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Consumer panel seeks FM, RBI response
Hoteliers move North to avoid steep prices
FIPB approves Essar proposal
UK Co plans 40 hotels in India
Aviation Notes
Investor Guidance
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Consumer panel seeks FM, RBI response
New Delhi, November 11 Even though the banks have formulated their own policy with regard to the “floating funds”, prima facie, it appears that the “credit is not given to the payee immediately and the interest thereon is also not paid, hence, the banks enjoy the said fund without paying any interest,” the National Consumer Disputes Redressal Commission said in its order. In view of this practice going on for years, the Union Government and the RBI were required to state on affidavit by December 5 as what steps could be taken for minimising the loss to the account holders due to the delay in crediting cheques in their accounts, the commission’s Bench comprising its Chairperson Justice M B Shah and member Rajyalakshmi Rao said. The RBI was further directed to furnish details whether the guidelines issued by it for fast clearance of cheques by the banks were being properly implemented. The order was issued on Thursday on a special financial class litigation (SFCL), filed by Punjab’s former Additional Advocate-General Atul Nanda jointly with lawyer Rameeza Hakeem. The commission also took on record the submission of the officers, representing different banks that in clearance of cheques though the credit was given to the account holders with the deposit of chaeques but withdrawal was not allowed till the amount was received on clearance from the concerned bank. Mr Nanda in his SFCL had alleged that all 88 public sector and private banks in the country were not adhering to the RBI rules regarding clearing of cheques in time and in the process they were earning profit for themselves on consumers’ floating money. Mr Nanda, basing his complaint on various committee reports and financial data, had stated that annual transaction through consumers’ cheques was put at Rs 1,13,37,000 crore by way of 13,000 lakh cheques issued by them. The delay in crediting of these cheques resulted in Rs 620 crore “floating money” with the banks, which they used in their own transaction to earn interest as profit. |
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Hoteliers move North to avoid steep prices
Chandigarh, November 11 Attending a three-day annual convention organised by the Federation of Hotel and Restaurant Associations of India (FHRAI), MD of Himani chain of hotels, Dinesh Kumar says the differences in the land prices between plains and the mountains is astronomical and the gap has been increasing at a steady rate during the past one or two years. Quoting rough figures, he says the price of land for setting up a hotel in Chandigarh is Rs 1 lakh per square yard. But the same land in the posh and comparatively better connected city like Shimla in the neighbouring Himachal Pradesh is readily available at less Rs 10,000 per square yard. Due to the high prices only builders or land promoters can now invest in new ventures, he adds. Mr Gupta owns hotels in Shimla and Solan, besides his native place Chandigarh. Talking to The Tribune, Mr Gupta says the governments and the UT Administration, too, have failed to play their part properly. “In its enthusiasm to earn more revenue, the UT Administration has not carved out any sites for two or three-star hotels for the past so many years”. The FHRAI president, Mr Manbeer Choudhary, says otherwise also the situation is better in Himachal Pradesh as conversion charges are nil there. “As hotels, restaurants, resorts and clubs have to come up on prime locations, Punjab Governor-cum-UT Administrator Gen S.F. Rodrigues and Haryana Chief Minister Bhupinder Singh Hooda should consider our request of waiving off these charges,” he says. “This will only encourage investment to flow in”. Mr Choudhary adds that the authorities concerned in both the states should also permit vertical expansion by allowing the hoteliers to raise their existing and proposed units for overcoming the accommodation shortage.
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FIPB approves Essar proposal
New Delhi, November 11 Official sources said the proposal of Essar, which was seeking to increase its equity held through foreign subsidiaries by 6.26 per cent to 22.04 per cent has been approved.
— PTI |
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UK Co plans 40 hotels in India
Chandigarh, November 11 Mr Mandeep S. Lamba, Managing Director, Dawnay Day Hotels India Private Limited, disclosed here today that the hotels would be set up in two phases over the next 10 years with a total outlay of $1 billion. The hotels would be fully owned and managed by the company. The company will spend $200 million in the first phase and the rest in the second phase. By the end of March next, the company hopes to finalise locations of four-star business hotels in north India, including Chandigarh and Amritsar.
— TNS |
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Finnair impresses passengers with services
by K.R. Wadhwaney Debutant Finnair’s initial operations to and from Delhi have reinforced officials belief that increased flights, at least five a week, will be a rewarding exercise for both countries — India and Finland — in the twin-sectors of aviation and tourism. The aviation analysts feel that this belief is not a wishful thinking. It is based on Helsinki’s geographical location in Europe. Being the first EU capital, the flying time from Helsinki to Delhi is only six and a half hours. This is the shortest way to get to Europe Helsinki provides a wide route network to hop about to several destinations further. The configuration of the aircraft (MD-11) is so arranged that it provides to economy class passengers more leg-room than many other wide-bodied aircraft. Its capacity is 296 passengers and cruising speed is 905 km per hour. Ms Taina Tornstrom, airlines’s director in the subcontinent, said: “We are pleased with the response of Indians since we started our maiden flight from Helsinki to Delhi on October 31, 2006. During these few days we have got a spontaneous message from travellers that traffic on this route will grow faster than we had bargained for”. What has surprised airlines officials is that there is greater cargo response than even passengers’ upliftment. Judging from the market evaluation, there will be no danger of directional imbalances. In other words, cargo movement to and from Delhi will be more than sufficient throughout the year. “Maybe, we will require to press into service ‘combi’ aircraft”, said one cargo official. Taina, who initiated operations of Finnair in China from scratch, is optimistic that the airline will widen its umbrella in this country on ‘virtual permanent basis’. LOT, Poland’s flag-ship, made a dramatic entry into Indian skies. But it disappeared unceremoniously in 1993. No one knows even now why it closed shop in a hurry . The new government in Poland has shown a lot of interest of re-starting an airline to India, which is a growing outbound nation. Air-India is also keen to link India with Poland. But sadly both LOT and Air India are facing paucity of aircraft. Mr Anil Wadhwa, Indian Ambassador to Poland, is reported to have persuaded the Indian civil aviation authorities to allow another Poland airlines, by the name of Sky Express (essentially a cargo carrier), to start operations through this country. Maybe, this will become a reality and Air-India will begin its operations later when it gets new fleet. Some passengers, who had travelled to Helsinki early this month, were mighty impressed with the facilities provided by Finnair on flight. “Our flight was very comfortable and enjoyable”, said two woman passengers.
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Long-term capital loss can’t be set off against LTCG
by A.N. Shanbhag
Q: 1) During the current financial year if I incur any long-term capital gain (LTCG) selling debt-oriented mutual fund (MF) scheme, can I set off this gain against any long-term capital loss (LTCL) that I may incur in selling equity shares? — Somnath A: Following are the point-to-point replies to you queries: 1. If the LTCG is tax-free, the LTCL is also tax-free. In other words, the LTCL cannot be set off. Resident status Q: Please consider the following situation. A person working for an Indian company comes to a foreign country on deputation on H1B. — Patra A: Yes, he will be. The two tests to be satisfied for being a resident of India are:
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