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PM calls for second Green Revolution
Indian Airlines hikes fares by 12 per cent
Punjab forms panel to dispel VAT doubts
Hafed purchases 2.5 lakh quintals of mustard
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Crorepati Banwari cautions against lottery addiction
Indian route is dicey for US airlines
RNORs can skip tax on forex income
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PM calls for second Green Revolution
New Delhi, April 9 “What is alarming is that there seems to have been a neglect of agriculture in the past decade,” he said at the Agriculture Summit - 2005, adding the “new deal” proposed by the UPA government for the rural sector would reverse the declining trend in investment in agriculture, step up credit flow to farmers, increase public investment in irrigation and wasteland development. Inaugurating the Agriculture Summit 2005 here, he said the country needs a Second Green Revolution in agriculture, based on the application of new technologies and modern business practices. He said “the task of managing agriculture in the future cannot be addressed by the public sector alone, but will require the combined strengths of a multi-agency system in which the private corporate sector, farmers’ organisations and others contribute according to their own strength and capabilities. He said new technologies would enable farmers to make informed choices and undertake product planning in a demand-driven, rather than supply-driven mode. Prime Minister said the time has come to consider the entire country as a common or single market for agricultural products. “We have to systematically remove internal controls and restrictions. We should enable direct marketing between farmers and NGOs, cooperatives and private companies,” he said. Noting that the credit delivery system for the farm sector was weak, the Prime Minister said the issue has been studied and there was a need to quickly finalise the revamp plan. “I am concerned that the institutional framework for providing long-term capital for investment in agriculture is weak and perhaps, non-existent,” he said and asked the summit participants to come forward with ideas to create the required financial windows for the purpose. He said domestic policies relating to production, procurement, pricing and distribution, among other things, as factors hampering growth in the sector. He said in terms of post-harvest technology, programmes have been approved for strengthening marketing infrastructure like cold chains and godowns.
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Indian Airlines hikes fares by 12 per cent
Pointing out that the domestic ATF price had increased from Rs 27,250 per kilolitre to Rs 32,250 from April 1, an IA spokesman said here that the airline “would consequently be increasing its domestic rupee fares by 12 per cent from April 15, 2005.” However, the confirmed tickets issued prior to April 15 would be accepted for travel at the pre-revised fares for the ticketed itinerary within the entire validity of the ticket, he said. The IA spokesman said that while the promotional and other discounted schemes like Advance purchase (Apex) promotional fares, positioning flight fares and point-to-point fares would continue, but “the fares for these special schemes were also being revised upwards proportionately”. There would incidentally be no immediate increase in the case of Indian Airlines Holiday Packages and the Bumper Super Saver Schemes, he said. The spokesman said the fare hike would be applicable in case of all tickets issued or re-issued on or after April 15 so as to provide sufficient advance notice to all passengers and ticket issuing offices.
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Punjab forms panel to dispel VAT doubts
Chandigarh, April 9 Mr Singla stated the department concerned would study the classification of various items, liable to taxes under the different rates varying from 4 to 12 per cent. He said industrialists had claimed discrimination on grounds that a finished product of one industry was a raw material for the other. He said that the government would also look into the demand of refunding the amount pending towards the traders within a fortnight as against the present time gap of three months. Announcing the constitution of a three-member committee — Mr D.P. Reddy, Mr Rahul Bhandari and Mr Ashok Gupta — Mr Singla said the three officers would be available for two hours daily to address queries of traders as also to dispel their doubts about VAT and its impact. Adding that any harassment to the traders would be avoided with regard to VAT, Mr Singla maintained that there was only a “fear of the unknown” among them. He said given the apprehensions surrounding penalties for those erring under VAT as pointed out at today’s meeting, Mr Singla said he had promised to re-examine them. “We have ensured that the department would have no discretion whatsoever with regard to VAT. Everything has been clearly laid down in the document. The salient feature of Punjab VAT is that it would have no prosecution,” he maintained. Mr Singla said that the Government would also consider extending certain concessions at par with Delhi which include raising threshold limit from present 25 lakh to 50 lakh and reducing turnover tax (TOT) from 1 per cent to to 0.25 per cent for those with a turnover of less than Rs 10 lakh. Another concession sought by representatives of trade and industry was on payment of penalty in case of aggrieved trader wants to file an appeal. In some cases, the Departmental Committee could insist on payment of 100 per cent penalty before hearing the appeal. Mr Singla said the Government could consider the suggestion of keeping payment of 25 per cent of penalty amount for hearing of appeal.
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Hafed purchases 2.5 lakh quintals of mustard
Chandigarh, April 9 Hafed in association with Nafed has already made all arrangements, such as posting of staff, gunny bags, labour and transportation in 12 districts of Haryana, including wide publicity for the awareness of farmers of Haryana state for purchases of mustard seed on support price. The GoI had fixed a support price of mustard at Rs 1700 per quintal for rabi 2005 in comparison to Rs 1600 fixed during rabi 2004. While 14, 818 quintals had been bought from the mandi in Hisar, 18,360 quintals has already been procured from Jind and 36,610 quintals has come in from Gurgaon alone. In one day, 27,082 quintal purchase was made from Rohtak alone. It is also observed that while the arrival of mustard seed in the past were limited only in the seven districts of Faridabad, Gurgaon, Rewari, Mohindergarh, Sirsa, Hisar and Bhiwani, this year mustard has arrived in as many as 12 districts of the state. Only those stocks of mustard, which are being brought at the society shop are being purchased for which direct payment is being made to the farmers immediately.
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Crorepati Banwari cautions against lottery addiction
Ludhiana, April 9 “It means a lot to me. Apart from helping me fulfil my responsibilities, I can now think of doing things I had only dreamt of, like opening a gaushala in our village,” he gushed. The youngest one among five siblings, Banwari Lal, 28, runs a small medical store to earn his bread. A sense of pride engulfs him, as he would now be able to provide a luxurious life to his mother who brought up her kids amidst trying circumstances as his father expired in his childhood only.” Now that plans are many, Banwari says he would keep buying lottery tickets occasionally as the money is used for development purposes. But, unlike many others, he is content with whatever he now has. “I do not aspire for another such prize. I would be happy if someone else receives it,” he says. While a lottery ticket changed his life like that of a few lucky others, he strongly feels it should not become an addiction. He cautions: “So far as you occasionally keep buying a ticket, may be to try your luck, or for fun, it is not bad. But if it becomes an addiction, it can ruin families and become a social evil.”
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by K.R. Wadhwaney Indian route is dicey for US airlines Corridors around Delhi and some other metros have been considerably widened to avoid mid-air collisions. Skies have also been opened, but sadly only partially, causing avoidable confusion. Analysts feel skies should be opened fully so that civil aviation sector in this country gets the needed boost. While mid-air scenario — approach to landing and taking-off corridors and partial open-sky policy — can be termed, at best, satisfactory, the ground realities at Delhi, Mumbai and other major cities are shocking. The arrival and departure concourses at Delhi and Mumbai, for instance, are intensely congested. There is not an inch of space available and talk of renovation is meaningless. The Airports Authority of India (AAI) and Ministry of Civil Aviation keep talking loud of upgradation of international airports without realising that extension of terminal buildings at Delhi and Mumbai is impossible. The need of the hour is new terminal buildings, new runways and new parking bays. Amidst this vexed situation, world’s leading airline, Continental from the United States, has announced its operations — a daily non-stop flight from New Delhi to New York and back from November 1, 2005. “The Indian market is flourishing and, after a long study for about three years, we are now convinced that we can put our desire into reality,” vice-president for Europe, Middle-East and Africa Jim Summerford said. Industry analysts, however, have different views. They fully agree that the traffic to the US and back to India is on the rise. The overall situation, however, is not only complex but continues to be dicey. Many American carriers, including Pan Am, which was first to start around-the-world flight, have got drowned in this vicious whirlpool. One Tower airline sold tickets at lower prices than other carriers. But it disappeared from Delhi and skies sooner than expected. Continental, within United States, enjoys public goodwill. How will it perform through this country is difficult to predict at this point of time. Travel agents Airline trade in this country is complex, travel agency functioning tricky. Statistics show that only about 10 per cent agents provide befitting service to travellers. Air-India is the biggest culprit in providing needless perks and facilities to agents and GSAs/consolidators. After indepth research, the airline officials have at last woken up and understood that their survival will be easier if they depend upon themselves instead of paying huge amount of commission to agencies. They have started reducing commission and the time is fast coming when they will pay agencies only ‘service expenses instead of agency commission for sale of tickets.
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by A.N. Shanbhag RNORs can skip tax on forex income Q: I came to work in Hong Kong almost year and half ago and plan a few years of stay. I have opened an NRE account. Now the question is if I return to India as per the old rule, I need not file my returns (in India) for six or seven years even after I return. This was reduced by the then NDA government to two years. Better things were promised under UPA government. What is the standing now? — Kailash A: There has been no change in the rule of a maximum status of two years for RNORs. For your information, we are stating the rules that are applicable. The most recent position is — Resident but not Ordinarily Resident (RNOR) is a person who satisfies one of the following conditions — a) He has been a non-resident in India in nine out of the 10 previous years preceding that year, or b) Has during the seven previous years preceding that year been in India for a period of, or periods amounting in all to, 729 days or less. Most of the NRIs will be caught by the requirement of stay in India for 729 days or less during the last seven years. Consequently, anyone who returns after seven or more years will become RNOR for two years. Those returning after six years will become RNOR for one year only. This is subject to stay in India during the previous seven years for 729 days or less. Those returning after being NRIs for five continuous years or less will become residents immediately. An RNOR is not required pay tax on his forex income. Wait before investing Q: With the new changes, what would be the best investment strategy and saving instrument to save tax by investing Rs 1 lakh out of the allowable investment avenues? Please advise at the earliest keeping in mind the maturity/ withdrawal of the said amount, which it seems, is going to be taxable. — Kankaria A: There is no one size that fits all solution. Each person’s situation is different and investment and tax saving strategies have to be tailored carefully. As a financial planner, it would be incorrect on my part to suggest any strategy without knowing your background and your return, risk, liquidity etc. expectations. One tip that I can give you is that you have time till March 2006 to decide on where to invest under Section 80C. Don’t make any haste because the government is going to come out with clarifications regarding what instruments would be indeed brought to tax and to what extent. Speculative income Q: I want to ask my doubt to you. Kindly let me know how the STT is setoff to my income? What are the differences between speculative profit, trading profit, business profit and short-term capital gains? Shall I show all above under business income? If so, the STT, which I paid so far, is setoff to my income? Kindly clarify my doubts. —balaji1505@yahoo.co.in A: Basically you can be classified either as an investor or a trader. If you are a trader, you earn business profits and not capital gains, either short-term or long-term. Any losses you make can be adjusted against your gains. So also STT paid can be adjusted against the tax on profits from such trading. However, if you are an investor, you don’t get the above benefits but can claim income from securities either as long-term gains or short-term gains. In such a case, STT paid is not allowed as a set-off. Speculative income is a part of business income and there is no difference in the tax treatment thereof. The only difference is in respect of adjustment of losses, where loss from speculation activity has to be adjusted against speculation income only and not against any other business income or other income. The author may be contacted at wonderlandconsultants@yahoo.com
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New Delhi, April 9
The winner of Rs 1.5 crore Punjab State New Year Lohri Bumper admits that buying lottery is a social evil “but only if it becomes an addiction.”
For Banwari Lal, a resident of Sayadwala village in Abohar, who received his lottery cheque from the Punjab Finance Minister Surinder
Singla, life now would run on an altogether different track.
New Delhi, April 9