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Thursday,
July 17, 2003, Chandigarh, India  
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New
pension scheme eyewash, Maruti
boosts market share to 55 pc Pak
industry expects better ties with India Ease visa
restrictions for Pak industrialists |
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Consultations
on for unified licence regime New
procedure for PAN Suhel
Seth picks up Birla’s stake in Star
Hughes
Soft profit shoots up 245 pc
Japan
toy maker to launch cat translator
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New pension scheme eyewash, says Forum Chandigarh, July 16 Ms Deba Shree Varma, Senior Divisional Manager, LIC, Chandigarh Division, claims, ‘‘We have collected over Rs 1 crore premium within two days after the launch of the scheme. In fact, the senior citizens are looking for agents to buy the scheme.’’ Reports from other regions revealed that the a large number of senior citizens are buying the product. Mr Janak Kumar, Senior Divisional Manager, LIC, Jalandhar Division, said: ‘‘The senior citizens are investing up to the highest limit of Rs 2.66 lakh. We are sure that the Jalandhar division will garner over Rs 100 crore through the scheme.’’ However, Mr R.K. Kaplash, Vice-President, the Consumer Forum, Chandigarh, felt that the scheme is a mere eyewash. He said, ‘‘the government has deceived the public by putting a condition of the 15-year lock-in period and income tax on the returns from the scheme.’’ He wondered how the senior citizens will benefit from the assured return of 9 per cent when they have to keep their savings for 15 years. Further, the interest rate may increase in the coming years and the government has not made a provision of an increase in return in that case. The pension scheme of the Postal Department is already offering a return of above 8 per cent. After income tax deductions the actual return will not be substantially higher than other schemes. He said, ‘‘if the government really wants to help the middle class it should not have announced any lock-in period, or 10.5 per cent interest for the loans taken from the investment.’’ Another retired Army official said the condition that only one person can invest in the scheme had created a peculiar situation. The government should raise the investment limit up to atleast Rs 5 lakh and allow the couples to invest separately. Ms Varma claimed that the LIC has plans to invest the amount in such areas where it will fetch at least 7 per cent returns. The government will have to subsidise the returns by just 2 per cent. Mr Janak Kumar claimed that all pension schemes are taxable under the Income Tax Act. However, there will be a small segment of the senior citizens who will have to pay the tax after standard deductions.
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Maruti boosts market share to 55 pc
Bangalore, July 16 While the car industry grew by 28 per cent in Q1 of 2003-04, Maruti grew by 37 per cent during the period, he told reporters here. After the car-maker signed an MoU with State Bank of Mysore on offering car financing in Karnataka. Khattar said Maruti had already entered into an alliance on car finance with State Bank of India and State Bank of Patiala and would do so with State Bank of Indore and State Bank of Hyderabad in the next few days. Highlighting the importance of car financing, he said the share of car financing in percentage of sales by the car industry in India had gone up from 50 per cent five years ago to 75 per cent now.
— PTI
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Pak industry expects better ties with India Chandigarh, July 16 Opening of trade between both countries will be mutually beneficial and contribute to the economic development of the region, said Mr Aslam Anjum Chaudhary, Chairman, the Standing Committee on Trade and Cottage Industries (FPCCI), Pakistan, and member of the Pakistani business delegation, currently on visit to India. In an interview to The Tribune, he claimed that Pakistani industrialists are impressed by the technology developments in India, especially in the field of IT, pharmaceutical and engineering sectors. Though some people are scared that India will gain in a big way, the Pakistan industry will also substantially gain from the trade.’’ Later, he said, the Indian companies can have joint ventures with in Pakistan to explore markets in other countries as well. Mr Chaudhary is also the President, Sargodha Chamber of Commerce & Industry and Vice- Chairman of the Faisalabad Dry Port (Trust). He deals with export and import of fruits, tyres, textile, chemicals and engineering goods. He was here to explore the import of Swaraj Tractors. There was an annual demand of over 40,000 tractors in Pakistan. Though Massey Ferguson and Fiat were major brands there but the industry has good scope. At present the imports of engineering and pharmaceutical goods from India are on the negative list, but the industry is hopeful that the present government will allow to import these goods. The government has already allowed the import of tyres and tubes and some other goods from India. Further, by the end of 2004, under WTO conditions both countries will have to open trade, he added. He disclosed in the field of textile, leather and agricultural commodities both countries can start trade. The current trade was pegged at about $2 billion. With the improvement in economic ties, the trade can double immediately. Regarding the threat to the local industry, Mr Chaudhary said Chinese goods were popular in his country and Indian manufacturers will have to compete with them. However, he said, due to lower transport costs, it will be more profitable for Pakistanis to purchase tractors, automobiles and other goods from India. Similarly India can import leather, textile and agricultural products from Pakistan at a much cheaper rate.
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Ease visa restrictions for Pak industrialists Amritsar, July 16 Talking to exclusively to The Tribune reporter today after winding up the 12 day visit Mr Magoon said both the countries must decide to remove all restrictions for a free trade zone which will benefit both the countries and bring prosperity. Mr
Magoon, who had also met the Prime Minister in Delhi, had requested him to take positive steps to build up trade ties and ease visa restrictions so that Pakistan businessmen can come freely without any hurdles. This will usher an era of trust and mutual faith which had been lacking between both the countries due to animosity for the past many decades. He said India can offer a large number of items, including machinery of all kinds, chemicals and dyes, medicines, tea, spices and large quantity of other essential item while Pakistan can offer rock salt, sugar, dry fruits, crude drugs, etc. The delegation is confident that India must offer access to Pakistani goods while providing services and technical know-how and various other items in return. Pakistan is not over awed by India’s development and will welcome all possible concessions for much smaller country like Pakistan. Earlier the delegation visited the
multi-speciality Escort Heart Institute.
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Consultations on for unified licence regime New Delhi, July 16 A unified licensing regime would enable service providers to offer both fixed and mobile services. “This would benefit the service providers and consumers, as there would be efficiency gains through synergies of infrastructure, networks and services,” a TRAI press release said. In India, the basic and cellular mobile services have been licensed separately. However, a certain amount of convergence in the terms and conditions of licence already exist such as both the basic and cellular service providers pay the same annual licence fees, both the service providers have common access to Universal Service Fund and can offer mobility. The TRAI consultations will cover entry fees, extent of mobility, roll out obligation, performance bank guarantee, and spectrum allocation procedure. Along with these, there are some other issues pertaining to
inteconnection, number etc, will also be discussed. Mergers and acquisition have been quite common in the industry over the recent years. However, intra-circle mergers, which are of a horizontal nature, have not been permitted so far. Creation of a unified licence would result in a larger number of players offering the same basket of services, and may lead to the need of allowing intra-circle mergers and acquisitions, the TRAI statement said.
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New procedure for PAN Patiala, July 16 Department Assistant Commissioner Vijay Chopra in a release here said the location of the local PAN Service Centre can be taken from the Income Tax office or UTI office or through the Net by logging onto
www.incometax.india.gov.in. He said application for PAN will be made in new Form 49A which will cost Rs 5. The department release said applicants will have to submit documents to establish their “identity and address”, besides indicating designation and code of their respective Assessing Officers. They will also have to affix a coupon of Rs 60 obtained from the PAN Service Centre on their applications, the release added. The UTI has already set up collection centres at the UTI office in 57, Bank Colony and that similar centres had been set up in Mandi
Gobindgarh, Rajpura, Sangrur, Barnala and Nabha. SANGRUR: The UTI has appointed its agents in Sangrur,
Sunam, Barnala and Nabha, falling under the Sangrur range of the Income Tax Department, for the preparation and allotment of PAN cards. Mr S.S.
Thind, Joint Commissioner of Income tax, Sangrur Range, said here today these agents will supply the application forms to income tax payers at a cost of Rs 5 and receive the filled forms along with a fee of Rs 60 for the allotment of PAN cards. The PAN cards will be issued by the UTI.
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Suhel Seth picks up Birla’s stake
in Star
New Delhi, July 16 Rushing the clarifications sought by the government, Star group officials confirmed the change in equity partnership in the news venture but asserted that it still has 74 per cent resident Indian stakeholders, a condition stipulated by the Centre for the news channels to get the unlinking facility. Exuding confidence of getting over the crisis that marred the Star venture, group Chief Executive Peter Mukherjea told PTI from Mumbai “I am optimistic”. While Mukherjea confirmed that Birla has informed about his decision to withdraw from Star’s news venture, Equus Advertising chief Suhel Seth told PTI that he was picking up Kumar Mangalam Birla’s 25 per cent stake in Star’s Media Content and Communication Services.
— PTI
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