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Finance Ministry, RBI to ensure benign interest rates
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India signs six accords with Venezuela
 Mumbai, March 5 Although claimed to be 3.3 million years old, the “Odyssey” has not lost even a wee bit of sparkle as it dazzled aficionados who thronged to catch a glimpse of the diamond at Hilton Towers in south Mumbai last evening. It was the perfect setting for the world’s oldest diamond to make an appearance in an exquisite ambience.
DoT moves SC in Reliance Info case
States vow to reduce ST on ATF
Govt support eludes A-I, IA
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Finance Ministry, RBI to ensure benign interest rates
New Delhi, March 5 “I have requested and promised the RBI board to work with it to ensure price stability. I also requested the RBI to ensure that interest rates remain benign,” Mr Chidambaram said after the customary post-budget meeting with the Board of the Reserve Bank of India (RBI) here. Describing the meeting with the RBI Board as “productive,” the Finance Minister said that it would be the endeavour of the Government and the RBI to ensure the current favourable interest rate continue so that banks can lend at competitive rates to both industry and agriculture. In a separate meeting organised by Associated Chambers of Commerce and Industry of India (Assocham), Mr Chidambaram said the government would introduce at least two new Bills in the Parliament, beginning this session itself for reforming the administration of both direct and indirect taxes, whose relevance will continue for 5 or even more years. A Bill for a brand new Income-tax Act would by ready by December or January end, which will be simple and understandable by a common man and contain minimum numbers of clauses and sections, he said. However, a separate bill on non-revenue tax administration issues would also be introduced in the current session itself which will aim at removing maze of unnecessary provisions that act as hindrance to the taxpayers and business, Mr Chidambaram said that this would include provisions on mergers & acquisitions. The Special Purpose Vehicle (SPV) for infrastructure projects as announced in Budget would kick-off in 4 to 6 weeks with viability gap funding of Rs 1,500 crore, besides Rs 10,000 crore, would be raised by banks and financial institutions as landable resources. He said the government has already identified projects in road, ports, airports and tourism to be funded through SPV route. Mr Chidambaram invited industry to come forward with viable projects in infrastructure sectors, which can be funded through SPV. He identified textile sector where clusters would be encouraged. Expressing hope that the Vat would be implemented on schedule from April 1, 2005, Finance Minister said the new tax regime would be tax enhanced rather than tax diminishing. Mr Chidambaram called upon the industry to take up issues of concern that have arisen out of Budget proposals for 2005-06 in sectors such as textiles, leather, banking, engineering, manufacturing and gems and jewellery with the authorities in the government. If issues are found to be genuine, the concerns will be addressed with priority.
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India signs six accords with Venezuela
New Delhi, March 5 The Venezuelan side expressed support to India’s candidature for permanent membership of the UN Security Council, a joint statement issued after wide-ranging talks between Prime Minister Manmohan Singh and visiting Venezuelan President Hugo Chavez Frias, said. The joint statement also said that the two sides also agreed to work for urgent UN reforms in view of “new realities” of the international situation. Opening a new chapter in bilateral ties, the two sides signed, in the presence of the two leaders, six accords for cooperation in various fields, including hydrocarbon sector, biotechnology, space science and technology and establishment of a joint commission. A Memorandum of Understanding (MoU) was signed between ONGC Videsh Ltd. and the Venezuelan State Petroleum Company, PVDSA and another MoU inked between Ircon and the Venezuelan Railway Authority, IAFE. The two sides exchanged views on regional and international issues of common interest and agreed to continue to work together in fora such as NAM, G-15, G-77, UN and WTO, the statement said. “They underlined the need for revitalisation of NAM so that it emerges as a major pole in a multi-polar world, by becoming a collective, pragmatic and serious voice of the South,” it said. The two sides reiterated the centrality of the UN Charter and the principles of international law in the preservation of international peace and security. The two countries agreed on the “urgent need for reforms of the UN and expansion of the Security Council to reflect the new realities of the international situation”, the statement said. India agreed to pass on to the Latin American country its developmental experience and appropriate technologies with Venezuela in various fields including science and technology, healthcare, low cost housing, agriculture, information technology and poverty alleviation. It was agreed that the first meeting of the joint commission would be held as early as possible to identify the areas of cooperation in various sectors. On a four-day state visit, the first-ever by a Venezuelan President, Mr Chavez met President A P J Abdul Kalam, External Affairs Minister K Natwar Singh and Petroleum Minister Mani Shankar Aiyar. The last high-level bilateral visit to Venezuela from India was in 1968 by then Prime Minister Indira Gandhi.
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3.3-million-yr-old dazzling Odyssey
Mumbai, March 5 It was the perfect setting for the world’s oldest diamond to make an appearance in an exquisite ambience amidst a faultless mix of fashion and music. “Odyssey”, a 300-carat stone and almost 3.3 million years old, emerged on a bed of black lava rock taking the gasp out of its admirers. It was the Diamond Trading Company (DTC), which presented “Odyssey” at a glittering function yesterday. Diamond Trading Company Executive Director of Marketing Stephen Lussier, escorted by Katrina Kaif, unveiled the octahedron believed to be the oldest diamond — from the time even before dinosaurs roamed the earth and older than some of the stars. The occasion for the oldest diamond to come under elite gaze was completion of 10 years by DTC in India. Guests, comprising the glitterati and corporate heads, were taken through a journey that traced the romance of diamonds through the ages. Fusion dances and fashion shows, interspersed with shows on the fables and folk-lore, woven around diamonds, added to the evening’s sparkle. — UNI
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DoT moves SC in Reliance Info case
New Delhi, March 5 When contacted, DoT officials said the department had moved the apex court in anticipation of Reliance Infocomm challenging the TDSAT order in the Supreme Court. The development comes a day after Reliance received a major blow when telecom appellate tribunal TDSAT dismissed its petition challenging Rs 150 crore penalty imposed on it by government and termed as "unscrupulous" the method employed by the company to camouflage international calls as local calls. Immediately after the rejection of its petition in the tribunal, Reliance Infocomm counsel Mukul Rohtagi had said "We will challenge the decision in the Supreme Court on Monday". — PTI
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States vow to reduce ST on ATF
New Delhi, March 5 The two-day state Tourism Ministers’ conference, which concluded here, saw the ministers resolving to make all tourist sites plastic free and the area around the important monuments “free from vehicular traffic”. The conference was chaired by Union Tourism Minister Renuka Chowdhury. After two days of deliberations, the ministers also came to an agreement that tourism was a major driver of economic growth and employment creation and that all the states would work towards making it the priority sector in the states’ planning process with enhanced financial outlays. Later addressing the media, Ms Chowdhury said that her ministry would re-negotiate the issue of visa-on-arrival with the home ministry
following repeated requests from other countries.
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