 |
Wednesday,
June 18, 2003, Chandigarh, India  
|
LIC defers
pension scheme indefinitely Experts
for revision of insurance laws Doctors to
prescribe generic medicines TCS on
scrap deferred |
|
|||||||||||||||||||||||||||||
MUL to
get listed on BSE, NSE China to
chop half million military jobs Batra,
Nagarajan to be new EDs in SEBI
Monsanto
plans buyback at 575
|
|
LIC defers pension
scheme indefinitely Chandigarh, June 17 The Finance Minister had announced the scheme during his maiden Budget to provide relief to the senior citizens at a time when the interest rate had come down from over 13 per cent in 1999 to just 6 per cent. A senior official in the Zonal Office of LIC at Delhi disclosed that as per the scheme, the Varishtha Pension Bima Yojana would provide assured returns of 9 per cent rate of interest annually. The Centre government would subsidise the difference between the earnings on the collected funds and the actual payment to the investors. The insiders claimed that no reason has been given by the LIC for the deferment of the scheme though it had already issued advertisements in the media today regarding the launch of the scheme. However, they said, it has been postponed on the instructions of the Ministry of Finance till ‘further orders.’ The scheme has reportedly been deferred for a few days only. In fact, the government subsidised scheme, they said, that was likely to benefit millions of senior citizens above 55 years of age, would be launched on a large scale. Now the Prime Minister, Mr Atal Bihari Vajpayee is expected to inaugurate the scheme soon. The official claimed that the Indian citizens between 55 and 79 years of age would be eligible for the scheme. It would enable them to get a minimum pension of Rs 250 per month and maximum of Rs 2000 per month. For this, they would have to make a single premium payment between Rs 33,335 ( minimum) and up to the maximum limit of Rs 2,77,490. An investment of Rs 2 lakh, he said, would fetch a pension of Rs 18,000 yearly, or Rs 8,806 half-yearly or Rs 4,356 quarterly or Rs 1442 monthly. The scheme is likely to be big hit after the withdrawal of most of the assured return scheme including the US 64. The investment of Rs 2.77 lakh in these Special Bond would offer about Rs 2,000 monthly return as compared to Rs 1385 monthly return available through 6 per cent interest rate of the banks. He made it clear that only one person from a family could apply. The family would include spouse, minor children and
dependents. He also added that the premium would have to be paid out of savings of the member and should be paid by
cheque.
|
|
Experts for revision of insurance laws
New Delhi, June 17 The statement said the Law Commission had issued a consultation paper on the revision of the Insurance Act, 1938. The exercise to amend the 65-year-old law was last undertaken four years ago at the time of the enactment of the Insurance Regulatory Development Authority Act, 1999 (IRDA Act). The effort is in keeping with the policy changes permitting private insurance companies in life and non-life sectors. The paper has suggested the following measures: — Merging the provisions of the IRDA Act with the Insurance Act to avoid the multiplicity of legislations; — Deleting redundant and transitory provisions in the Insurance Act, 1938; — Reflecting the changed policy of permitting private insurance companies and strengthening the regulatory mechanism; — Providing for stringent norms for the maintenance of ‘solvency margin’ and investments by public and private insurance companies; — Providing for a full-fledged grievance redressal mechanism; — Constituting as part of the mechanism Grievance Redressal Authorities (GRAs) comprising a judicial and two technical members to deal with policyholders’ complaints or claims against insurers; — Appointment of adjudicating officers by the IRDA to set penalties on defaulting insurers, insurance intermediaries and insurance agents; —Providing for an appeal against the decisions of GRAs, IRDA and adjudicating officers to an Insurance Appellate Tribunal (IAT) comprising a sitting or retired Supreme Court judge or Chief Justice of a high court as presiding officer and two other members experienced in insurance matters.
UNI
|
|
Doctors to prescribe generic medicines Panchkula, June 17
Well placed sources in the Health Department inform that the Haryana Chemist Association will submit a specified price list of almost 200 generic medicines/ medical items to the Commissioner, Health, by the end of this week. This price list, after being approved by the state government, will be applicable all over the state and chemists will not be able to sell these medicines at rates higher than those specified in the list. It may be noted that the state health department had earlier ordered doctors in all government medical colleges, hospitals, primary health centres, community health centres, dispensaries, health sub centres, urban health posts, post
martum centres and Tuberculosis centres to prescribe only the generic names of medicines, and not branded medicines. For example, doctors will now have to prescribe the name of salt (Acetyl Salicyclic Acid), instead of a brand name (Aspirin).
This order came in wake of complaints of a nexus between the doctors and pharmaceutical companies received by the state health department. This nexus resulted in doctors prescribing particular brands of medicines, which got them commission from the pharmaceutical companies, but proved to be heavy on the patients' pockets. At the same time, in order to ensure that a similar nexus between the chemists and pharmaceutical companies was not formed, by allowing chemists sole discretion of selling a particular brand of generic medicine prescribed by a government doctor, it was decided to bring the prices of all these generic medicines at par. Thus, the state government and All-India Association of Chemists and Druggists had decided that generic medicines being sold by chemists in the state would be made available at reasonable price and the retail price would be inclusive of taxes and substantially lower than the maximum retail price printed on them. The Commissioner, Health, Mr Raj Kumar, when contacted, said, " The actual cost of all medicines is much less than the Maximum Retail Price (MRP) printed on these medicines. Sometimes, the margin allowed to chemists (retailers) was sometimes as much as 1,000 per cent. The department decided to intervene with the chemists so as that they bring down their profit margins and prices of generic medicines of different brands were brought at par. This would bring down the cost of medicines for almost one crore outdoor and indoor patients visiting government hospitals and health centres in the state each year." Officials in State Drug Control office informed TNS that they have prepared a list of almost 50 generic medicines that are being sold at anything between 30 per cent to 100 per cent of the wholesale rates." Since only sealing price of medicines is fixed under the Drug Price Control Order, the companies can fix its own MRP, though MRP should be less than sealing price in case of scheduled drugs. This is the reason for the same generic names having different MRP's," explained the Deputy State Drug
Controller, Mr S.K. Dua. However, the chemists can sell the branded medicines and propaganda drugs ( which include new medical formulae for diseases like cancer, AIDS, viral infections etc., and are protected under Drug and Cosmetics Act ) at the MRP printed on these. However, government doctors have been asked not to promote propaganda drugs and warned of action in case of such promotions.
|
|
TCS on scrap deferred Ludhiana, June 17 Disclosing this here today, Mr Ashok Juneja, member, Regional Direct Tax Advisory Committee, Ministry of Finance, said there was a difference of opinion among tax experts whether the tax collection at source on scrap could be collected at every stage of transaction by dealers or whether it could be made applicable for the manufacturers only. The decision has drawn mixed reaction from the industry. The president of the Federation of Punjab Small Industries Associations, Mr V.P. Chopra, observed that keeping in view the ground realities, the imposition of the tax should be entirely rolled back. He said it was unfortunate that the government imposed taxes without taking into confidence the sectors concerned. The Federation of Tiny and Small Industries of India has, however, hailed the deferring of the decision. In a Joint statement, leaders of the federation, Mr Joginder Kumar and others, said the decision was “ill conceived. He said the tax collection at source on scrap was unjustified and uncalled for since it was not possible to collect TCS on scrap at different stages. The Apex Chamber of Commerce and Industry president, Mr P. D. Sharma, said “It should be scrapped and not just postponed”.
|
|
MUL to get listed on BSE, NSE
New Delhi, June 17 “The listing is likely to be done at BSE and NSE by the first week of July. We hope to do it within 15 days of finalisation of share price for IPO,” officials associated with the public offer of MUL for divestment of 25 per cent government equity said here. On condition of anonymity the officials said the government could finalise the share price within two-three days of the closing of IPO on June 19. As such the response to the issue had been beyond expectation for the government and Suzuki Motor Corporation, the other partner in the joint venture car company, sources said adding that the issue might end up with 6-8 times oversubscription going by the present trend. As on yesterday, the issue was oversubscribed by over four times with bids being received for over 29 crore share as against an offering of 7.2 crore shares excluding the right to retain 10 per cent of the oversubscribed shares. The green-shoe option enables MUL to retain 72 lakh shares, which could take the total size of the offer to 7.9 crore shares.
PTI
|
|
China to chop half million military jobs China aims to cut up to half a million people from the armed forces over the next two years as it reinvigorates a decade-old plan to make its bloated military more efficient, analysts have said. The plan marks a significant departure from the stop-and-go modernisation drive started in the early 1990s as it aims beyond merely updating hardware and shoots to revamp the antiquated structure of two million plus armed forces, they said. The Communist leadership renewed its commitment to streamlining the officer-heavy People’s Liberation Army, the world’s biggest military force, at the Party Congress last November as it promoted a younger batch of military leaders. The push won further support at the March meeting of the National People’s Congress, China’s parliament. And the speedy US military victory in Iraq strengthened resolve as a reminder of how much room there was for improvement in China’s forces. Scores of military schools, academies, institutes and hospitals would be pushed into civilian control. The plan would also create a more vertical command structure and probably see the number of military regions reduced from the current seven. According to Shi Yinhong, a professor of international relations at People’s University, the change is sorely needed. “Our military structure is basically what Mao Zedong used in his war with Chiang Kai-shek 70 years ago,” he said. The cuts would be the biggest since 1997, when the party reduced the PLA by an initial 500,000. But if the past is an indicator, few of those axed will become unemployed. “They just change uniforms, basically,” said Robert Karniol, Asia-Pacific editor of Jane’s Defence Weekly. Many would be shunted into the People’s Armed Police which, among other things, act as riot police and guard government compounds and foreign embassies. The military would still be designed to reclaim Taiwan, or at least be enough of a menace to prevent it declaring independence. It would also help China protect economic interests in surrounding oceans and border regions. However, significant cuts in the officer corps would be needed to make the armed forces run smoothly, and that might create discontent. “You can imagine the protests, with the number of cadres who will no longer have a job,” said an Asian diplomat.
Reuters
|
|
Batra, Nagarajan to be new EDs
in SEBI
New Delhi, June 17 Batra is currently Managing Director and Group Executive in charge of corporate banking in State Bank of India, while Nagarajan retired from IDBI some months ago as Deputy Managing Director. Official sources said the names have been finalised by the Finance Ministry and would be notified shortly.
PTI
|
bb
IT returns Morepen Labs Spice Telecom Tata Engg Kribhco |
 |
| 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 | |
