 |
Sunday,
July 21, 2002, Chandigarh, India  
|
Delayed monsoon boon for Himachal Tourism
Baseless controversy over ST scheme
|
|
||||||||||||||||||||||||||||
|
SEBI revises FII norms
LIC ‘Jeevan Rekha’ policy Farmers qualify for Canada Connect launches services in Kapurthala
Infosys good pick for long term
Slump due to anti-corruption drive?
Row between two top A-I officials
|
|
Delayed monsoon boon for Himachal Tourism Chandigarh, July 20 Talking to The Tribune Mr V.C. Pharka, MD, Himachal Pradesh Tourism Corporation, said, “Though July is a considered a lean season from tourism point of view, but we are witnessing a substantial flow of tourists these days from plains this month due to delay of rains in the plains as well in Himachal.” He claimed that the tourist rush was quite visible in Shimla, Chail, Kasauli and in Dharamshala, especially on weekends. Ms Poonam Bhardwaj, Tourism Information Assistant at the HP Tourism Information Centre, here, said, “Though we are concentrating on booking the parties, which are interested in conducting conferences these days at Manali, Dharamshala, Shimla and other places. However, due to continued high temperatures, we are experiencing an extra-ordinary increase in queries and bookings by families as well. The flow of tourists from Ludhiana, Jalandhar, Chandigarh, Delhi and other neighbouring towns is still continuing.” The officials admitted that though they used to offer up to 50 per cent discount on food and accommodation during the lean season but due to continued flow of tourists, they had drastically decreased the discount. Further, said Mr Pharka, we are still watching the flow of tourists before announcing any package. Mr Pharka disclosed that the corporation has already started on-line booking service at Delhi, Ahmedabad, Mumbai, Calcutta, Chandigarh and other cities for around 1800 rooms at various destinations in the state. It was also offering up to 20 per cent discount on privilege card membership with Rs 1000 annual membership fees. |
|
Baseless controversy over ST scheme DOES the self-assessment continue to be enforceable under the Haryana General Sales Tax Act, 1973 or that it stands impliedly replaced or superseded by deemed-assessment scheme that came to be introduced? This precisely seems to be one of the most-frequently asked questions in the trade circles in Haryana. The sales tax authorities are divided over this issue. In some of the districts, the sales tax authorities have started taking up assessments considering as if the facility to the registered dealers of self-assessment in terms of section 28-C of the Haryana General Sales Tax Act, 1973 continues to be available provided they fulfil the conditions laid down in self-assessment scheme, 1999. Expressing views to the contrary, some of the authorities opine that the scheme of self-assessment stands repealed since June 22, 2001 when a circular No. 1545/ST-I introducing the system of deemed-assessment came to be issued by the Excise and Taxation Commissioner, Haryana, Chandigarh. In order to find a correct answer let us have a look at the statutory provisions and the corresponding notifications issued in this context. Section 28-C providing for the facility of self-assessment came to be introduced on the statute book with the promulgation of an ordinance on June 2, 1999 and subsequently this law in the same form got approval from the State Legislature vide Haryana Act No. 14 of 1999. Exercising the delegated powers, the Excise and Taxation Commissioner, Haryana, Chandigarh promulgated self-assessment scheme, 1999 vide notification No. GSR 112/H.A.20/73/S.28C/99 dated December 31, 1999. Initially, registered dealers having turnover upto Rs 50 lakh were provided with the facility of self-assessment and subsequently the cases involving turnover upto one crore were notified to be eligible for assessment on the basis of returns filed with the assessing authorities. There is no dispute that both section 28-C of the Haryana General Sales Tax Act, 1973 and the self-assessment scheme, 1999 notified thereunder governing the procedure for self-assessment are still operative and that these have not been omitted from the statute book. One, therefore, is at a loss to see any merit in the argument that the facility of self-assessment stands impliedly withdrawn with the introduction of deemed-assessment scheme. The rights of assessees granted under the law cannot be legally taken away unless the statutory provision or the notification is expressly amended or abrogated. It is true that the Excise and Taxation Commissioner, Haryana, Chandigarh vide its circular No. 1545/ST-I dated June 22, 2001 introduced certain reforms with a view to improving the sales tax assessment work and clarifying that only such cases shall be taken up for assessment by requiring the presence of the assessee when there is a prima facie evidence of evasion or avoidance of tax. However, this circular did not have the effect of nullifying the scheme of self assessment that owes its existence to section 28-C. Moreover, it is nowhere provided, rightly so, in this circular that no assessment will be finalised on self-assessment basis. Talking on this issue to this columnist, Mr Raj Kumar, Excise and Taxation Commissioner, Haryana, Chandigarh confirmed that the facility of self-assessment in the State continues to be available even for the financial year 2001-2002 to those registered dealers whose gross turnover does not exceed the statutory limit of Rs one crore and that who otherwise are not ineligible under this scheme. He also disclosed that appropriate instructions clarifying the true legal position to the assessing authorities under sub-clause (4) of clause 6 of the self-assessment scheme, 1999 will be issued for disposal of assessment cases where the assessees registered in the State have submitted the documents in accordance with its clause 4 within the stipulated period of sixty days. |
|
SEBI revises FII norms Mumbai, July 20 As per the revised guidelines, FIIs will have to report debt and transactions in the revised Oracle format from August 1, Sebi said in notification to custodians and FIIs. Custodians should continue to report daily debt transactions in the existing format (Dbase) till further instructions, the notification said. The capital market regulator has taken strong exception to reported leakage of FII trades and asked the stock exchanges to take adequate steps to prevent leakage of FII trade information. Sebi told the stock exchanges to abide by the code of conduct and said that they should also advise the broker members to keep client information confidential as required under the broker-client agreement.
UNI |
|
LIC ‘Jeevan Rekha’ policy Mumbai, July 20 The new plan caters to the needs of the public with inflow of income at regular intervals and at the same time provides for the family a lumpsum amount on death, LIC Managing Director A Ramamurthy said here today. The plan provides for survival benefit by way of return of 10 per cent sum assured at the interval of every five years from the date of the commencement of policy during the life time of the policy holder, he said in a statement. The basic sum assured, without deduction of any survival benefits already paid, along with bonus would be payable on death of the policyholder at any point of time, it said. The plan would offer accident benefit cover upto Rs 10 lakh till the age 70 years even after premium paying term, Ramamurthy said.
PTI |
|
Farmers qualify for Canada
Chandigarh, July 20 Col. B.S. Sandhu, an immigration consultant clarified that farmers with two years farming experience and with an intention and ability to purchase and manage a farm in Canada, were eligible for visa. They should have assets worth $ 3,00,000 that may include the sale of price of their existing farms in their native country.
TNS |
|
|
Connect launches services in Kapurthala
Chandigarh, July 20 Connect network subscribers in Kapurthala can dial and receive local, STD, ISD and cellular phone calls from any part of the world. Connect operations in Kapurthala will commence in all the major commercial and residential areas of the city. The subscribers would have a customer care helpine to address their queries 24 hours of the day.
TNS |
|
Corpn Bank
net up 25.8 pc
New Delhi, July 20 Announcing the unaudited quarterly results of the bank, Mr K Cherian Verghese, Chairman and Managing Director of the Bank said despite difficult operating environment, the bank’s gross profit increased from Rs 142.38 crore in June 2001 to Rs 185. 02 crore in June 2002, thereby registering a growth of 29.9 per cent. The net profits for this quarter increased to Rs 98.21 crore in June 2002 from Rs 78.04 crore.
TNS |
|
Union Bank net up
Chandigarh, July 20 For the quarter ended June 30, 2002, UBI earned a net profit of Rs 114 crore, up 80.72 per cent compared to the same period last year.
TNS |
|
Gold zooms by Rs 60 Mumbai, July 20 |
ty
by Ashok Kumar
Infosys good pick for long term Q: Is it worth buying Infosys? — K. Nathu Singh, Hoshiarpur Infosys has always enjoyed a premium for its strong management and corporate governance. While Infosys expects revenues in FY03 to grow between 18 and 22 per cent, it has also said that the June quarter would post a flat sequential growth in revenues. This implies that revenue growth would be back-ended, and the average sequential growth rate in the ensuing three quarters would be around 8 per cent. Is this assumption of a back-ended growth under threat? This is primarily because client visit cancellations would have a bigger impact on new client wins, compared to a much smaller impact on the management and ramp-up of existing clients, who already have a fair idea of the company’s capacities and capabilities. While the company has already invested in a number of centres spread across different regions like US, Canada and Europe, the current border tension will result in an acceleration in the process of opening new development centres in other places. The company would not garner much from ‘business process management’ (BPM) in FY03, since customer acquisition and ramp-up generally takes over a year. For the fiscal ended March 2002 sales were Rs 2603.6 crore, PBIDT was 42.4 per cent net profit was Rs 808 crore and the EPS was Rs 121.3. For the quarter ended March 2002 sales were Rs 680.1 crore, PBIDT was 43.2 crore and net profit was Rs 210.3 crore. A long term investor could buy while the stock corrects itself. Q: I have bought Balaji Telefilms. What should my strategy be now? — Amit Saraf, Bilaspur Balaji Telefilms Limited (BTL) offers a diversified programme portfolio to content buyers and is a clear favourite across the three leading Hindi satellite channels-Star Plus, Sony TV and Zee TV. The revenue mix between commissioned and sponsored programming has titled further in favour of commissioned at 2.6:1 as on fiscal ended March 2002. This is because, out of the top 50 serials currently on air on cable and satellite (C&S) channels, 39 originate from Balaji’s stable. Due to its commanding position in the market, it has successfully renegotiated rates of at least four programmes such that the current prices of these programmes have risen about 60 per cent above the original base prices. These factors have resulted in a substantial increase in profitability of the company. Demand for Balaji’s programmes can be estimated from a 22 per cent jump in fresh programming hours in fiscal 2002. The company is working out a three-pronged strategy for future growth. Capturing weekend programming and afternoon band, spreading in the only yet unexplored south Indian market — Kerala, and producing small-budget telefilms, form the backbone of its future plans. For the fiscal ended march 2002 sales were Rs 110.3 crore, PBIDT was 41.4 per cent, net profit was Rs 29 crore and the EPS was Rs 28.2. For the quarter ended March 2002 sales were Rs 32.8 crore, PBIDT was 51.2 crore and net profit was Rs 8.9 crore. Holding till benefits of three-pronged strategy are realised is advised. |
rc
by K.S. Chawla Slump due to anti-corruption drive? Ludhiana However, the real estate dealers say that the anti-corruption drive launched by the state government in the state is also responsible for the present slump in the real estate business in the city. Vigilance inquiries against the politicians and bureaucrats have adversely affected the land sale and purchase business, according to property dealers. Normally, the surplus money is invested in the real estate business and because of the fear of the vigilance inquiries, such deals are not being made by the politicians and bureaucrats. The city witnessed a huge increase in the land prices and real estate business immediately after the formations of the Beant Singh government in 1992. For three to four years, there was good business on this front. But gradually the real estate business slowed down and there was reduction in land prices. This was primarily because of the economic slowdown. It was expected that the land prices would rise with the formation of the new government in February as the prices of land had started appreciating three-four months before the state Assembly elections. But there was a slump in the prices immediately after February. The present scenario on the real estate front in the city is that there is no fall in the prices’ nor there is much business. Property dealers and private colonisers maintain that the prices in various localities of the town are stable. The land prices in a posh colony like Shaheed Kartar Singh Sarabha Nagar are quoted at Rs 11,000 to Rs 15,000 per sq yard. At Bhai Randhir Singh Nagar, the prices of land range from Rs 8,000 to Rs 11,000 per sq yard while in Raj Guru Nagar colony which is now coming up, the prices are quoted at Rs 5,000 to Rs 7,000 per sq yard. The prices of land in Shaheed Bhagat Singh Nagar range between Rs 5,000 and Rs 7,000 per sq yard. According to Mr K.L. Chhabra, president of the Punjab Builders and Colonisers Association, initially, the government fixed Rs 7.07 lakh per acre as charges for external development of a residential colony and if a coloniser develops a colony of 50 acres, he had to deposit Rs 50 crore with the PUDA as external development charges. On a petition of the colonisers, the government reduced the charges to Rs 3.5 lakh per acre. The colonisers are supposed to provide facilities like water and sewerage, streetlight and roads in the colony as internal development. They have sought further reduction in the external development charges. Mr Chhabra said so far, authorised colonies in about 1,500 acres had come up in the state and out of these, about 800 acres of authorised colonies were in the city. Despite licensing system, a number of unauthorised residential colonies have come up on the periphery of the city, he said. The development of residential colonies on the periphery of the city has also resulted into disputes between land-owners and the
colonisers. |
sti
by K.R. Wadhwaney Row between two top A-I officials THE
trouble between two top officials in Air-India persists. While Commercial Director V.K. Verma insists that the AIIMS medical certificate he submitted is genuine, Vigilance chief S.P.S. Yadav (he has now been transferred) claims that the CID in Mumbai was not investigating the matter properly. Whatever may be the truth, Air-India continues to get bad publicity in the bargain. For years, Air-India has had more problems from within than from outside. The claims of Air-India’s public relations unit in Delhi and commercial outfit in Mumbai not with standing, the national carrier is passing through a critical phase. Disinvestment in Air-India may not come about in near future, but its overall performance has been far from satisfactory. The fleet expansion continues to be a far cry and code-sharing has not been operating well. The cause for concern is that neither the Managing Director of the airline, nor Minister Shahnawaz Hussain have taken concrete steps to put the controversy between Mr Verma and Mr Yadav at rest. As these two officials wash dirty linen in public, Air-India’s image continues to nosedive. Privatisation Airports Authority of India’s (AAI) officiating Chairman Satish Kumar Narula has gone on record saying that privatisation of four international airports did not mean loss of revenue for the parent body. Manv aviation experts do not agree to the claim of the AAI chief. The revenue generated from four international airports at Delhi, Mumbai, Kolkata and Chennai will be shared between AAI and consortium. There may not be loss in years to come but it will not increase either, opine experts. It is, however, certain that the airports will function with greater efficiency. The AAI chief has said that the authority was planning a hotel at Jaipur. Judging from Hotel Corporation of India’s (HCI) performance, this may not be a very profitable venture. But the AAI’s scheme of constructing a golf course around the Indira Gandhi International Airport (IGIA) may be a very popular venture. Tourists from Japan, Malaysia and Thailand will be delighted to play a round of golf. The Rs 310-crore project of constructing three new airports in one North East will be welcome because this region has been neglected. The AAI also plans to extend runways so that wide-bodied aircraft can land and take-off. Terminal buildings will be better equipped and passengers will be provided more facilities. Minister’s claim The Civil Aviation Minister has gone on record saying that a transparent procedure would be followed in buying new aircraft for two national carriers, Air-India and Indian-Airlines. “We need new aircraft to strengthen the two airlines”, said Mr Hussain, adding that: “If we can’t, it will be difficult to run airlines commercially.” |
 |
| 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 | |
