of treating these problems. Pits or scars, birth marks, burns, unwanted hair, moles, etc can be treated here. |
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Novartis to
pay 150 pc dividend Mumbai, September 1 The net profit stood at Rs 42 crore after providing for depreciation of Rs 10 crore and tax of Rs 19 crore, Novartis India said in a release here. Sales during this period were Rs 438 crore reporting a decline of 1.8 per cent over sales of same businesses for the previous comparable period.
PTI |
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MEP 92 Q: Not knowing full facts about MEP 92, I happened to invest Rs 20,000 in this scheme in March 1992. The rebate allowed was 100 per cent on the amount invested with a limit of Rs 10,000/- on investment. On maturity or premature encashment, I am afraid that tax will be deducted on the total investment. I shall be obliged if you please enlighten me on the following: 1. Can I take up the matter with the Registrar to deduct tax on the eligible amount only. 2. In case there is no positive response from the registrar, will the Income Tax authority agree on the refund or adjusting the same against my tax liability. — R.K. Gupta, Chandigarh. Ans: The repayment of MEP either on maturity of the MEP or on premature encashment of MEP will not entail any tax deduction at source. Hence, you need not worry about the same.
Tax on interest Q: I am just retired as a bank officer under VRS on 31.3.2001 and have been filing Income Tax return regularly. I have also a PAN number as I have not opted pension. I want to deposit 10 lakh in a bank in term deposit account for 3 years @ 11 per cent out of my VRS amount, gratuity and encashment of earned leave and thus I will earn interest i.e. Rs 11,0000 p.a. on monthly/quarterly basis. Please clarify: 1. Whether I am entitled for standard deduction, if so up to what amount? 2. Whether the bank will not deduct TDS on interest on my request? 3. If I deposit this amount in post office under MIS, am I bound to file income tax return every year? As I have no other source of income except this interest amount. — Prem Chand, Barnala. Ans: Out of your bank interest income you will be eligible to tax deduction u/s 80L to the tune of Rs 9,000 only. Bank will be required to deduct tax at source because the aggregate interest payable during the financial year is exceeding Rs 5,000. Even if you deposit the money in Post Office, MIS, you are duty bound to file income-tax return everyyear as the gross amount of the income exceeds Rs 50,000 in a year.
Capital gain Q: Please clarify whether income received by way of difference in the purchase price and the redemption price of the units of growth options of mutual fund units held by the investor for a period less than a year are exempt u/s 10(33) (iii). Memorandum explaining the notes on clause 5(h) of the Finance Bill 2001 makes it clear that such income is chargeable under the head Capital Gain only when the units are sold in secondary market and not otherwise. Income from redemption of mutual funds should fall within the ambit of ‘exempt incomes’. — Man Mohan Lal Ans: The provisions of the Finance Bill, 2001 were amended when the Finance Bill got passed by the Parliament. Now the redemption of the unit whether by the Mutual Fund company or the stock exchange will be treated as a capital gain or the capital loss and thus would be liable to income-tax.
Arrears Q:
I am a Central Government employee. I have received arrears Rs 6668 pertaining to financial year’ 99-2000 in the month of August 2000. I have filed my income tax return. I have invested Rs 51460 in GPF, NSC, GIS, PPF and LIC in financial year’ 99-2000 and entitled to tax rebates and relief Rs 10292. My tax on total income was Rs 9112. Since tax rebates and relief was more than my tax on total income I did not pay any income tax. I had invested Rs 5900 more than those were required to save tax. Can I claim the benefit of excess money I had invested against the arrears I received in the month of August 2000 related to financial year 99-2000. If yes then let me know the procedure. — Pardeep Singh, Hoshiarpur Ans: You can take advantage of Section 899(1) and save tax in respect of your arrears of salary. The arrear salary pertaining to the previous years will be taxed in the respective years. Once the relief in respect of arrear salary pertaining to the F.Y. 1999-2000 is given, then you will also be able to enjoy the tax rebate on excess amount deposited by you for the tax rebate purpose. Hence, please submit Form No. 10E to your employer so as to claim the benefit of arrears salary. |
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Q: We are engaged in the business of purchase and sale of fertilizers and pesticides in the State of Haryana being a dealer registered under the Haryana General sales Tax Act, 1973 and the Central Sales Tax Act, 1956. We are given to understand that the State Government has decided to levy sales tax on the sale of fertilizers which did not attract tax liability earlier. We would therefore like to know as to what is the rate of tax the State Government has notified in this context and the precise date from which the new amendments are to come into operation? We are also having another trading unit with separate constitution dealing exclusively in fertilizers which does not happen to be registered with the sales tax department as no tax was leviable henceforth on these goods. The gross turnover of this trading unit till July 31, 2001 is around Rs 15,000,00-00. The question therefore is whether any tax liability arises in relation to this trading unit after introduction of tax on the sale of fertilizers under the Haryana General Sales Tax Act, 1973? Also please clarify as to what is the rate of tax the Government proposes to levy on the sale pesticides inside the state in the wake of the amendments? Kindly advise in detail. — R.K. Sharma, Hissar The State Government has taken out from the purview of Schedule ‘B’ (dealing with tax-free-exempted items) fertilizers and oil cake etc with a view to levying sales tax on these goods. These new amendments are to become operative from September 01, 2001 and that the rate of tax on the sales involving fertilizers will be 4 per cent. The State Government has also increased from September 01, 2001 the rate of tax on the sale of pesticides from 2 per cent to 4 per cent. Therefore-disposal of stocks held by the dealers involving fertilizers as on August 31, 2001 by way of local sales from September 01, 2001 would attract tax liability. As far as the second question relating to liability of the trading unit is concerned, this unit will equally become liable for payment of tax as well as registration under the provisions of section 6 and section 19 of the Haryana General Sales Tax Act, 1973 as the benefit of tax exemption on the sale of fertilizers stands taken away. This liability to pay tax arises on expiry of one month from gross turnover being exceeded the taxable quantum if the trading unit is carrying on business inside the state only. On the other hand in case of import of goods from the places situated out of Haryana, the liability to pay tax will arise on the date of import. Q: Kindly clarify whether a Halwai selling articles ordinarily prepared by him has become liable to pay lump sum irrespective of the fact that he otherwise is not liable to pay tax under the Sales Tax Act being engaged in business on small scale? — Amrit Verma, Faridabad It is not that all Halwais have become liable to pay lump sum under the newly introduced provisions of law. It is only those Halwais who incur liability to pay tax under the provisions of the Haryana General Sales Tax Act, 1973 as an ordinary dealer. A Halwai whose gross turnover does not exceed the taxable limit cannot be called upon to pay lump sum as this liability has been fastned in lieu of tax payable under the Act. |
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Jet Airways Escorts JCB IOC credit card |
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