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Free trade pact with Asean soon, says PM
Fashion show on INS Vikrant!
Mallya to bid for entire stake in Air Sahara
Aviation Notes
Investor guidance |
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Free trade pact with Asean soon, says PM
Palatana (South Tripura), October 29 The North-Eastern (NE) region of the country could “act as a bridge to the dynamic and fast growing SE Asia”, Dr Manmohan Singh said while laying the foundation of a 750 MW gas-based power plant here. He said a similar agreement would also take place with Saarc nations in the form of Safta. He said that it was important that the existing barriers should trade to come down which would help the entire NE region to catapult into the threshold of opportunity. For this the Centre had decided to set up appropriate infrastructure facilities so that proper linkages with neighbouring nations were established, the PM said. Dr Manmohan Singh said he sincerely hoped that the Bangladesh government would also consider re-establishing road and rail connectivity with India. According to him, this would help in bringing win-win investment proposals in infrastructural development for both countries. ONGC-Tripura Power Company Pvt Limited (OTPC), a special purpose vehicle floated by ONGC, Tripura government and IL&FS, the foundation stone of which was laid today, is setting up the biggest power plant in the NE region, which would be operational by 2008. The Prime Minister said that it was the largest power project in the entire NE region and would bring immense economic benefit to Tripura and other states. — PTI
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Fashion show on INS Vikrant!
Mumbai, October 29 Naval headquarters is still considering the proposal, sources said. As per the proposal, the fashion show featuring top models co-ordinated by Marc Robinson, would be held in mid November. It would feature international designs from foreign designers. According to reports, the organisers have requested for permission to hold the fashion show on the flight deck area of INS Vikrant. Depending on the permission from the authorities, Mumbai's celebrities may be invited. It is not clear if permission has been sought to hold a post-show party on board the ship. Earlier, proposals to turn INS Vikrant into a floating casino drew flak from retired defence personnel after details about building a multi-cuisine restaurant serving fine wines leaked out. INS Vikrant, anchored at Tiger Gate off Mumbai, has so far only been exposed to tourists. The Navy has deputed 110 personnel and three officers to man the ship. The Navy and the Maharashtra Government have been unable to decide on a spot to grout INS Vikrant off Mumbai. Attempts to turn one of the several tiny islands off Mumbai into a permanent home for Vikrant have failed so far.
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UTI Bank plans pan-Asian expansion
Chandigarh, October 29 “We plan to open branches in Shanghai, Hong Kong, Singapore, Sri Lanka and Dubai. These, however, are subject to necessary regulatory approvals. For us, it would be Asia first and rest of the continents later,” says Mr P.J. Nayak, Chairman and Managing Director, UTI Bank. He was in the city today to inaugurate a branch of the bank as well as an ATM outlet. The bank, which has the third largest debit card database in the country, also has a few outlets in the pipeline for the region. Attributing this to the high growth that the North region is witnessing for them, he says that is why they are enhancing their presence here. “Already 17 branches are functional all over Punjab. Seven more are due to be opened by March, which can serve as a base for agro-lending too,” he says and adds that they might ‘very soon’ be having a footprint at Baddi, Himachal Pradesh. However, he ranks North behind West India. Negating any merger or acquisition plans that may be the pipeline in near future, he says that after raising GDR recently, Rs 500 crore has already been raised as Tier II capital. “We are well capitalised with capital adequacy ratio of 12.7 per cent.” “Our core strength is retail banking and we are number one in the syndication of corporate debt,” he adds and says that they have already diversified and floated two subsidiaries — one for asset management and another for the sales of retail products.
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Mallya to bid for entire stake in Air Sahara
New Delhi, October 29 "We will make an offer for the entire stake," Mallya said on the sidelines of a CII conference here. Asked to comment on the valuation of Air Sahara, estimated to be between $750 million and $1 billion, he said "the current valuation of Air Sahara given by Ernst & Young is over the top. Our valuation does not come closer to this." Asked whether Kingfisher would continue with the Air Sahara brand if it was successful in buying out the airlines, he said "it makes no sense when we have Kingfisher, to continue the Air Sahara brand as well". "We don't need brand what we need is scale, which acquisition of Air Sahara will provide us," he added.
— PTI
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Aviation Notes by K.R. Wadhwaney
THE Airports Authority of India (AAI) is the main villain for the majority of 124 airports and more than 50 airlines wearing gloomy looks on their tired faces. The truth of the matter is that the apex body charges hefty fees from users and gives almost nothing in return. This dismal situation will continue as long as the AAI is unable to upgrade its functioning.
The prestigious and over-busy Indira Gandhi International Airport (IGIA), for example, has been bursting at seams for more than a decade. The IGIA is over-saturated inside terminal buildings and outside. The situation continues to deteriorate because obsolete system is overloaded in every sector from immigration, check-in counters, conveyor belts, parking bays to taxiways. As there is curfew on night flying in the USA, Europe and Tokyo, most of the flights land and take-off during vee hours of night. Four of the seven nights in a week they portray nothing but confusion and chaos. Despite vehement protests from passengers and users, the AAI has done precious little to make flying enjoyable. The presence of unauthorised loaders, touts and agents pose additional problems to passengers. The AAI claims that the problem pertaining to air traffic controllers would be sorted out soon. But this is far from true as incoming and outgoing commanders have to circle around for a while before getting clearance. Here private and foreign operators get precedence over national carriers. According to the Central Statistical Organisation (CSO), the IGIA is the most congested airport. This information is not new because the AAI has made no significant improvement except bringing about cosmetic changes. The need is construction of a new airport without loss of any more time. In addition to CSO’s findings, the IATA (International Air Transport Association) has gone on record as saying that the Indian civil aviation is languishing because of ‘poor infrastructure’. India is a ready market in the region but its progress has been lethargic as airports lack in facilities. The opening of new windows is not the answer. Creation of space is one thing but efficient functioning is entirely different. If Delhi and Mumbai airports are suffering because of congestion, other airports, like Bangalore, Lucknow and Amritsar are lagging behind because of heavy dose of politics. Aviation sector needs independence of function as airports are country’s gateways.
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Investor guidance by A.N. Shanbhag Q: I am a salaried person and my gross income is Rs 4.50 lakh. I had house building loan interest of Rs 62,000 and maximum limit of savings under 80C is Rs 1 lakh. Kindly advise if I invest further Rs.1 lakh in ELSS than will I get further tax relief? — Vinod Upadhyay A: The following tax benefits are available on housing loans : U/s 24, deduction of Rs 30,000 is available on interest on capital borrowed for acquiring, constructing, repairing, renewing or reconstructing, whereas the enhanced limit of Rs 1,50,000 is applicable on loans taken on or after 1.4.99 only for acquiring or constructing. If the house is rented out, the entire interest payable without any ceiling can be deducted from the rent received. Additional deduction u/s 80C, within the overall limit of Rs 1,00,000 for the repayment made of the principal amount is available. This deduction is available only on loans for acquiring or constructing a housing property but the cost of any addition, alteration, renovation or repair carried out to the housing property is eligible irrespective of whether the funds applied are owned or borrowed. This deduction on repayment of capital is available on loan taken from specific sources whereas for deduction of interest the loan can be taken from any source. The deduction u/s 80C and the interest u/s 24 are allowed only when the income from house property becomes chargeable to tax. In other words, the construction should be complete, the flat should be ready for occupation and the municipal annual value is known. The contribution to ELSS will be covered u/s 80C along with investments in other avenues u/s 80c (e.g. PF, PPF, Insurance premium, NSC etc.) up to the overall ceiling of Rs 1 lakh. Therefore, if your interest on housing loan amounts to Rs 62,000, then under ELSS, you stand to get a Section 80C deduction of up to Rs 38,000, both items totalling to Rs 1,00,000. Exemption u/s 54 Q: As regards the indexing of expenses on major repairs, the secretary of the society is willing to give certificate in respect of recent expenses, but not earlier one as he was not in office and doesn’t have records for the period. What can be done about it? 2. As regards exemption u/s 54, if the investments are to be made at future date, do I have to pay tax at present and claim refund later? Or can I keep the declaration of capital gains to the authorities till later date? 3.My wife has a small flat in her name. If she sells that flat to me can I claim exemption for the purchase price? We have a house at Nashik, built in 2000. If I want to make additions to that house or carry out major repairs there, can I claim the expenses u/s 54? — Shrinivas Mantri A: It is necessary to have some proof, any proof, of having incurred the expenses. Even the cheques issued by you to the society or the builder will suffice. 2. Whenever a taxpayer acquired new asset before the stipulated dates as required under Sections 54, 54B, 54D, 54F or 54G it was necessary to reopen original assessments for rectification. These hardships have been eliminated through a special bank account called CGAS. The amount deposited in such an account before the last date of furnishing returns of income (or actual date, if earlier) along with the amount already utilised as required, is deemed to be the amount utilised for the purpose. If the amount is not utilised wholly or partly for the stipulated purpose, then, the amount of capital gains related with the unutilised portion of the deposit in CGAS shall be charged as the capital gains of the year in which the period expires. 3. Your wife is a different entity for tax point of you and you can purchase her property for the exemption purpose. However, it is necessary that the property was bought by her from her own resources and is not merely a name lender. Your wife will earn capital gains and may be liable to pay tax. The exemption u/s 54 is available if and only if the assessee has purchased or has constructed a residential house within the stipulated time periods. The exemption is not available for repairs or renovations. LTCG & tax
Q: I have contributed Rs 60,000 towards ULIP of UTI Mutual Fund in 10 years plan (Rs 6000 yearly). Now on maturity, I shall be getting nearly Rs 1.00 lakh as maturity value of ULIP plus Rs 5000 as maturity bonus. Kindly advise whether these amounts will be treated as long/short-term capital gains and income tax shall be payable by me. If so, how much? — Anurag Gupta A: Since this is an equity-oriented scheme and UTI charges STT on maturity the Long-Term Capital Gains (LTCG) earned will be exempt from tax. Since the maturity amount is paid over 1 year after the last instalment is paid the capital gains will be long-term and exempt from tax if redeemed after 30.09.04. Please note that expert opinions are divided on whether the bonus of 10 per cent given at the end of the term should be treated as short-term or not. Some feel that the bonus does not become payable unless the investment is held until its maturity and, therefore, its holding period is less than 1 year. Some others feel that it accrues on the date of investment and becomes not payable only if the holder opts for premature encashment or if he expires before the term. Therefore, the entire maturity value is exigible to the tax on long-term capital gains. We hold the latter view.
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Forex reserves Maruti Swift
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