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Hike FDI cap in TV news channels to 49%: TRAI
Kingfisher set to fly overseas by August-end
Govt to import more cement, if needed
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ICICI Bank’s Q4 net up 39%
Investor Guidance
Aviation Notes
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Hike FDI cap in TV news channels to 49%: TRAI
New Delhi, April 26 TRAI also gave its recommendations for increase in FDI in the DTH, Teleport, cable network and mobile television sectors. The mobile television segment, which had no policy as of date, has been cleared for FDI and foreign institutional investment of up to 74 per cent. The recommendation from TRAI came following the suggestions sought by the ministry of information and broadcasting on the authority of foreign investment limits in a letter dated December 11, 2007. According to TRAI, foreign investments have an important role as a source of funding in the development of the sector. Foreign investments have other benefits also such as bringing in new technology, international best practices and access to export markets. However, the extent of foreign investment is also conditioned by considerations such as national security, preserving socio-cultural fabric of the country and protection of domestic industry. In line with the consultative approach, TRAI issued a consultation paper on March 3 last for comments from stakeholders before giving its recommendations to the government on the FDI limits. An open house was also held on April 4 in Mumbai and all recommendations have been finalised following comments received during this consultation process. The recommendations also cover the procedure for approval and suggest that within the composite foreign investment limit of 74 per cent (wherever applicable) for carriage services, foreign investments up to 49 per cent may be permitted under the automatic route beyond which FIPB approval would be required as prescribed for the telecom sector. For content services, it has been suggested that FIPB approval should be required for foreign investments. The methodology of calculation for foreign investments in different segments of broadcasting is also proposed to be standardised. In this direction, it has been recommended that methodology used in telecom sector for calculation of foreign investments should be adopted for the broadcasting sector. As per the recommendations of TRAI, FDI in teleport should be increased to 74 per cent from 49 per cent as also in the DTH and cable network. It has also suggested an increase in FDI in FM radio from 20 per cent to 49 per cent; in uplinking of TV news channels from 26 per cent to 49 per cent; and mobile televisions to 74 per cent. A status quo of 100 per cent FDI in uplinking of non-news channels and downlinking of TV channels has been maintained at previous level of 100 per cent.
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Kingfisher set to fly overseas by August-end
Chandigarh, April 26 In the first quarter of 2008, Kingfisher and Deccan combined flew 32.64 lakh passengers against 29.48 lakh the group had flown during the same period last year. The share of the national air carrier, Air India, fell to 16.42 lakh in the first quarter this year from 19.31 lakh in the corresponding period last year. Talking to The Tribune, Vijay K. Arora, head of sales, North, Nepal and business development, said Kingfisher would soon spread its wings to international destinations, touching 23 cities worldwide. “We have set August-end as deadline for launching our international operations,” he said. “We will soon be the largest air passenger carrier in the country. We, at UB, always believe in remaining number one. We are the single largest producer of Indian Made Foreign Liquor (IMFL) in the country. We produce about 74 million cases of IMFL every year. The second largest group is way behind us with 12 million cases a year,” adds Arora, who has been associated with the UB group for over three decades now. Kingfisher entered the civil aviation sector in May 2005. By the end of its second year of operations, it acquired Deccan. Now it is one of the six airlines and the only domestic airline to get the five-star status in the world. Good service, punctuality, and quality of onboard services, are some of criterion for qualifying for the five-star airline status, he adds. As of now, it connects 72 destinations in the country using 84 aircraft and operating 480 flights a day. “We will soon be using world’s largest aircraft, Airbus 380, which can carry 850 passengers. As far as our strategy goes, we want to launch non-stop operations to international destinations. Flights to San Francisco, New York from India will be non-stop flights. We have international alliances with 61 airlines, including electronic ticketing arrangement with 17 international air carriers. “After we took over the low-fare Deccan, we have tried to improve its services. Now passengers get free mineral water on these flights,” says Vijay K. Arora, revealing that response from Chandigarh and its surrounding areas to the new direct Chandigarh-Mumbai flight has been overwhelming. Accompanying him was Shyam Nijhawan, the general sales agent of Kingfisher for the region, who felt that Chandigarh has tremendous potential for growth of air traffic, especially a direct flight between Chandigarh and Bangalore, the home city of the UB group.
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Govt to import more cement, if needed
New Delhi, April 26 "We have allowed cement import and already a substantial amount of 1.3 lakh tonne has arrived in the country from Pakistan. If further imports are necessary to address the demand-supply mismatch, it will be done," minister of state for industry Ashwani Kumar told reporters on the sidelines of a Ficci seminar here. Kumar, however, did not give the quantum of cement that would be imported. Trading firm MMTC is one of the firms designated to import the building material. Besides looking at ways to increase the domestic production capacity of cement, he said the government was engaging with cement producers to ensure there is no cartelisation in the sector.
— PTI |
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ICICI Bank’s Q4 net up 39%
Mumbai, April 26 According to the statement, the bank's profit after tax for FY2008 increased 34 per cent to Rs 4,158 crore from Rs 3,110 crore for the year ended March 31, 2007 (FY2007). Its PAT for the quarter ended March 31, 2008, increased 39 per cent to Rs 1,150 crore from Rs 825 crore. ICICI Bank said its net interest income increased 30 per cent to Rs 7,304 crore for FY 2008 from Rs 5,637 crore for FY 2007. Meanwhile, the board of the bank has recommended a dividend of 110 per cent for FY 2008 i.e. Rs 11 per equity share as compared to 100 per cent for FY 2007. The declaration and payment of dividend is subject to requisite approvals. |
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Investor Guidance Q. I am holding some investment under fixed maturity plan (FMP)-13 months’ scheme. Please clarify the following points: i) Upon maturity, the proceeds will be credited to my bank account automatically, ii) I understand there is a TDS on these long-term capital gains. What is the TDS rate? Is the indexation benefit is given to NRIs while computing the TDS? — Rigved A. FMP is a non-equity based scheme. If you have opted for dividend paying or dividend-reinvestment scheme, the dividends are tax-free. If you have opted for growth, TDS rate would be 20 per cent of long-term capital gain. Such long-term capital gain is indeed computed by using the indexation benefit. Mediclaim insurance
Q. At present for FY 2007-08, I have taken a mediclaim insurance (MI) with the National Insurance. The premium of Rs 4,000 is claimed under Section 80D of the IT Act in my return. Similarly, my father has MI with United India Insurance covering himself (senior citizen) and my mother (non-senior citizen) and my father in his return claims a premium of about Rs 16,000 under section 80D. In Budget-2008 there is a proposal where a son can pay MI premium for his parents and claim an additional deduction under Section 80D. Our policies for FY 2008-09 would start from April 27, 2008 i.e., before the Budget is passed. For FY 2008-09, I would like to become a proposer (without covering myself) also with United India and cover my father and mother and pay MI premium of about Rs 41,000. I am told an insurance company allows this. My query is: a) Under Section 80D of IT Act, besides my MI premium of Rs 4,000, can I also claim MI premium to be paid my me now up to Rs 20,000 for my father and up to Rs 15,000 for my mother i.e., total 39,000 (4,000 for self +35,000 for my parents)? b) Is there a way out where I can also my own premium of Rs 4,000? — Choudhary A.
i). The amendment as envisaged by the recent Budget, is slated to be effective from April 1,2008 (calendar date) and therefore, it does not depend upon the date on which the Budget is passed by Parliament. Ii) For the purpose of this section, family consists of only husband, wife and their dependent children. Parents are not a part of the family. Iii) The maximum limit on the premium eligible for deduction is Rs 15,000 for covering the family. Where one of the spouses is a senior citizen, the limit is higher at Rs 20,000. iv) You may obtain cover for your parent/s. In that case, the additional limit is Rs 15,000. However, if one of the parents is a senior citizen, the additional limit is higher at Rs 20,000. Separate cover is possible, but the limit for both of them put together would be Rs 20,000. v) Consequently, the highest benefit you can obtain is Rs 40,000. vi) Your father is free to buy yet another cover individually and pay the premium out of his assets and claim benefit of the deduction up to Rs 20,000. vii) In case you decide to cover only your father for Rs 20,000 and mother for Rs 15,000, you’re yourself for Rs 4,000. You will be eligible for deduction of Rs 24,000. Rental income
Q. I own a house for which my interest component on loan is about Rs 1.9 lakh per annum. I have rented out the place for Rs 12,000 per month. I stay in another rented apartment. Under the circumstances, can I claim loss from the house rented out by me as deduction against my salary income? — Rajat Kaul A.
Computation of tax on house rent is a complicated matter. It is better to employ an accountant to file the tax returns if you have rental income. Tax payable on rental income may not be the actual rent charged. It depends upon several factors like i) municipal ratable valuation and the place where the property is located, ii) fair rent assessed on the basis of rents fetched by similar properties in the neighbourhood, iii) standard rent applicable to those cities under the rent control acts of respective states, iv) actual rent and v) unrealised and irrecoverable rent. You would first get a deduction from lease rental of municipal taxes paid and, thereafter, a standard deduction of 30 per cent. The interest payable on housing loan is also deductible. On commercial properties and houses given on rent, there is no limit on the deduction for interest paid or payable on housing loans. It appears that you receive a rent of Rs. 1.44 lakh a year and pay interest on housing finance of Rs. 1.90 lakh. The loss incurred by you from “the income from house property” as per the law can be setoff against your incomes against any other head, except ‘capital gains’. The authors may be contacted at
wonderlandconsultants@yahoo.com |
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Aviation Notes The problem of plenty plagues air traffic controllers (civil) at Delhi where utter lack of discipline is the main cause for rise in near mid-air misses, aircraft hovering over airport and delayed landings. While granting that ATCs are under-staffed, under-paid and overworked, there is a marked deterioration in discipline. The ATCs are indulging in the activities of trade unionism and are demanding separate and independent directorate. The recent scare to Prime Minister Manmohan Singh’s flight was more because of indiscipline than because of lack of technicalities. According to inquiries, Dornier, en route Delhi from Chandigarh, was under the control of the civil tower, which had given it the stipulated height, speed and distance. The civil air traffic controllers reportedly had different views. The minister of state for civil aviation Praful Patel has gone on record as saying: “It was not a serious lapse”, While accepting this, the analysts want to know why such a goof-up should surface in the congested Indian skies? The majority of man-made problems, connected with the VVIP flying, will get sorted out when Prime Minister gets his own Air Force One in June. Valued at Rs 937 crore, it is fitted with ultra-modern gadgets and facilities, just as American Air Force One is. The Prime Minister’s aircraft will bring the much-needed relief to the Indian Aviation Company (Air India) and air force. Their normal schedule of operations on domestic routes will no longer be affected because Prime Minister’s crews, flying and cabin will be altogether different. Unlike American Air Force One, which can fly to India from Washington without refuelling, the Indian version aircraft’s range is limited to 3,000 nautical miles. It means the aircraft cannot fly to even Heathrow airport non-stop. “Is this not a clear case of penny wise and pound foolish?” asked three renowned aviation analysts. The latest comptroller and auditor general report is critical of the government for this lapse. It says despite spending such a huge amount on buying aircraft, it cannot undertake VVIPs non-stop operations on international circuit. The report says: “It necessitates continued use of NAC (Air India) aircraft with all its adverse consequences”.
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Chandigarh, April 26
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