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Corporate sector contributes its mite
Finance Minister P Chidambaram listens to the tsunami-hit people in Chennai on Tuesday. — PTI
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Opening bank account being made difficult
Mallya alleges discrimination, writes to Patel on new airlines’ issue
Montek endorses lower import duties demand
Ludhiana allowed to import scrap
IOC to give Gail 10 pc stake in Iran
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A kangri (hot pot) seller looks for customers in Srinagar on Tuesday as the Kashmir Traders Federation gave a strike call against power curtailment in the valley. — PTI photo
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Corporate sector contributes its mite
Financial aid and tidal waves’ impact
New Delhi/Mumbai, December 28 This is the largest amount proposed by Hudco so far for disaster mitigation. The loan scheme has been floated with immediate effect for repairs, retrofitting and reconstruction of new houses for the economically weaker sections at a subsidised rate of 6.5 per cent as against the 7.5 per cent presently applicable for EWS schemes, Minister of Urban Employment and Poverty Alleviation Kumari Selja announced here today. “I have written to the Chief Ministers of the affected states as also the Lt Governor of the Andaman & Nicobar Islands informing them about the loan scheme,” Ms Selja said. The Minister said she has also directed Hudco that efforts should be made to use locally available materials and technical know-how. The occasion was Hudco’s handing over to the Ministry a cheque of Rs 66.49 crore as dividend for the year 2003-04 in which the organisation earned a profit of Rs 332.44 crore as against Rs 266.54 crore last year. Hudco has also contributed Rs 1 crore to the Prime Minister’s Relief Fund and earmarked an additional Rs 1 crore for construction of relief shelters with disaster resistant technologies. Former RBI Governor and Rajya Sabha MP Bimal Jalan has decided to allocate Rs 2 crore available to him under the MPLAD scheme for rehabilitation and reconstruction of the areas badly hit by the tsunami. Maruti Udyog Limited, too, announced a Rs 1 crore contribution to the PM relief fund for helping the tsunami victims while Canara Bank has contributed Rs 2 crore.
SBI branches
Three branches of the State Bank of India (SBI) in Nicobar Island have been severely damaged due to the tsunami disaster, which struck the union territory of Andaman and Nicobar (A&N) on December 26. SBI has over 30 branches in the Union Territory of A&N out of which three were flooded, damaging premises and computer systems, bank’s chairman A K Purwar told reporters after inaugurating State Bank of Indore’s commercial branch in Mumbai today. Asked about the special assistance package for victims of tsunami disaster in various parts of country, Mr Purwar said bank could reschedule loans, grant fresh loans to needy and also formulate special assistance package. SBI group, including associate banks, would contribute about Rs 10 crore to the Prime Minister’s Relief Fund as a way of assistance to disaster-hit areas, he added.
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Opening bank account being made difficult
Chandigarh, December 28 Virtually donning the role of an investigating agency, the premier banking institution in the country, has now delegated the powers of ‘policing’ to its subsidiaries. Nationalised banks, which were so far focussing on adding to their numbers to meet the stiff competition being posed by the private banks have now been directed to know their customer better by asking a host of questions and getting various forms filled at the time of opening a bank account. Basics like proper introduction, photograph and PAN number would not be a given a go-by even if an employee or official is known to you. Sources in the banking sector reveal that RBI has decided to tighten its noose on the existing and new account holders of various trusts, NGO’s, non-resident Indians (NRIs), partnership companies and other big depositors. Their credentials would be thoroughly verified before the account is opened. “These stringent rules will help check the high incidence of frauds being committed by cheats with the banks. The lapses in the opening of a bank account result in big frauds in some cases at later stages,” says Mr P.C Sood, Senior Manager, (Inspection) Punjab and Sind Bank. Under the new revised rules, which will come into force from March 2005, detailed guidelines have been specified to ‘Know Your Customer’ better, particularly before opening an account. Banks would also keep a vigilant eye on the ongoing transactions in the existing accounts also, rules stipulate. There will be a strict vigil on the suspicious accounts in a bank, where suddenly huge amounts of money are deposited or withdrawn in one go, said an official from State Bank of India. Banks have also been directed to classify their customers, agencies and organisations into various categories according to the risk factor involved and then carry out their investigations at the time of introduction to the bank accordingly. They would also be required to keep a liaison with the police and investigating agencies so that a cheat does not succeed in getting a fake account opened. Since frauds are also being committed through electronic clearances, banks would also have to ensure proper scrutiny of the customer before issuing ATM, credit and debit cards.
Hike margins, banks told
Mumbai: The Reserve Bank of India today raised margins to 50 per cent from 40 per cent on advances against shares, public issues and guarantees and minimum cash requirements to guard banks from excessive speculation in capital market following the spurt in Sensex in recent weeks. Banks should raise the minimum cash margins to 25 per cent from the current requirement of 20 per cent, RBI said in a release here. A senior public sector bank official said RBI’s decision to hike margin is a step to insulate banking entities from adverse fallout of any fall in the stock market. This decision represents RBI’s “soft voice of concern” on any excessive speculation in market, the official said.
— PTI
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Mallya alleges discrimination, writes to Patel
New Delhi, December 28 In the letter, which has also been sent to Civil Aviation Minister Praful Patel and Tourism Minister Renuka Choudhary, Dr
Mallya, who is also a Member of Parliament, has sought to point out the discriminatory rules being applied by the Civil Aviation Ministry in allowing some private foreign airlines with less experience to fly into India while not allowing private domestic airlines with less experience to fly abroad. The letter comes in the wake of the Civil Aviation Ministry proposal to allow private domestic airlines to fly abroad, except the Gulf countries, which is expected to be taken up by the Union Cabinet at its proposed meeting tomorrow. Although official sources said the Cabinet meeting may be put off in the wake of the tsunami tragedy, which has hit the country but the proposal, had initially been slated to be taken up on December 29. However, the reason why Dr Mallya has come in conflict with the Civil Aviation Ministry is its decision to allow only those domestic airlines to fly abroad which have at least continuous five years experience in operating local flights and have a fleet of 20 aircraft. The decision virtually deals a blow to the plans of Air Deccan and Kingfisher Air to fly to foreign destinations in the near future. Sources at the Civil Aviation ministry said Dr Mallya has pointed out that the ministry on the other hand had allowed a less-experienced Gulf-based airlines to start operating flights into India. The airlines, with just one year in operation, recently started flying from destinations in India. Incidentally, Kingfisher Air, which would start operations from April 2005 with the initial 2000 seats daily, is looking at increasing the capacity to 8000 seats daily by December 2005 and has also signed a Rs 8,100 crore deal with the Airbus Industrie for the supply of 30 A-320 aircrafts. The move from the Civil Aviation ministry leaves only Jet Airways and Air Sahara, among the existing private carriers, fit to operate on international routes. Until now, domestic airlines, with a minimum experience of three years, could fly on international routes. According to sources, the government took such a step, as it wanted only airlines with proven credentials to operate on international routes. The government will also consider the plans of Air-India and Indian Airlines before allowing private airlines on international routes. Flights to Gulf countries will also be reserved for the state-run carriers and their subsidiaries for the next three years. They get most of their operational revenue and profit on international routes from these routes.
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Montek endorses lower import duties demand
New Delhi, December 28 “The general rate of duty must come down. While we must go faster in some areas, there is need for a general transition to lower duties,” Dr Ahluwalia said participating in a Special Interactive Session with businessmen. The session was organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) as part of its 77th Annual General Meeting (AGM). Dr Ahluwalia said the Planning Commission will bring out the mid-term appraisal of the economy by January next year that will also address the issues of public-private sector partnership besides others, he said. He admitted India still has one of the highest rates of duties and while it has reduced customs tariffs over the past few years, other countries have followed suit.
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Ludhiana allowed to import scrap
Ludhiana, December 28 A notice by the DGFT states that import of metallic waste and scrap in unshredded, compressed and loose form shall be permitted through various ports, including ICD (inland container depot) Ludhiana. The decision would provide relief to industry that was suffering due to shortage of scrap. A ban on import of scrap at the ICD here was imposed after explosives were found from the imported scrap, resulting in its acute shortage and consequently increased prices. The move would not merely benefit furnaces but steel consuming industry in the state as well, which had been suffering in the recent past due to the ban. With furnaces in Ludhiana meeting majority of the demand of the steel consuming industry, permission to import scrap would revive the industry that was suffering major losses. He said the nearly 50 such furnaces in Ludhiana, 40 to 45 in Mandi Gobindgarh and a similar number at other places in the state stand to benefit from this decision. Scarcity of scrap had also resulted in an increase in price of ingots by around Rs 1,000 per tonne. Exclusion of the Ludhiana port had drawn flak from all corners as the port also contained freight station of the Punjab Warehousing Corporation. It also has several inland container depots of private sipping companies. Ludhiana reportedly used to receive 4,000-5,000 containers of scrap every month and its exclusion had also hit functioning shipping companies. The dry port supplied scrap to Mandi Gobindgarh, HP and Jammu and Kashmir. Other ports where such scrap and waste import has been permitted are Chennai, Cochin, Ennore, JNPT, Kandla, Moriugad, Mumbai, Kolkata, New Mangalore, Paradip, Tutirocin, Vishakhapatnam, ICD Tughlakabad, Pipavin, Mundra and ICD Dadri, Greater Noida.
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IOC to give Gail 10 pc stake in Iran
New Delhi, December 28 IOC, along with Iranian firm Petropars, will develop one of the 28 phases of South Pars gas field, convert gas into liquid form at the liquefaction plant and ship liquefied natural gas to India and other countries. “Gail will be given 10 per cent stake in the liquefaction plant in lieu of its offtake of one-third of 9 million tonnes of LNG planned to be produced from 2008-09,” a top IOC official said. IOC will hold 40 per cent stake in the development of the gas field with the remaining being with operator Petropars. In the liquefication plant, IOC would have 60 per cent and Petropars the remaining 40 per cent stake. Of IOC’s 60 per cent stake, Gail is being given 10 per cent. This follows Gail chief Proshanto Banerjee lodging a protest with the Ministry of Petroleum over IOC going solo in the project.
ONGC
Oil and Natural Gas Corp (ONGC) has planned to start exploratory drilling at the off-shore block in Sunderbands area in South 24 Paraganas district of West Bengal by March, 2005 at a total cost of about Rs 500 crore. “We will start exploratory drilling at four wells during early March, 2005. The total cost earmarked for survey and drilling work is about Rs 500 crore,” A K Biswas, general manager (basin manager, CBM-BPM), told newspersons here today.
— PTI
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Traders observe strike in valley
Srinagar, December 28 Shops and business establishments remained closed and traffic on most routes was off the road. The traders held a procession and after marching through different streets dispersed near the Divisional Commissioner’s office peacefully. The traders raised slogans against the state government for its failure to provide uninterrupted power supply to the consumers of the valley. The strike called was also supported by the Federation Chamber of Small Scale, which took strong note of the current power crisis in the valley. The president of the federation said the successive state governments have failed to establish a strong indigenous power base thereby making the state dependent on imported power. The president said that unreliable power supply has inflicted heavy losses on the local business adding that 90 per cent of the total outstanding power tariff is due from various security agencies operating in the state.
— UNI
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New Delhi/Mumbai, December 28
