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Friday, February
15, 2002, Chandigarh, India  
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High-security number plate from July 1
CII: raise ceiling on securities investment Sale of gold for investment rises
Make more calls, get rebate
Reliance pays fine for violating SEBI rules |
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Tatas to increase telecom investment
Senior citizens need more tax rebates: HelpAge
Investor clinics
to be set up
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High-security number plate from July 1 Chandigarh, February 14 In Punjab, Haryana, Himachal Pradesh and the Chandigarh, more than 50 lakh old motor vehicles will have to change over to new number plates after the D-Day, in accordance with the new rules framed by the Government of India. All new motor vehicles including cars, vans, jeeps, buses, trucks, scooters, motor cycles, tractors and mopeds, will have to use new high security number plates from July 1 while old vehicles have been given two years for the change-over, according to official information here today. The vehicles will have to carry three, instead of the present two, number plates. This will include a self destructive type chromium based hologram sticker to be affixed on the inner side of left hand corner of windscreen carrying registration number of the vehicle, engine number, chassis number, laser branded consecutive permanent number and the name of the registering authority, say Mr Ravi Somani and Mr Prem Dutt Sharma, who have been authorised by the Government to manufacture and distribute the new number plates in this region. They said here today that a Rs 60 crore plant was being set up near Delhi to manufacture the new number plates in collaboration with a German firm. The colour scheme of the new number plates will be as follows: For transport vehicles: the numbers will be of black colour on yellow background; For other vehicles: the number will also be black colour but on white background. A hot stamped hologram will be affixed on both front and rear plates. The number will be of seven digits and laser branded into the reflective sheeting. Technically designed, hot stamped and embossed registration numbers will be visible from a distance of up to 300 metres due to special reflective properties of the plates. The unique feature of the plates will be a non-reusable snap lock system for fitting the number plates with a guarantee of the highest security against any counterfeiting or tampering with it. The laser-coded vehicle registration number on each registration plate makes such registration plate an exclusive one, and consecutive numbering provides the authorities a higher control over the detection procedure all over the country at any time. This proven technology is already being used in all developed countries worldwide and now the Ministry of Surface Transport, has made this vehicle registration plates compulsory for all vehicles all over the country. |
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CII: raise ceiling on securities investment
New Delhi, February 14 CII said the maximum amount that could be invested in eligible securities should be increased Rs one lakh from the present Rs 80,000 so that the rebate available could go up to Rs 20,000 from the present Rs 16,000. “This could be done by allowing individuals to invest the additional amount in infrastructure bonds or any other instruments floated by infrastructure companies,” it said. Citing that with the rationalisation of the provisions of indirect taxes, the focus on revenue generation has now shifted to direct taxes, CII said to augment the revenues from direct taxation, the Union Budget for 2002-03 should announce certain measures that would ensure voluntary compliance and widen the tax base. “An important aspect of achieving this is to strengthen the provision relating to Permanent Account Numbers (PAN) and streamline the process of speedy issuing by upgrading the systems,” it said. Total tax revenue was only 52.1 per cent at Rs 84,996 crore in the first nine months of the current fiscal as against the targeted collection of Rs 163,031 crore for the whole year. On various deductions and allowances, the chamber said these were fixed long way back and need immediate revision and the tax benefit on medical treatment should be raised to Rs 25,000 from the existing Rs 15,000. On the issue of payments made to employees seeking VRS, CII asked for amendments on the one-time exemption available to individuals to the extent of Rs 5 lakh. “One-time payment of VRS dues acts as a burden for corporates which are restructuring their workforce,” it said. To provide a tax shield to the individuals opting for VRS, provisions of one-time deductibility should be revised, it said. On house building loan, the chamber said treating it as a perquisite would defeat the very purpose of social objective. On the condition that an individual has to acquire or construct a house within the period of April 1, 1999, CII said there was a need for extending the time limit by another three years to provide a boost to the housing sector. PTI
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Sale of gold for investment rises
New York, February 14 For all of 2001, gold sales in India — the world’s largest gold market — were unchanged at 855.2 tonnes, the report said. Sales in the USA, the second largest market, were 409.5 tonnes, up 3 per cent. The World Gold Council, an association of gold producers that is headquartered in London, today said that gold sales totalled 3,235.1 metric tonnes last year, a 2 per cent drop from 2000. An MT equals about 2,204 pounds or 32,150 ounces. A drop in demand for gold for jewellery offset the rise in gold for investment, said Jill Leyland, a senior economist with the council. “Jewellery sales are very sensitive to people’s income, and the decline reflected what happened in the world economy,” she told the Associated Press. She attributed the increase in investment sales to the September 11 attacks on the World Trade Center and Pentagon and “lingering uncertainties” that prompted consumers to seek a haven in the precious metal. The report said that sale of gold for jewellery totaled 2,840.3 tonnes in 2001, a 2 per cent drop from the year earlier. Gold for investment, meanwhile, totaled 394.9 tonnes in 2001, up 4 per cent from 2001. In the fourth quarter, sales were 109.9 tonnes, a rise of 8 per cent from the year-earlier period. AP
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Make more calls, get rebate Rohtak, February 14 The Chief General Manager, Haryana circle, Mr G. Jethwani, told newsmen here today that the rebate may be doubled to those whose bill amount was over Rs 2 lakh. This concession was being allowed to the consumers where BSNL was facing competition from private entrepreneurs. Mr Jethwani said the registration fee was being reduced from Rs 2,000 to Rs 1,000 in the urban areas where the telephone was available on demand. In Rohtak, Bahadurgarh and Loharu telephones are available on demand. The General Manager, Rohtak district, Mr Suresh Bhargava, said the reduction in the
registration fee would be for a specified period only. To begin with it would be up to February 28 in the first instance and would be extended up to March 31 if response was encouraging. Releasing the new edition of Rohtak district telephone directory, Mr Jethwani said BSNL would provide 2. 33 lakh new telephone connections during the year in Haryana as compared to 1.50 lakh last year. The new telephone directories of Hisar, Karnal and Rewari would be supplied to the consumers soon. Mr Jethwani, said BSNL’s mobile service for Haryana circle was likely to be introduced before this year. Earlier it was slated for introduction in March but had been delayed because of late issue of tender notices and procurement of material. Mr Suresh Bhargava said the customer service centre at Bhiwani would become functional from the next month. The Centre at Bahadurgarh would be operational by March 31. |
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Reliance pays fine for violating SEBI rules
Mumbai, February 14 However, Reliance Industries has denied any violation of applicable laws, rules and regulations with regard to the disclosure of its earlier shareholdings in L&T Ltd. The company said it had made the
payment to avoid “unnecessary controversy” and it did not indicate any admission of guilt. RIL has made the payment at the prescribed rate of Rs 5,000 per day in respect of the alleged delay in intimating the company when its stake in L&T exceeded the 5 per cent limit for a second time in mid-November. RIL’s stake had increased from about 4.5 per cent as on September 31 last year to 10.5 per cent in mid-November just before selling its stake in L&T to Grasim Limited. An inquiry by SEBI on the matter is going on and a final verdict is expected on Monday next.
UNI |
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Tatas to increase telecom investment
New Delhi, February 14 The Rs 10,000 crore investment plan had been drawn up for a six-year period, but it did not have provisions relating to Tatas’ acquisition of VSNL, a senior Tata Industries’ official said, pointing out that the group might have to shell out upto Rs 2,600 crore including investment for mandatory open offer for 20 per cent stake in the telecom giant. “The Rs 10,000 crore we had talked about earlier was essentially for Tata Teleservices and Birla-Tata-AT&T. It did not include National Long Distance, it did not include International Long Distance that is investments in VSNL,” Managing Director of Tata Industries Kishore Chaukar told PTI. Tatas handed over a cheque of Rs 1439 crore to the government yesterday to buy out 25 per cent stake in VSNL.
PTI |
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Senior citizens need more tax rebates: HelpAge
New Delhi, February 14 It will be ideal if the amount can be linked with the cost of living index and accordingly revised every year or an automatic revision mechanism may be put in place, it said in a pre-Budget memorandum. The present section 80-D deals with medical expenditure incurred by physically handicapped. This may also be extended to senior citizens in view of their increased physical dependency and decreased income, said the apex body of elderly citizens. HelpAge India’s President D.R. Kohli was also critical of reduction in savings interest rates and said the government’s move has seriously affected the income of a large number of senior citizens.
UNI |
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Investor clinics to be set up New
Delhi The proposed investor clinics will organise seminars on investor education programmes and bring out booklets and pamphlets in English, Hindi and other languages. Besides, development of software and website on investors education is underway. The investor clinics will supplement the efforts of the 13-member Investor Education and Protection Fund Committee, constituted recently by the government under the Chairmanship of Mr Vinod Dhall, Secretary, Department of Company Affairs. UNI
Lay sells cottage for $10 million ASPEN, COLO: Embattled former Enron Corp Chairman Kenneth Lay, who lost a fortune with the collapse of the energy giant, has sold his “cozy country cottage” in this ski resort for $ 10 million — more than five times what he paid for it. The sum has staggered the local real estate brokers. Lay’s real estate agent Joshua Seslove said even though the executive sold the 3,000 square feet riverfront cottage he bought for $ 1.9 million 11 years ago at a huge profit, “It was a very difficult decision for the family...” Reuters
Paradip Phosphate sold for 151.70 cr New Delhi: The government today decided to sell the loss-making Paradip Phosphate Limited (PPL) to Zuari Maroc Phosphate Limited for a price of Rs 151.70 crore. The decision was taken by the Cabinet Committee on Disinvestment, chaired by Prime Minister Atal Behari Vajpayee today. The price determined through the discounted cash flow method for PPL was Rs 85
crore. PPL’s net worth is put at minus Rs 100 crore. TNS
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