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A-I chief favours merger with Indian Airlines
Kolkata, September 25
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Notice to 9 firms on spurious pesticides
India second source country for Canada
Etihad Airways launches service to India
When mid-air collision was averted Flying corridors have been widened to reduce the chance of mid-air collision. But, sadly, coordination between civil and air force air traffic controllers continues to be poor. As a result, there was a possibility of the mid-air collision over Pune airspace recently among three aircraft.
STT implementation date not fixed yet
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A-I chief favours merger with Indian Airlines
Kolkata, September 25 Speaking to reporters after the addressing the 53rd annual convention of the Travel Agents Association of India (TAAI) here, Mr Thulasidas said, “there is a need for a merger.” When asked whether this would actually take place, he said it was a matter of policy decision to be taken by the government. The Air-India chief said in most cases, a strong international carrier was supported by an equally capable domestic carrier. He said the option was either to merge Indian Airlines with Air India or to transform the domestic carrier as a subsidiary of AI. The Air-India chief said before pursuing the open skies policy further, the government should strengthen the role of the national carrier to protect the economic interests of the country. Saying that the A-I was not against opening up or liberalisation per se, Mr Thulasidas said time was ripe to ponder on why the country’s carrier had not been able to play the role of a strong airlines in the international arena. Speaking of bilateral ties with various countries, the Air-India chief said of the 100 such pacts, more than 50 per cent were non-functional. He said AI also had entered into a win-win deal with Lufthansa. Citing the prime reason for why the A-I had not being able to emerge as a strong carrier, he said that the lack of decision to augment fleet and the controversial issue of privatisation had come in the way of the carrier from making its mark in the global arena. He also said there was also an immediate need for developing strong hubs in India, failing which foreign airlines of other countries would take the fullest advantage. Mr Thulasidas said India’s advantage lay in a large home market with a presence of a number of international airports. He also said that A-I would seek the government’s permission to buy aircraft to strengthen its fleet and said earlier a proposal was placed before the government to buy 28 aircraft at a cost of Rs 10,000 crore. However, he said the carrier now planned to increase the number, for which it was already conducting a study. The study is likely to be completed by October or November.
— PTI
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AAI strike ‘called off’
Mumbai:
The proposed one-day strike by Airport Authority of India (AAI) employees’ unions on September 27 against the privatisation of Mumbai and Delhi airports has been called off, Civil Aviation Minister Praful Patel announced here today. A committee comprising ministry officials, AAI management and unions have been formed to look into an alternative proposal, which would submit its report within a month, he said. — PTI
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Sebi delisting norms affect LSE Ludhiana, September 25 “Though the new delisting guidelines by Sebi affected the exchange adversely, we are hopeful of revival of the stock exchange and are making efforts in the direction,” Mr H.S. Sidhu, executive director, LSE, told TNS. He said attempts were on to form a common trading platform with the BSE and other stock exchanges through the proposed Indonext market. “The plan is to get into trading along with other stock exchanges,” he said.The LSE currently has only 437 listed companies whereas 243 companies were suspended. “Formation of LSE Securities Limited and LSE Commodities Trading Services Ltd. are attempts to earn revenues,” Mr Sidhu said. Meanwhile, the first Annual General Meeting of the LSE Commodities Trading Services Ltd and the fifth AGM of the LSE Securities Limited was also conducted today.
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Notice to 9 firms on spurious pesticides Chandigarh, September 25 Punjab, especially its cotton belt in Malwa areas, is the biggest market for the sale of pesticides in the country. According to an estimate, pesticides worth Rs 800 crore are sold in that belt alone every year. And the sale of substandard pesticides is a big business in that belt. Farmers have been raising a hue and cry for the past several years that various companies are making a fast buck by selling inferior pesticides in that area and cheating farmers in the process. Talking to The Tribune in this connection, Mr Sukhjinder Singh Randhawa, Parliamentary Secretary for Agriculture and Cooperation Department, said that on his direction a large number of samples of pesticides were taken in the cotton belt by a team of top officers of the state Agriculture Department. “I had told the department to take steps to address the grievance of farmers regarding the sale of poor quality pesticides,” said Mr Randhawa. As many as 55 samples were taken. Of these, 47 were sent to various laboratories for test where 10 were found below standard, he added. Results of 46 samples had been made available by the labs to the department. Samples were taken from certain shops in Barnala Goniana, Abohar, Tappa, Sangrur, Malout, Muktsar, Maur and Rama Mandi. He said the companies involved in selling misbranded pesticides would be blacklisted and criminal cases would be registered against them. He said officers concerned had been told to take a necessary action in this connection. In future, sampling of pesticides would be done on a regular basis to eliminate the menace of spurious pesticides from the state.
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India second source country for Canada Chandigarh, September 25 Canada is considered to be El Dorado for the prospective immigrants. This is because Canada lies in the North American continent and is contiguous to the US. Canadian economy is very strong with hardly any fiscal deficit, low inflation rates and high employment rate. All provinces increased their intake of new immigrants in the first quarter. The number of immigrants to Canada’s most popular immigrant destination — Ontario and British Columbia — increased at less than the national rate of 20 per cent.
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Etihad Airways launches service to India
Abu Dhabi, September 25 The airlines now operates to Mumbai seven times a week and would soon announce flights to New Delhi and Karachi, a statement said. Etihad announced earlier this month that it was to buy five Boeing 777-300 ER aircraft for $ 1.09 billion to be delivered next year. The airlines, which is targeting 16 destinations by the end of the year, already flies to London, Bangkok, Amman, Beirut, Colombo and Damascus, among other routes. Launched last November, it currently operates two wide-bodied Airbus A330-200 passenger jets as well as an A340-200.
— AFP
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by K.R. Wadhwaney
When mid-air collision was averted
Flying corridors have been widened to reduce the chance of mid-air collision. But, sadly, coordination between civil and air force air traffic controllers continues to be poor. As a result, there was a possibility of the mid-air collision over Pune airspace recently among three aircraft. Air India Air-bus-310 flight was cleared to climb to 29,000 feet enroute Hyderabad from Mumbai. The Qatar Airways Air-bus-320 was cruising at 32,000 feet for Doha from Hyderabad, while Indian Airlines flight Air-bus-320 from Hyderabad to Mumbai was flying at 30,000 feet. The Pune air traffic controller was handed over all three aircraft by the Bombay ATC well in time. But commanders of these three aircraft were not given proper signals for separation because of lack of coordination between the civil, and Air Force ATCs. The ‘human fallibility factor’ was very much in evidence. But luckily sophisticated gadgets — avionics and the TCAs (Traffic Collision Avoidance System) — worked in unison and threw SOS messages to three commanders, who immediately took remedial measures to get on to different levels. The aviation experts are of the firm view that there is an urgent need for greater coordination between the civil and Air Force ATCs to reduce chances of mid-air clash.
Double standards
When a US lady passenger was vigorously frisked at Delhi, the immigration inspectoress was suspended. The American Embassy also lodged a protest. But when important passengers like, George Fernandes and Pakistan’s former Test star Imran Khan, were subjected to harsh treatment at the US airport, no one batted an eyelid. Is this not a clear case of ‘double standard’? Post 9/11 the US has initiated new security measures at airports where passengers, particularly people from the Indian sub-continent, are treated roughly. The passengers are called upon to remove their shoes, over-coats and sweaters. The passengers are not only vigorously but complex questions are posed to them. Why does not Indian Government react to the harsh treatment meted out to Indian passengers?
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by A.N. Shanbhag
STT implementation date not fixed yet
Q: Is it true that the new law regarding STT is to be implemented from October 1? Or is it already in operation? The exemptions on the LTCG and 10 per cent on the STCG are applicable to equity-oriented MFs? Is the term equity-oriented MF defined? What the provisions concerning set-off of capital losses vs application of the STT under the new provisions? A: The law regarding the Securities Transaction Tax (STT) has been passed by Parliament, however, the same would be applicable from the date of announcement in the official gazette. This date hasn’t been fixed yet, however it is expected soon. An equity-oriented MF is defined as one where the investible funds are invested by the way of equity shares in domestic companies to the extent of more than 50 per cent of the total proceeds of such fund. After the STT comes into force, the long-term gains are exempt. Hence, the long-term losses if any would not be eligible for set-off. However, the short-term losses may be set-off against long-term gains (wherever taxable) or short-term gains. Following the previous statement, the long-term gains apart from those earned on equity or equity MFs etc would continue to be taxable as before. Hence, the long-term losses from such assets are eligible for set-off.
Rebate on interest
Q: I am presently employed with a bank. I have availed a housing loan and am claiming rebate on the housing loan instalment paid by me and also on the interest. This loan is taken on the Staff Housing Loan Scheme (soft loan) on simple interest rate. The total loan is to be repaid in 300 instalments (First 200 towards principal and the next 100 towards interest). The interest charged on the loan is not debited to the loan account, but is kept in a separate account without compounding. Keeping this in view, I have few queries as under. Whether interest accrued but not paid is eligible for tax rebates? After giving the rebate for interest on housing loan, I am charged for the differential amount as a perquisite tax (notional income). Whether I can claim a refund by showing the tax paid on this notional - perquisite income as notional interest paid? If yes or no, can you explain the logic or principle behind the same? — Milind M. Bijoor A:
The phrase used for the availability of deduction is interest payable and not interest paid. Therefore, if the finance company collects the loan first and interest later, the borrower will be able to claim the rebate u/s 88 on a larger amount and also claim deduction of interest u/s 24 on accrual basis. The interest payment can wait until the principal amount is collected. Some employers, especially the PSUs and banks, follow this practice. Needless to say the deduction obtained on the basis of accrual cannot be claimed again when the interest is actually paid. As far as your second query goes, I wish I knew the answer. I am quoting a paragraph from my book as under: “From 1.4.01 onwards, the interest amount was computed at 10 per cent p.a., in respect of loans for house and conveyance and at 13 per cent p.a., for other loans. These rates became unrealistic with the passage of time. To bring the rates in line with the market-determined rates, the SBI rates will be used from 1.4.04 onwards. Now comes the most important aspect. Suppose an interest-free loan is taken for the purchase of a housing property. Will the deemed interest attract the provisions of Sec 24(2) according to which interest up to Rs 1.5 lakh is deductible? Clarification from CBDT is necessary. Please note that it is the amount of deemed interest (additional interest which is added to income as a perk) which should be considered as an interest payable u/s 24(2) (and not the tax paid on the same).
Tax liability
Q: Does switching from the growth option to the dividend option in the same mutual fund scheme entail capital gains tax liability? — Anand A A: Yes, it does. However, from the date of announcement in the official gazette, exemption from long-term gains tax can be claimed. However, you would have to pay the STT of 0.15 per cent.
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