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Sunday,
September 16, 2001, Chandigarh, India
  
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6350 cr
credit limit sanctioned to Punjab Punjab
exports to USA affected Sonata in
city Medicity
to be set up at Gurgaon soon Committee
to recommend auto fuel policy |
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Right to contest
Interest
on NSCs
Q: A consignment of timber was sent to a Punjab based
party duly supported by proper and genuine documents. Detaining the goods, the
Excise and Taxation Officer, Information Collection Centre, Shambhu alleged that
the goods are under-invoiced and imposition of penalty has been proposed.
Jagmohan to
develop tourism
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6350 cr credit limit sanctioned to Punjab Ludhiana, September 15 The RBI sanctioned the CCL for Punjab with the intervention of the Union Finance Minister Mr Yashwant Sinha on the request of the Punjab Chief Minister, Mr Parkash Singh Badal, who had met the former on Monday. The Punjab Government was facing difficulty in the getting the cash credit limit sanctioned from the RBI as the state has not yet paid the interest on the loans from the banks which it got for the purchases of paddy and wheat last year because the stocks of the same are still lying in the godowns in the state. These stocks of wheat and paddy are in the custody of the State agencies and the Food Corporation of India has not taken the delivery of the same as yet according to official sources of the Punjab Government. Punjab has wheat and paddy stocks worth over Rs 18000 crore in its godown and the state is required to pay nearly Rs 1800 crore as interest on the same to the various banks, which extended the finances for the purchase of the stocks. The interest is paid by the Union Government but only when the physical delivery of the stocks of foodgrains is take by the FCI. During a meeting with the Finance Minister Sinha, the Punjab Chief Minister is understood to have pleaded with him that the interest be paid by the Union Government direct to the banks and the State should not be burdened with the same. Mr Badal explained to the Finance Minister that the arrangement should be made in such a manner that the state was saved from this burden. The sources close to the Punjab Government disclosed today that the Union Government has agreed in principle to the request of the State Government and would give additional grant to the FCI for making payment of interest to the banks. The FCI will pay the interest to the banks on the basis of ‘on account’ payment basis without taking the delivery. The Chief Minister has also pressed upon the Central Government for speedy movement of wheat and rice stocks which are lying in the godowns in order to create space for storage of paddy. Punjab has more than two years old stocks of wheat and paddy lying in the godowns of the state. The entire wheat stocks of purchased during the 2001-2002, which are to the order to more than one crore tonnes are lying and not a grain of the same has been lifted so far. Besides, there are 30-40 lakh tonnes of old stocks of wheat and a similar quantity of rice are also lying in the stores for want of movement to other states. Meanwhile the paddy arrivals in the mandis are picking up and the official agencies of the state and FCI have not yet started purchase so far. The Union Government has fixed the date for start of official procurement of paddy as October 1 whereas the Punjab Chief Minister had sought September 15 as the procurement date. The Centre is likely to advance the date to September 21 although no official information has been received as yet. The rice millers are making the purchase of paddy arriving in the mandis of the state. The prices range from Rs 400 to 575 per quintal. Majority of the farmers are making distress sale of paddy in the absence of buying by the official agencies. The moisture content of paddy arriving in the mandis stated to be quite high and is not according to the specifications of the government. The mandis will be flooded with paddy as soon as the purchase is started by the official agencies and the FCI. The farmers are keen to bring their produce to the mandis as the rain will delay the same.
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Punjab exports to USA affected Terrorism is the tormentor of business community in particular. Punjab’s business suffered its devastating effect during the decade long militancy. Now happenings in the USA will have direct and indirect effect on Punjab’s industry in particular. Terrorists onslaught on USA will have many implications for industry. For the time being there is a great uncertainty as to what is going to happen. No businessman can take risks in such a situation. The first impact of USA’s tragedy is that exporters have stopped exporting goods to USA and nearby countries. Down the chain suppliers of goods to exporters are having the severe pinch of this. Punjab’s industrial economy is surviving on exports. Exports from Punjab have jumped from Rs 3641.01 crore in 1996-97 to Rs 4062 crore with ups and downs in between. Exports went up to Rs 4204.78 crore in 1997-98 to dip to Rs 3629.13. crore in 1998-99. Punjab’s three industrial towns’ contribution towards exports is Rs 2070.76 crore (Ludhiana); Rs 881.06 (Jalandhar) and Rs 731.14 (Amritsar) in 1999-2000. Punjab’s exporters have large stakes in USA. Usual items of exports to USA include yarn and textiles; autoparts; handtools is and readymade garments. Some of our exporters have established their brand in USA. As a first reaction to happenings in the USA exporters have asked their vendors to stop supplies. Exporters in particular and others in general are running on light liquidity schedules. Stoppage of supplies with consequence of chocked money supply will put industry in financial dire straits. Slow economy of USA will further slow down with more spending on defence. This shall also hit our exports. Exporters are not sure about other countries. Sizeable exports go to middle east countries. No exporter can take risk of sending goods to these countries in the prevailing uncertain regime. Our exporters have already seen the disastrous effect in Indonesia and other SE countries when these economies had break down. Punjab’s industry will face with difficult situation emerging out of USA’s crisis. Oil prices are rising to a level which no industry can absorb. Freight component for Punjab’s industry is crucial. All
inputs come from outside while all outputs go out of the state. With rise in the oil prices all industrial out-puts shall become costlier. Already our exporters are not able to beat other countries on price front. Punjab’s industry heavily depends on oil as fuel. Re-rolling mills and forging industry in particular are highly sensitive to the prices of furnace oil and its equivalents. So steel will tend to be costlier putting redoubled pressure on forging industry in particular. Is there a way to help industry face the crisis? Yes. Punjab’s Chief Minister can play a very vital role as he is seen to be playing for the state’s agriculture. He should press on Finance Minister of the Union Government to direct banks to be liberal in lending and give cushion in the existing working limit to meet the crisis. Union Petroleum Ministry has been raising the prices of industrial fuels like furnace oil etc. without any logic. Now the prices of these oils should be frozen at the existing level. Insurance guarantee schemes for exporters should be such that exporter’s risks are covered promptly so that export’s goods are not chocked to a unsustainable level.
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Sonata in
city Chandigarh, September 15 Luxury cars are status symbols, they must have street presence and an ability to turn heads and Sonata does this convincingly. Equipped with the modern state of the art 2.0 litre, 16 valve, DOHC engine, the sedan is available in three variants with Charisma Hyundai, namely GLS, Golf and Golf AB (Air Bags). The interiors of the Sonata and ambience of the car are perfect, the leather upholstered seats of Sonata (Gold) and all around cabin space are to be seen to be believed. Its power-assisted dual diagonal braking system with ABS keeps a strict check on wheel spin and tyre skidding. The features of Sonata are sure to enthrall and enchant the trendsetters of the new millennium.
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Medicity to be set up at Gurgaon soon Chandigarh, September 15 The state government would soon set up first medicity at Gurgaon and industry-friendly export policy and biotechnology policy, said Mr Om Prakash Chautala, Chief Minister, during an interaction with Mr Sushil Ansal, President of the PHDCCI, here. The state government and the chamber would also form a joint co-ordination committee to review the industrial progress. During the meeting which was held yesterday evening, the CM said the FIPB has been set up to give fast track approval to the projects. He also accepted the suggestion of the chamber to introduce "Gold Card " scheme to reward industrial units. The members of the chamber also met the UT Administrator, Lt. Gen. (Retd) J.F.R. Jacob. The Administrator said the UT is all set to promote pollution free, employment intensive but low-powered consuming industry in the city. The Administrator gave a positive indication on privatisation of power in UT, said Mr Sushil Ansal in a press conference here today. The Administration is keen to enter into long term power purchase agreement with Himachal Pradesh to meet power demand in future", disclosed Mr Ansal. The chamber also suggested development of the city as a centre of commerce, tourism, education, entertainment hub, film production, etc. with shopping malls and the flourishing fashion industry. Mr Vikram Sehgal, Chairman, Chandigarh committee,
PHDCCI, was also present .
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Committee
to recommend auto fuel policy New Delhi, September 15 The other members of the committee are Mr D V Singh, Vice-Chancellor, University of Roorkee, Dr R. Natarajan, Director, ITT, Chennai; Prof D K Biswas, Chairman, CPCB; Mr K P Niyati, Head of Environment Division, CII; Mr S Singhal, Director, Indian Institute of Petroleum, Dehradun; Dr O P Mathur, Professor, NIPFP and Dr R P Shukla, Professor, IIM. |
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by Praful R. Desai Right to contest
Q: Whether legal representatives of tenant of non-residential premises are entitled to contest on merits the eviction petition? Ans: The question was discussed by the Karnataka H.C. in the case of Smt Chandramma v Smt Varamahalakshamma (2001 (1) R.C.J. 639) as under: The petitioners who are legal representatives of the deceased sought to continue the revision. Though the District Judge brought them on record as legal representatives of deceased revision petitioner, he held on the basis of the decision in S.V. Venkataramanappa (deceased) by L.Rs. V Ravindra K. Naidu (I.L.R. 1999 Kar. 120), that the L.Rs. of a tenant in respect of a non-residential premises is not entitled to contest the proceedings and they have to surrender possession of the premises to the landlord. Having said so, the district Judge has dismissed the revision petition as not maintainable as the legal representatives have no right to contest and are liable to surrender the premises to the landlord. In this revision, the petitioner has relied on a decision in the case of Gantusa H. Boddi (deceased) by L.Rs. v Meerabai G. Pai to (2000) 4 SCC 586) in support of his contention that legal representatives of the tenant of a non-residential premises are entitled to contest on merits the eviction proceedings. In the above case, it has been held that the decision in Venkatesh T.G. v S.S. Hawaldar (1997) II SCC 628) has not been correctly decided. Having regard to the decision referred to above, “it is clear that the order of the District Judge dismissing the revision as not maintainable has to be set aside and the matter had to be remitted to the District Judge to decide the matter on merits. For the reasons above, the H.C. allowed the revision. The impugned order of the District Judge was set aside and the matter was remitted back to the District Judge to receive the further instruction in the matter on 21-8-2000. In that way, the present revision was allowed. |
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by R. N. Lakhotia Interest on NSCs Q:
I had purchased NSCs VIII issue for Rs 50,000 in September ‘94 (1994-95) and that yearly interest was being treated as “deemednd to have been reinvested”. I was claiming rebate under Section 88 for the deemed interest accordingly. These certificates have matured in September 2000. I would like to have a clarification whether in the previous year 2000-2001 (A.Y. 2001 to 2002) am I entitled to the interest for sixth year in full or partially upto August 2000. — K.S. Jaggi, Ambala Cantt. Ans: You will not be eligible to claim the benefit of tax rebate u/s 88 in respect of the accrued interest on NSC which got matured during the relevant accounting year itself.
Deposit in GPF Q: My relative serving in the Army deposited Rs 78,000 in a financial year in GPF (DSOPF) against which he received a tax rebate at the rate of 20 per cent on Rs 60,000 only. Please clarify whether he will receive interest of Rs 60,000 or Rs 78,000. Ans: The tax rebate as well as interest on the deposit in GPF will be available only on Rs 60,000 p.a.
Tuition money Q: I am M.Com. and a bank employee with a nationalised bank. I want to know whether I can do the tuition work after the banking hours. Is there any problem from bank service point of view and from Income Tax point of view. — Minakshi,
Ambala Cant. Ans: As regards income-tax, there is no problem in carrying your tuition work after the banking hours. However, please enquire about the service rules from your bank as to whether you are permitted or not to carry on part-time tuition work after the banking hours. From the point of view of income-tax there is no problem.
Small saving Q: I am writing you about some problems of Income-tax I am a homely lady. I am working as Small Saving Agent. In this financial year (2000-2001) I will get commission about Rs 90,000. Please let me know (i) how can I file the income-tax return? ii) How much money is exempted form Income-tax u/s 57 as expenditure? — Gurmeet Kaur Ans: In respect of your commission as Small Saving Agent, income will be treated as income from business or profession. You will be eligible to claim all the legitimate business expenditure incurred by you in earning the said commission amount. Hence, please maintain regular record of the expenses so incurred and claim the same in your income-tax return. |
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by A.K. Sachdeva Q: A consignment of timber was sent to a Punjab based party duly supported by proper and genuine documents. Detaining the goods, the Excise and Taxation Officer, Information Collection Centre, Shambhu alleged that the goods are under-invoiced and imposition of penalty has been proposed. Our plea has been that the goods sold have been properly billed and thus no attempt to evade the payment of tax due under the Punjab General Sales Tax Act, 1948 is involved. The officer has shown no material suggesting under-billing. Kindly advise. — Mohan Sharma, Karnal Ans: Before taking recourse to seizure of the consignment it is obligatory for the checking officer to come to a subjective satisfaction that the party carrying the goods is attempting to evade the payment of tax due under the Punjab General Sales Tax Act, 1948. This conclusion has to be based upon relevant material and evidence. Mere presumption of evasion of tax is not sufficient to justify the detention of the goods. The orders detaining the consignment without bringing any adverse material or evidence on record, as per the judicial pronouncements, are regarded as arbitrary unlawful. The proper course therefore would to be invite the attention of the Assistant Excise and Taxation Commissioner-cum-Officer Incharge, Information Collection Centre to these facts on record requesting for the release of the goods without penalty. It would be most appropriate to submit a detailed explanation-cum-objection to the initiation of the penalty proceedings and the orders detaining the consignment of goods. |
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by K. R. Wadhwaney Jagmohan to develop tourism Prime Minister Atal Behari Vajpayee has blundered into rightness. He has awarded two vital ministries — Tourism and Civil Aviation — to two realistic and dynamic personalities. Both segments are bound to take-off. Jagmohan, a scholarly-politician, is a man who takes decisions and also implements them ruthlessly. He is certainly not a man in hurry. He is a bureaucrat-turned-politician, who thinks and thinks deeply before swinging into action. Jagmohan’s plans and programmes in Urban Ministry may have been half-achieved. But, in tourism, sky is the limit. He can translate India, which abounds in natural and other resources, into a ‘tourism heaven’. India has far more tourism destinations than, say, Thailand and Mauritius. It can be lifted into world’s one of the best tourism hubs and country’s economy can be improved manifold. Jagmohan is known for possessing original ideas. He can chalk out programmes to implement. He has wherewithal at his command. He has several personalities, like, Ram Kohli (Creative Travels), Avinash Anand (Trade-Wing) and S.P. Dutt (ex-Air India) to use and utilise for providing much-needed thrust and impetus to tourism. After hesitant start, Jagmohan has been persuaded into taking over tourism, a very neglected area. He has already set the ball rolling. He wants to develop tourism concept with capital where many beauties of spots are decaying because of total neglect. The Founder President of the India Association of Tour Operators Ram Kohli says: “The Tourism industry, which is the third largest foreign exchange earner for India, has been neglected very badly. For example in the last budget presented by the Finance Minister, there was not a word about tourism. This explains the importance attached to tourism by the Government”. According to tourism experts, the industry will be the gainer and India will march on with more tourist traffic flowing throughout the country. The new Civil Aviation Minister Shahnawaz Hussain may not have Jagmohan’s experience. But he is a live-wire, energetic and full of ideas. At 32, he has open mind and he has already gone on record as saying that he will use broom to cleanse ‘Rajiv Bhavan’. A staunch believer that actions speak louder than words, Hussain may have to use stronger brooms to cleanse two other important areas-DGCA and Airports Authority of India (AAI). |
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