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Wednesday,
March 26, 2003, Chandigarh, India  
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Iraq war shocks USA too
Dollar tumbles against rupee
Strike not to hit oil supply: Naik War hits engg goods
industry |
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MRP of beer only on paper in Punjab Chandigarh, March 25 The Punjab Government's policy of encouraging the sale of beer by fixing its maximum retail price notwithstanding, IMFL licensees in the state are charging 30 per cent to 50 per cent more than the approved retail price. With the exception of a few towns, the beer MRP cannot be enforced anywhere in the state.
Cotton prices at 10-yr high
Excise duty norms eased for textiles
Haryana bank deposits up 12%
BSE to slap notices on 100 firms
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Iraq war shocks USA too New York, March 25 The Dow Jones industrial average skidded 307.29 points, or 3.61 per cent, to 8,214.68, notching its biggest percentage loss since the Sept. 27. All 30 Dow components fell — a sharp reversal of last week’s surge, which marked the Dow’s best week since October, 1982. The broad Standard and Poor’s 500 index slid 31.56 points, or 3.52 per cent, to 864.23, its biggest percentage decline since Sept. 3. The Nasdaq Composite Index tumbled 52.06 points, or 3.66 per cent, to 1,369.78, based on the latest figures. The Nasdaq racked up its biggest loss since December 9. Airline and hotel stocks tumbled as travellers stick close to home in the face of war. Delta Air Lines Inc. lost more than 15 per cent after becoming the latest U.S. airline to cut back flights. Starwood Hotels & Resorts Worldwide Inc. sank 10 per cent after withdrawing earnings estimates, saying the war had hurt business. Wal-Mart Stores Inc. fell $2.15 or 3.9 per cent to $52.52, pressuring the Dow. Wal-Mart said it still expects to meet its forecast for March sales at stores open at least a year, despite the “CNN effect’’ last week when potential shoppers were glued to televisions to watch coverage of the war with Iraq. Reuters |
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Dollar tumbles against rupee Mumbai, March 25 The domestic currency opened on a bearish note at 47.6550/6650, but reversed later tracking the global currency rally against the vulnerable greenback as markets were rattled by a slower-than-expected progress by US-led forces. The rupee closed at 47.60/61, the lowest closing level since September 13, 2001, when it finished at 47.56/57 and gaining five paise from 47.65/66 of its Monday’s close. It was a dollar sellers’ market and there were no takers for the weakening greenback, a forex dealer said. Importers, seeing the greenback’s weakness in global markets, stayed sideline while exporters and NRIs, stepped up inward remittance, fearing further fall of the US currency, he said.
UNI |
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Strike not to hit oil supply: Naik
New Delhi, March 25 Petroleum Minister
Ram Naik informed that the government has made elaborate arrangements
to ensure no disruption in supplies. “The union leaders of oil PSUs
are wise enough to act in a mature way. From our side, we have also
made arrangements to avoid any inconvenience to consumers”, he told
reporters here today. He had called upon the employees not to go on strike in view of the Iraq war. He had also said the employees of HPCL and BPCL should also not be apprehensive of privatisation.
TNS |
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War
hits engg goods industry Chandigarh, March 25 Mr Satish Dhanda, Chairman, Engineering Export Promotion Council (EEPC), said, “the engineering goods industry, which was doing well till recently, will face the brunt of the war. Our buyers in the West Asia have asked us to stop shipments till the war ends.” Industry sources said since most of the export shipments of light engineering goods to European and West Asian countries have to pass through the war zone, the exporters are apprehensive that the American forces may attack any export ship mistakenly. Mr S.C. Ralhon, Regional Chairman, EEPC, said, “The total engineering exports from India are about Rs 28,000 crore annually including over Rs 700 crore from Punjab. Engineering exports, which were growing by 10-12 per cent during the first three quarters this year, may witness a negative growth rate during March.” Mr Vinod Vashisht, Senior Vice-President, All-India Re-Rollers Association, said, “re-rolling units are worried that a prolonged war in Iraq would have negative impact on the input costs of furnace oil, imported raw material and other
costs. The government should come up with an emergency plan in collaboration with industry representatives to deal with the impact of the prolonged war otherwise the total exporters will substantially come down.” |
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MRP of beer only on paper in Punjab Chandigarh, March 25 A survey by The Tribune reveals that against an MRP of Rs 45 per bottle of beer, the rate charged is between Rs 50 and Rs 70. Very little was done to protect the interests of consumers who were made to pay 30 to 50 per cent more. And that too at a cost of compromising with their brand as the state wanted to support the local breweries. Insiders say the state government fixed the MRP to favour locally made beers, Excise officials claimed that sale of beer improved after regulating of its price. The claim, however, is not substantiated by the total recorded sales which just inched up. These claims apart, no effort was made to enforce the MRP. As such, the IMFL licensees were given a free hand to charge whatever they liked. Investigations reveal that against an average sale of 20 lakh cases every year, only 13 lakh cases were sold last year (2001-2002) . One of the reasons given for a steep fall in the sale of beer is its retail price. Last year, some beer brands were selling in the market at prices between Rs 50 and Rs 75 a bottle. This year, in spite of government's insistence that no beer should be sold for more than Rs 45 a bottle at a vend and Rs 50 at a pub, the sales recorded a marginal increase. An IMFL licensee of Hoshiarpur said how could he sell a bottle of beer for Rs 45 when it actually costs him more than Rs 40 a bottle. Besides the whole sale price, there was 22 per cent sales tax, excise duty, transportation expenses, storage and cooling charges, besides other establishment expenses. The state wants an increase in the licence fee every year. As such the entire load is passed on to the consumer. Breweries of the country argued that a case of 12 bottles required an extra duty of Rs 59 if beer was imported from other states. “In such a situation, how an imported beer can compete with the locally made beers,” they argued. Once the breweries realised that there was no stricter enforcement of the MRP, they, too, started competing with the local brands. If Godfather made in Jammu & Kashmir was initially not available in Punjab, its sale picked up quickly after it was reintroduced. The Punjab Government levies an import fee of Rs 39 per case making the imported beer much more costlier. A bar on the MRP provided an uneven playing field to imported brands of beer which preferred to stay away from the Punjab markets. The Punjab revenue from sale of beer came down as a bottle of beer is available for Rs 30 in Himachal, Rs 40 in Chandigarh and a maximum of Rs 50 in Haryana while in Punjab, it is Rs 60 a bottle. |
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Cotton prices at 10-yr high Mansa, March 25 According to information, there was an arrival of 6.5 lakh bales of narma and 51,000 bales of desi cotton during the current crop year in Punjab, 6.5 lakh bales of narma and about 1.5 lakh desi cotton in Haryana. Nearly 55,000 bales of narma and 2.1 lakh bales of desi cotton arrived in the mandies of Rajasthan. The arrival of cotton and narma in Rajasthan has been very less than the past year due to drought and the deployment of the armed forces in the border area. Official data indicates that cotton and narma was sown in 5.5 lakh hectares in Punjab which was to produce about 10 lakh bales. However, the cotton arrival in the mandies was low due to purchase from the farmers directly by the traders to save the market fee (MF) and the Rural Development Fund (RDF). Last year, nearly 22 lakh bales of good quality cotton and narma was imported from Australia and the USA which kept the prices of kapas under control. Due to the
lack of import and drought, there had been a huge gap between the demand and supply resulting in steep rise in cotton prices after Divali. The area under the cultivation of kapas and narma during the next crop year was likely to increase. The state government was also keen to decrease the area under paddy cultivation. The cotton producers had been trying to sow BT cotton for the past two years but during the past agricultural fair, the Vice-Chancellor of Punjab Agricultural University (PAU), Ludhiana, Mr Kirpal Singh Aulakh, did not recommend the sowing of BT cotton and the Chief Minister also postponed its sowing. However, BT cotton had been sown by PAU at a number of exhibition plots with the help of Moncento Company. A debate had been going on whether BT cotton should be sown. Those favouring the sowing of BT cotton the state government was not allowing the sowing of BT cotton under pressure from pesticide manufacturers. |
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Excise duty norms eased for textiles New Delhi, March 25 Under the simplified system which comes into effect from April 1, no excise registration is required for yarn processors, powerlooms, hand processors and power processors who do only job work for others. They need not even maintain records or pay duty. For such job workers, all formalities will be undertaken by the trader, master weaver or the owner of goods who gets the job work done. The movement of goods in such cases will be under a simple (printed and serially numbered) challan, a practice that is already followed by the trade even now. Such challans can be prepared in the local language also, in addition to English. The procedure permits the movement of goods from one job worker to another and also final clearance of the goods from job worker’s premises. The job worker only has to make entries in the challan. The trader, master weaver or owner has been permitted to clear goods directly from the premises of the job worker on the payment of duty. In case the job worker wants to clear goods on the payment of duty, he can do so. In such cases, after taking registration, he can also authorise the trader or supplier to make the payment of duty on his behalf. The procedure for the registration has been simplified. There is no need for the assessee to visit the central excise office for this purpose and he can do it through the association. In case a person requires to pass on the credit on goods sold by him without being manufactured by him, he can take registration as a registered dealer. Facility of endorsement of duty-paying documents has been made available to those who are undertaking non-excisable or exempted process.
UNI |
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Haryana bank deposits up 12% Chandigarh, March 25 He was addressing the 83rd meeting of the State Level Bankers’ Committee, Haryana. He disclosed that during that period the priority sector advances of the state increased by Rs 1,297 crore, registering a growth of 24.5 per cent from Rs 5,299 crore in December, 2001 to Rs 6,596 crore by December, 2002. In the agricultural sector, he said the advances increased from Rs 2,264 crore to Rs 2,945 crore during the same period, registering a growth of 30.1 per cent. |
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BSNL facility FDI proposals DHBVN profit McDowell’s rum PNB FCNR rates Sony India MD Glide scheme Morepen pact Corpn Bank |
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