 |
Wednesday,
May 21, 2003, Chandigarh, India  
|
Haryana to cut tax on tyres to 8 pc
‘Reliance WLL works outside licensed areas’
Thomson among 21 proposals cleared
Central Bank net at Rs 308 crore |
|
|||||||||||||||||||||||||||||
IDBI Bank okays equity share issue
Railway details on cellphones
J&K offers help to silk industry
No aid on crop diversification
SBP new scheme
BSNL announces 4 plans for WLL
|
|||||||||||
|
Haryana to cut tax on tyres to 8 pc Chandigarh, May 20 Tyre and tube traders’ association had claimed that due to higher rate of sales tax in the state as compared to 8 per cent tax in Punjab, Delhi and Rajasthan, their business volumes had come down by 30-40 per cent. A spokesperson of the state government claimed that the Haryana Excise and Taxation Department had already sent a proposal to the government and a decision in this regard would be announced soon. At present, the state was collecting about Rs 20 crore sales tax annually from tyres and tubes. The traders had claimed that the government would not suffer any loss in revenue collections as it would be able to collect tax on higher trade volumes. Another senior official in the department claimed that it was also concerned about the loss in business volumes of traders. It had already recommended to the state government to take suitable action in this regard. The government had earlier accepted the demand of chemists not to impose sales tax on the MRP of medicines. Regarding the traders’ demand to take back VAT, Mr S.N. Roy, Excise and Taxation Commissioner, Haryana, made it clear that ‘‘the state government has no plans to take back VAT which is a transparent, simple and rational system of tax collection.’’ Traders associations had given a call for Haryana Bandh on June 2, against the imposition of VAT. However, Mr Roy claimed that a majority of industrial and traders associations had supported the government’s move and only a handful of traders were opposing VAT. The officials in the department claimed that the total revenue collections had already crossed Rs 4,884 crore during the financial year ended on March 31, 2003, including Rs 867 crore Central Sales Tax, Rs 407 crore under passenger and goods tax, Rs 245.63 crore as Haryana Local Area Development Tax and about Rs 879 crore as excise duty. With the implementation of VAT, a section of tax evaders would come into tax net. During April, 2003, he said, the tax collections were Rs 496.92 crore against Rs 460.57 crore in the same month last year, registering a growth of 7.89 per cent. |
|
‘Reliance WLL works outside licensed areas’ New Delhi, May 20 According to industry sources, Hutch has written a letter to TRAI and sought its intervention in the matter saying the authority should take necessary steps in the interest of consumers and the cellular industry. The company had sometime ago filmed a Tata WLL phone working outside the licensed area and it was seen that the calls could be made and received. These had been filed with both TRAI and TDSAT, sources said, adding that recently the company also filmed a similar footage for Reliance WLL phones working outside the permitted area known as SDCA. Sources said that the tapes had already been filed with TRAI and are likely to be placed in TDSAT “at an opportune time”. Hutch officials could not be contacted for comments about their approaching TRAI with the films, despite several attempts. Meanwhile in the letter written to TRAI, Hutch said “Both Tatas and Reliance, which have been allowed to provide WLL services in Delhi service area, are illegally providing services in at least five SDCAs simultaneously, which are distributed in three different telecom circles of Delhi, Haryana and UP (West). TRAI officials also refused to comment on the issue.
PTI |
|
Thomson among 21 proposals cleared New Delhi, May 20 Also, another proposal made jointly by iSolutions Inc and the Bank of New York for transfer of shares from resident/overseas corporate bodies to non-residents was given the go-ahead. This procedure envisages investment of Rs 30.63 crore as FDI, according to an official statement issued here. Finance and Company Affairs Minister Jaswant Singh approved these 21 proposals, recommended by the Foreign Investment Promotion Board, it said, adding that the major proposals pertain to introduction of technology for colour televisions, video cassette recorders, audio products, communication products, software development and stock broking. Other proposals cleared by the Finance Minister include one by General Motors Acceptance Corporation of the USA for hiking foreign stake by way of acquisition in the Indian arm. The company provides full service leasing, fleet financing and fleet management services including providing financial accommodations to dealers. The proposal involves FDI inflow worth Rs 9.56 crore. Also, South Asia Ports Ltd of Mauritius plans to increase foreign equity by acquiring shares. The company operates via Nhava Sheva International Container Terminal Ltd in Mumbai and the proposal envisages foreign direct investment of Rs 6.97 crore. Siemens AG of Germany has been allowed to enhance its activity clause and trade in telecom equipment in its Indian subsidiary Siemens Ltd but the plan does not involve any fresh FDI inflow into India.
PTI |
|
Central Bank net at Rs 308 crore Chandigarh, May 20 In the board meeting held today, the Board of Directors adopted the audited report for the financial year 2002-03.The total business of the bank increased to Rs 74,324 crore, registering a growth of 8.62 per cent during that period. The total deposits stood at Rs 51,165 crore, registering a growth of 8.55 per cent, and gross advances increased to Rs 24,851 crore as on March 31, 2003, registering an increase of 8.20 per cent over the previous year. The net non-performing assets (NPAs) has also come down from 7.98 per cent to 6.74 per cent within one year. The business per employee of the bank has increased from Rs 1.48 crore in 2001-02 to Rs 1.68 crore in 2002-03. The management has also claimed that the low cost deposits now constituted 43 per cent of the aggregate deposits. The capital adequacy ratio of the bank reached 10.51 per cent by March 31, 2003 against the Reserve Bank of India’s stipulation of 9 per cent. Syndicate Bank
The Syndicate Bank earned a net profit of Rs 344.13 crore for the year 2002-03, its Chairman and Managing Director Michael Bastian said today. Speaking after launching of syndicate-e-banking service at Catholic Centre Branch here, he said that the bank increased its business to Rs 47,687 crore.
PTI |
|
IDBI Bank okays equity share issue
Mumbai, May 20 The issue would help in augmenting over Rs 150 crore tier-1 capital of the bank and also improving its capital adequacy ratio. IDBI sources said the money thus raised from shareholders would be utilised in building a superior banking franchise on the principles of growth, quality and profitability. The bank came under severe capital strains in the recent past since the decision of raising capital was largely linked to the future capital restructuring of IDBI which is considering reverse merger option of the bank with it and also the amendment of the IDBI Act is presently under consideration of the Parliament.
UNI |
|
Railway details on cellphones Chandigarh, May 20 It will enable the subscribers to enjoy personalised services like matrimonials information, bank account statements, stock market details, city weather reports and other information on their mobiles, said Mr Atanu Mandal, Managing Director & CEO of the company, here today. Addressing a press conference here today, he claimed that BSNL customers would have to send an SMS containing PNR number prefixed by ‘IRPNR’ and they would instantly get information about the status of their ticket. He said the company had entered an agreement with the Railways to provide that service. Similarly, it would also provide news update from Star TV, stock market quotes, horoscope and other services. Initially the service would be available in the northern circles, including Punjab, Haryana, UP East, UP West, Himachal Pradesh, Rajasthan and J&K. It would soon be extended to other circles. The customers would have to pay nominal charges for SMS for normal services and fixed amount for specialised services like medical guidance to heart patients from Escorts, stocks updates for an individual’s shares. Mr Mandal claimed that the company would provide the cellular users with MMS features to send particulars and photographs for matrimony alliances. He said the company’s turnover had already crossed Rs 5 crore and it was now planning to enter the South Asian and European markets to provide service to special clients. At present, the company has an agreement with almost all cellular operators to provide specialised services, including Airtel, Hutch, Orange, Escotel and others. |
|
J&K offers help to silk industry
Srinagar, May 20 The cocoon godowns and hot-air driers will be set up at cost of Rs 5.25 crore in Sunderbani, Udhampur, Mandi, Kathua in the Jammu region, and Pulwama, Srinagar and Baramulla, official sources said today. The state government also proposed to draw up a Rs 70 crore Jhelum conservation project for treating the catchment area of the river from its source at Veerinag in south Kashmir to the Wullar lake in north Kashmir.
PTI |
|
No aid on crop diversification Chandigarh, May 20 The state government had sought Rs 400 crore from the Centre for promoting cultivation of pulses, oilseeds and other crops in place of rice and wheat. Since pulses, oilseeds, etc were considered delicate crops compared to rice and wheat and vulnerable to weather as well as market conditions, the state government had reportedly wanted cash support for farmers who would cultivate the crops. Official sources said the issue of crop diversification and relief figured at a meeting between officials of the Union Agriculture Ministry and the Haryana Agriculture Department held at Haryana Agriculture Director’s office at Panchkula yesterday. As the Central team, led by a joint secretary, expressed difficulty in giving money for crop diversification, Haryana representatives asked them to help by other means, including arranging high-quality seeds for crops such as pulses and oilseeds which would ensure a good yield. Official sources said there was no scheme for giving cash to a state for diversification of crops. On the other hand, the ministry was having a number of schemes for giving infrastructural support to a state for bringing in progressive transformation in the agricultural field. Haryana, official sources said, intended to make high-quality seeds available to farmers at a subsidised rate and at the same time introduce other technological innovations so that pulses, oilseeds etc gradually achieved a degree of stability. Regarding marketing of crops other than rice and wheat, the sources said as per the official assessment, there should not be much problem about marketing of pulses as there would be always demand for them. Oilseeds, such as mustard
seeds, were fetching good price in the current season but since the price of mustard seeds kept fluctuating from season to season, the only recourse available to the state to encourage its cultivation would be to strengthen the infrastructure for mustard seed. A soybean oil manufacturing company of Bhopal had already offered to have an arrangement with the Haryana Government for purchasing soyabean produced in the state. The Haryana Government has recently announced a plan for diversification of crops during the next three years. For the current year, 1 lakh hectares and 4 lakh hectares are proposed to converted during the kharif and
rabi. |
|
SBP new scheme
Chandigarh, May 20 Sangrur: Mr J.R. Devgan, General Manager (Operations), State Bank of Patiala, today inaugurated the new premises of fully computerised branch of the bank at Longowal village. On the occasion, Mr S.C. Madan, AGM, Sangrur region and Mr K.S. Jawandha, Chief Manager of the branch, were also present.
TNS |
bb
US patent Bharti’s plan Connect cards B.M. Munjal |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 123 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Video
