 |
Tuesday, February 12, 2002, Chandigarh, India  
|
Govt cuts interest on company deposits
APM dismantling on schedule
Spare common man from taxes: women
Hero Honda, Bajaj sales jump |
|
||||||||||||||||||||||||||
|
Allahabad Bank cuts rates on car loan Chandigarh, February 11 Allahabad Bank has slashed the interest rates for car finance to 13 per cent under salary tie-up and to 14 per cent without salary tie-up, repayable in 60 instalments of Rs 2,270 and Rs 2,320. The processing fee has also been completely waived for salaried persons.
Textile
designing to be revolutionised
Valentine’s Day: the business of love
Mobile users grow 75 pc
Railways needs to check theft of baggage
|
|
Govt cuts interest on company deposits New Delhi, February 11 Companies would now be able to offer a maximum interest of 12.5 per cent as against the earlier ceiling of 14 per cent. This has been done to safeguard depositors and investors interests by ensuring that companies don’t offer unrealistic returns. The Department of Company Affairs issued a notification effecting amendments to Section 58A of Companies (Acceptance of Deposits) Rules, 1975 after consultations with the Reserve Bank of India, an official release said here today. “The reduction is in line with the current trends in the reduction of interest rates in banking and financial sector,” it said, adding the move was intended to safeguard depositors and investors so that returns on their deposits were “realistic”. The principal rules were promulgated in February, 1975, and since then had been amended 36 times, it said. Section 58A of the Companies Act states that the Central Government may, in consultation with the RBI, prescribe the limits upto which, the manner in which and condition subject to which deposits may be invited or accepted by a company either from public or its members. |
|
APM dismantling on schedule New Delhi, February 11 Reacting to reports that there were differences within the government on the abolition of the APM that would allow petroleum companies to price petroleum products according to market conditions, Mr Naik said there are no differences anywhere. Emerging out of a three-hour meeting with Finance Minister, Mr Yashwant Sinha, where the two ministers discussed the dismantling of the APM, Mr Naik said most of the issues related to the Budget and they would be reflected in Budget announcements. Decisions pertaining to reduction in subsidy on domestic cooking gas (LPG) and kerosene for Public Distribution System (PDS), duty structure and pricing of controlled products would all be provided for in the Budget, he said. He indicated that prices of petrol could come down after the APM regime ends. Present domestic prices of the petroleum products were fixed when international crude oil prices were ruling at 24 dollars per barrel. However, after the September 11 terror attacks in the USA, the oil prices had slumped and the average import price during the first ten months was around 22 dollars per barrel. |
|
Spare common man from taxes: women New Delhi, February 11 The association demanded that the Finance Minister hike funds for development schemes and allocate 40 per cent of these for women. The government should also fulfil its earlier commitment to provide at least 6 per cent of the GDP for education. Pointing out to the minister that he had not sought the views of women’s groups and organisations, including the National Commission for Women, in his pre-Budget consultations, AIDWA said the process of globalisation had been cruel to women. Considering that 150 million women in the unorganised sector required micro-credit for different reasons, the targets for this must be increased. The association urged Mr Sinha to formulate special schemes to generate employment for rural women with focus on dalit and adivasi women. Stating that the current policies had led to a situation when India’s poor were starving even as 66 million tonnes of foodgrains were rotting, the groups said the answer lay not in selling off the grains to private traders but to distribute it to the poor at reduced prices and also as part payment in employment generation schemes. The Budget must seriously deal with the problem of drinking water supply and adopt its solution as a national priority. Observing that lack of sanitary facilities were affecting women’s health, the AIDWA said it was essential to allocate funds for women’s toilets. |
|
Hero Honda, Bajaj sales jump New Delhi, February 11 A total of 34.6 lakh vehicles were sold during April-January 2001-02 as compared to 30.1 lakh vehicles in the same period last year, data compiled by the Society of Indian Automobile Manufacturers (SIAM) showed. Motor cycle sales went up by an impressive 34.8 per cent at 23.3 lakh units against 17.3 lakh units in the year-ago period whereas scooters posted a flat growth at 7.33 lakh units. Moped sales slipped by 28.4 per cent to 3.9 lakh units from 5.4 lakh units during the year-on-year period. Capitalising on the growing penchant for motor cycles, all players in the segment recorded positive sales growth. Hero Honda posted a 37.7 per cent rise at 11.5 lakh units (8.3 lakh units). Bajaj Auto’s motor cycle sales grew by 27.2 per cent at 5.6 lakh units (4.4 lakh units) while that of TVS Motor Co. Went up by 17.6 per cent at 3.4 lakh motor cycles (2.9 lakh units). LML witnessed a 69.4 per cent growth at 38,409 motor cycles (22,668 units) whereas new entrant Kinetic Engineering sold 36,738 motor cycles during the review period. Sales of Yamaha Motor went up by 52.6 per cent at 1.7 lakh units (1.1 lakh units). Motor cycle sales of Royal Enfield Motors grew by 7.3 per cent at 18,367 units during April-January, 2001-02, (17,114 units in year-ago period). Sale of motor cycles have been growing, at the expense of scooters due to narrowing down of price differential between them and rising consumer expectations for power and styling. However, the launch of advanced models by scooter makers like Bajaj Auto, Kinetic and new entrant, Honda Motor cycle and Scooter India (HMSI) have increased focus on the segment. Bajaj Auto continued its revival posting a 3.7 per cent rise in sales at 3.1 lakh units ( 2.8 lakh units) while that of TVS Motor Co. Went up marginally by 1.82 per cent to 1.2 lakh scooters. Scooter sales of LML Ltd dipped by 23.7 per cent at 1 lakh units (1.4 lakh units). Kinetic Motor Co. And Maharashtra Scooters also witnessed a decline of 5.8 and 39.3 per cent at 93,162 and 48,397 units, respectively. Honda Motor cycle and Scooter India sold 39,036 scooters during the review period. Moped sales nosedived as all manufacturers recorded negative growth during this fiscal. Bajaj Auto and TVS Motor Co. Saw a 39.2 and 28.4 per cent dip in moped sales at 31,135 and 2.2 lakh, respectively. Sales of Majestic Auto dipped 14 per cent to 58,528 mopeds whereas Kinetic Engineering recorded a 32 per cent drop in sales at 81,995 units.
PTI |
|
Allahabad Bank cuts rates on car loan Chandigarh, February 11 For housing loan the rate of interest is reduced to just 11.5 per cent p.a. for loans up to Rs 10 lakh under floating interest rate option. For personal loan scheme for salaried persons quantum of loan is increased to 15 times of net salary from earlier 10 times. Allahabad Bank has also launched two more retail finance schemes. These are Al-Rent Liquid and scheme for doctors. Al-Rent scheme provides loan facility to property owners for the purpose of meeting all kinds of business and professional needs, to the extent of 75 per cent of post TDS rental receivables for a period up to 60 months, subject to maximum Rs 5 crore per borrower. Under the scheme for doctors and medical practitioners up to the age of 65 years can avail instant loan facility up to Rs 3 lakh for any personal purpose, including professional requirement. |
|
Maruti bonanza New Delhi The fortnight-long scheme called “Triple Bonanza” will be offered in the form of Maruti paying the first year insurance on all its models purchased between February 11 and 25. In addition, the automaker is offering a free personal accident insurance of Rs 2.5 lakh and free air travel insurance of Rs 10 lakh. A Maruti buyer will also save an additional Rs 1,500 on the premia for these two policies. A Maruti official dismissed reports of a price cut and said that the scheme has been offered in alliance with private insurer Bajaj Allianz to remove pre-Budget uncertainities in the minds of customers. “We are offering the “Triple Bonanza” on all Maruti vehicles across the country from February 11 to 25,” the official said. While a buyer of Maruti-800 (Standard) car can save Rs 7,202 on the vehicle insurance premium, he stands to save an additional Rs 1,500 on the premia of the personal accident insurance and air travel insurance, effectively enjoying a savings of Rs 8,702 on the car. For the premium small car Zen, the customer can enjoy a total benefit of Rs 12,403.
PTI |
|
Textile designing to be revolutionised Panipat, February 11 In fact, the local centre is the only one of the eight NITRA centres to have the latest facility at the cost of Rs 5 lakh, intended to be one more step for the growth of the textile industry. Besides enhancing the
efficiency and productivity several times, the machine can punch four cards per minute and the possibility of the errors, which was a routine affair when the cards were punched manually, was eliminated, according to Mr S. Ansari, Manager of the centre. Earlier, the officials pointed out, punching cards manually for the weave designing used to be a tardy and time-consuming affair. First a print out of the computer design used to be taken out and for making the required design, cards used to be punched by hand. This besides being time-consuming, was an unreliable method since the margin of error was high. However, punching by the machine was perfect as had been seen after its operation by the staff. Mr Om Singh Panwar, Technical Assistant, claimed that the machine would revolutionise the CATD. The CATD and the machine had several advantages over the traditional technology. Since the simulated fabric can be viewed on monitor or as printout, the labour for sample preparation can be reduced, he pointed out. Similarly, the filling of weaves into design pattern became easy and the errors in design pattern were rectified automatically. It may be recalled that NITRA offers three-months’ special course on the CATD to cater to the need for the textile industry. A majority of the students of the association have reportedly been placed in major local textile units. |
|
Valentine’s Day: the business of love New Delhi, February 11 Being seen in India now like Christmas, New Year or Divali, the Lovers’ Day is no more ‘phoren’, as the market forces with special offers for such occasions reign supreme. “We will respect the court order. But we will continue to oppose the Valentine Day celebrations. Expressing protest is our fundamental right,” says Abhimanyu Gulati, Delhi Vice President of Shiv Sena. Unmindful of the ‘culture stigma’ attached to the occasion where last year witnessed attack on food joints and gift and greeting shops, the business houses are at it- cell phone services, watchmakers, restaurants retailers, both desi and videshi. “If you stop doing things because somebody says you should, then you might as well stop living,” says Sunil Sharma, Marketing Manager of Nirula’s, a Delhi-based fast food joint, thus summing up the market mood. Corporates are weaving offers around the day, stretching it backwards to first week of February, like they do for Christmas and New Year, thus making it a two-weeks festival. The concept-selling revolves around whatever the lovers do: eat out, buy gifts and greetings. “In fact, we have started our promotions in mid-January,” says K. Vaitheeswaran, Marketing Vice President of Fabmart, a Bangalore-based shop-chain and retailing company. Chennai-based Titan Watches started promoting a limited edition ‘Big Heart’ watch since February 1, in Mumbai, Delhi, Pune, and Bangalore. Only 300 watches will be sold across these cities during the fortnight with dials featuring heart shapes. “Young couples are looking for new ways to discover their relationships and this set of special watches and matching jewellery give them just the reason to do so,” says Bijou Kurien, Vice President Sales and Marketing, Titan Industires. McDonald’s fast food, one of the favourite targets for anti-american protestors, has come up with a mega promotion called “All for My Love.”, a Valentine meal combination. “Every time one purchases it, a booklet is given, with a scratch-and-win coupon. The prizes include gifts from adidas, chocolates from Nestle, gift hamper from Revlon, music from Sony or some jewellery from Oyzterbay,” says Vikram Bakhsi, Managing Director, McDonald’s North India operations. Since Valentine is a special time of the year for the young, we want to ensure we do our bit to give them an experience of a life time, he says. “A lot of our regular shoppers are Valentine Day customers. We also get orders from Non-Resident Indians who gift to their family and friends.” Selling gifts is just not all about the Valentine Day. It is an occasion for the corporates to build their brand image. Be that as it may, the Business of Love will stay.
PTI |
|
Mobile users grow 75 pc New Delhi, February 11 The Cellular Operators Association of India (COAI) figures today said that the industry had 5.725 million subscribers, up from 3.27 million at the end of January 2001 and 5.48 million subscribers at the end of 2001. The ‘C’ circles which have the lowest subscriber potential in the country’s telecom market grew the fastest, but on a much lower subscriber base, the COAI said. The subscriber base in “C” circles went up 99 per cent while in the lucrative “metro” market, it grew 81 per cent. The subscriber base in “A” circles grew 87 per cent while the “B” circle grew nearly 49 per cent. |
co
Railways needs to check theft of baggage VISIT any railway station and you will find hawkers selling chains and locks. These have in fact become a symbol of uncertainties that plague railway passengers on the safety of the baggage that they carry with them. And going by a report on the theft of passengers’ belongings on the New Delhi bound Purushottam Express recently, now even these chains and locks do not deter those bent on picking up others’ baggage. Successive Railway Ministers have spoken of the measures taken by them to prevent thefts on trains and in case it did happen despite their best efforts at prevention it should take measures to ensure recovery of stolen goods. Better interaction between the railway and state police, strict action against erring railway and police personnel, additional security on routes known for thefts are some of the steps specified. They have also spoken of modernisation of the communication system between running trains and the ground personnel to ensure quicker investigation into such crimes. The Railways have also been saying for the past several years that in case of a theft on a running train, passengers need not break their journey to lodge a complaint and that complaint forms will be available with train conductors, coach attendants, guards and Government Railway Police
(GRP) escorts. And passengers only need to fill the form and hand it over to any of these persons for registration of the complaint and get an acknowledgement for it. But obviously, the ground reality does not reflect the promises made. The passengers of Purushottam Express who lost their suitcases, for example, found the attitude of railway officials as well as the railway police most unhelpful. Despite repeated requests complaints were not registered at either of the two intervening stations and they had to wait for nearly 24 hours to file their complaint at the New Delhi railway station. And apparently they were told that the FIR would serve the limited purpose of helping them apply for copies of lost documents as there was no hope of recovering the stolen goods! As we await presentation of the Railway Budget in Parliament this month, I would like to focus on the need for the Railways to pay more attention to preventing thefts on running trains so that consumers are not robbed of the pleasure of rail travel. And I will suggest the following measures: First and foremost, the railways should provide in every coach, a locked luggage compartment where passengers can deposit their luggage, obtain a receipt and collect them at the end of the journey. The Railways can even charge a nominal sum from passengers for the facility. Secondly, the Railways should conduct thorough investigations into thefts on running trains and on the basis of this investigation, take stringent action against officials found guilty of dereliction of duty. And all such reports along with the action taken on them should be made public. In fact it’s really difficult to understand how such thefts can happen despite the presence of coach attendants, railway conductors and GRP escorts, unless of course those who are supposed to guard the passengers and their baggage are also involved or just sleep on duty. Points out a passenger who lost his suitcase while traveling by Kerala Express sometime ago: The railway staff not only fail to keep the vestibule doors locked in the night, but they also allow passengers without reservation to enter the coach. So the Railways also need to conduct, through independent agencies, studies to find out whether the railway staff actually carry out the measures expected of them to prevent crime on running trains. That, coupled with passenger views on the security measures in place and what needs to be put in place, will give the Railways adequate feedback for better protection measures. Today, a railway passenger who loses his baggage has no way of either recovering the goods or getting any compensation for the goods lost. Section 100 of the Railways Act of 1898 says railway administration is not responsible for the loss of any luggage unless the railway staff has booked the luggage and given a receipt for it. And the Railways use this to escape any liability for loss of passengers baggage. In fact in one of the earliest cases filed before the consumer courts constituted under the Consumer Protection Act, a passenger had sought compensation from the Railways for the loss of his suitcase containing some important documents while he was travelling on Grand Trunk Express from Chennai to
Kammam. The Railways quoted Section 100 and said it cannot be held liable. The state commission held that the Railways cannot be responsible for the loss of baggage in the custody of the passenger, unless of course the passenger can prove that the loss was due to negligence or misconduct on the part of the Railways or any of its staff. Given this scenario, passengers should demand immediate measures for ensuring the safety of their baggage on running trains. |
bb
Proposals CS results Tata Steel
|
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
In Videos
