 |
|
|
Pfizer wins Lipitor case against Ranbaxy
Industry mourns Birla’s death
Canara Bank eyes overseas expansion
Regulator for airport services okayed
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Aviation Notes
Hyundai working on 800 cc car
Delta to invest $70 m
Investor Guidance
|
|
Pfizer wins Lipitor case against Ranbaxy
New Delhi, August 30 Eastern Division of the High Court in Copenhagen, Denmark, had ruled in the company's favour which challenged two of its patents covering atorvastatin, the active ingredient in Lipitor, Pfizer said in a statement. The court ruled that the basic patent, which expires in November 2011, would be infringed by Ranbaxy's generic atorvastatin product, it added. The decision, which is subject to possible appeal, prevents Ranbaxy from launching its generic product before November 2011, it said. "Today's decision is an important outcome for Pfizer and other medical innovators who invest in high-risk research to develop life-saving medicines for millions of patients," Pfizer country manager Denmark Karin Verland said. Ranbaxy officials were not available for comments. Lipitor with an estimated global sales of about $13 billion is the world's largest selling drug. Recently, Pfizer and Ranbaxy had entered into out-of-court settlements in 12 countries, that accounts for about 98 per cent of the overall market of the drug, to end their patent litigation. They had, however, not settled the issue in five countries, including Denmark. Lipitor sales in Denmark is estimated to be around $10 million.— PTI
|
|
Kolkata, August 30 "With the death of Dr Birla, a vacuum has been created which would be difficult to be filled in," Assocham president Sajjan Jindal said. Ficci president Rajeev Chandrasekhar described him as one of the greatest Indian entrepreneurs, who left an indelible mark on the Indian society and industry by upholding moral and spiritual values in creating landmark business enterprises through sheer dint of hard work and ethical practices. "He was an outstanding visionary, a great parliamentarian, a business leader par excellence and the builder of modern educational and scientific institutions," Chandrasekhar said. PHD Chamber’s secretary-general Krishan Kalra said: "India has lost an eminent industrialist, statesman and educationist. With his sad demise the nation has lost a visionary industry leader." Among the modern institutions ranging from education to newspaper that Birla had built includes the Birla Institute of Technology and Science at Pilani in Rajasthan and the Hindustan Times, one of India's leading English dailies. Birla was also chairman of various companies in different sectors, including textiles, sugar, engineering, shipping and information technology. He was also on the boards of State Bank of India and ICICI Bank. The Birla Institute of Management Technology (BIMTECH) also condoled the death of Birla and remembered him as a "statesman and philanthropist who lent a yeoman service to press freedom in the country." A member of the Rajya Sabha for three successive terms from 1984 to 2002, Birla also served on several committees of Parliament. As the past president of Ficci, he forcefully and fearlessly stood for select liberalisation of credit to give fillip to industrial production and economic revival when inflation and stagnation had gripped the Indian economy in 1974. A man widely known for his networking skills, Birla also headed the Indian Sugar Mills Association and the Indian Chamber of Commerce. — PTI
|
|
Canara Bank eyes overseas expansion
Chandigarh, August 30 Talking to TNS here today, on the sidelines of a function organised for advancing loans to economically weaker sections, A.C. Mahajan, chairman of Canara Bank, said the bank was restructuring its branches in the country to create prime corporate and mid-corporate or industrial finance branches. “We have created two prime corporate branches each in Delhi, Bangalore, Mumbai and Chennai, which will handle business of over Rs 50 crore. The industrial finance branches of the bank have been asked to handle business which is less than Rs 50 crore,” he said, adding that they are getting the maximum business from Delhi (Rs 50,000 crore). Mahajan said after having set up a branch in Shanghai earlier this month, the bank was now planning to open new branches in Johannesburg, Bahrain, Muscat, Oman and Qatar. “We already have branches in London and Hong Kong, besides two overseas exchanges in West Asia that are fully managed by us,” he said. Within India, the bank proposes to open 100 new branches during this fiscal. The bank expects its net profit to rise mainly because of the growth in the infrastructure and power sectors, where the banks have put in their money. The chairman said that the credit offtake for the bank has been good and we are expecting a steady growth like last year (20 per cent). “The total business of the bank was Rs 2,61,000 crore in March 2008, and we expect to scale the figure of Rs 3,10,000 crore. We expect the bank’s credit to be around Rs 1,30,000 crore while the debit will be around Rs 1,80,000 crore,” he said. Mahajan said the bank was also looking at technology-aided banking initiatives for reaching a 100 per cent financial inclusion.
|
|
Regulator for airport services okayed
New Delhi, August 30 The need for a regulator was being increasingly felt as several major airports in India have gone into private hands. Like the Telecom Regulatory Authority of India, AERA would try to set quality standards and ensure level-playing field for all airport operators, including those in private sector. The Union Cabinet has given its approval for moving official amendments in the AERA Bill on the basis of recommendations made by department-related Parliamentary Standing Committee. The Bill, pending in the Lok Sabha since last September, is likely to be introduced in forthcoming Session of the Lok Sabha, and, if cleared, will be notified in three months’ time. The Bill will pave the way for setting up of the Airports Economic Regulatory Authority that would be authorised to fix, review and approve tariff structure for aeronautical services and also monitor pre-set performance standards at airports in India. Experts say the regulator would ensure that there is fair play and all charges levied by airport regulators, which are further passed on to consumers by airlines, are justified.
|
|
Aviation Notes
The passengers' keenness to travel by planes in comfort has received a severe jolt. Their honeymoon in Indian skies has ended. Considerably dissatisfied and agitated at government's laxity in allowing private operators to levy charges, including development fee, they have switched from flying to travel by trains.
The airlines' loss has been railways’ gain. Rajdhani Express trains, for example, have shown as much as 53 per cent increase in their ticket sales. Lalu Yadav, a shrewd politician and a successful railway minister, is having a vicarious pleasure. To cause airlines more sleepless nights, he is introducing hostesses on certain VIP trains to provide an additional quantum of comforts to passengers. It is not understood why government is allowing private operators to levy as much as Rs 375 as development charges from passengers taking flights from Bangalore and Hyderabad. Soon, the private operators will be charging fees from passengers flying out of Mumbai and Delhi. There will also be another levy for passengers to bear when they are made to fly from the new runway. The passengers, already burdened with increase in fares, are being harassed with needless quantum of fees. How long will these levies in the name of development charges stay? How much will private operators earn from these fees? The development of airports, terminal buildings, runways are undertaken by all countries, which consider civil aviation and tourism important. The railways also introduce new trains and improve infrastructure at stations. Do they charge from passengers fees in the name of development charges? Why should private operators be given this concession when they are already making huge profits by charging airlines and other users exorbitant rentals. The government's first priority should be to provide befitting service to public and not allow private operators to swindle passengers. No wonder there is so much unrest in the aviation sector, which struggles for survival. The Parliamentary panel has already issued strictures against private operators for making money at the cost of providing facilities to the passengers. The panel says that there is little rapport between government agencies and private operators. The panel suggests that |
|
Hyundai working on 800 cc car
Kolkata, August 30 Hyundai Motor India managing director H.S. Lheem said the model, which would be smaller than Santro and compete in the 800 cc segment, is being researched and developed jointly by Indian and Korean engineer teams at Hyderabad and Namyang. Presently, only Maruti Suzuki has a new model in the 800 cc segment. The car would be both for the domestic and export markets, he said. Asked whether it would be pitted against Maruti 800, Lheem said "the Maruti car is an old one." The company would showcase its next model 'i20' at the Paris Motor Show next month. He said that the car would be introduced in India by December and exported afterwards. — PTI |
|
Rudrapur, August 30 "We will spend $70 million in setting up another plant in Rudrapur and a R&D centre in Gurgoan in the next one year," Delta India managing director Dalip Sharma told reporters here. The company has already set up a manufacturing plant in Rudrapur, Uttarakhand, at an investment of 30 million dollar and is expected to manufacture products worth about $28 million by the end of the current calendar year, when it becomes fully operational, he said. About one-tenth of the output of the company, which is an Indian subsidiary of Delta Thailand, will be exported to neighbouring countries like Sri Lanka and Bangladesh, he said, adding the domestic arm has all necessary clearance for investments from the parent. — PTI
|
|
Investor Guidance
Q: If I become a foreign national and also obtain an overseas citizenship of India (OCI) then please clarify the following:
Do I need to convert my present bank a/c to NRO, NRE or both. What is the difference between NRO and NRE account? Is there any change in the rate of interest on term deposit with the bank as compared to the normal deposits done by me as I am Indian resident and Indian passport holder at the moment? — S. S. Gupta A: Changing your citizenship or becoming an OCI doesn’t materially change your status under Indian law. In other words, you still remain an NRI (or to be precise a PIO - Person of Indian Origin). Even after obtaining your new nationality and passport, your rights, privileges and obligations vis-à-vis India remain the same. So, yes, you need to convert all your bank accounts that you had as an Indian resident to NRO. Any fresh accounts that you may open using foreign currency will be NRE. The money in the NRO accounts is not repatriable whereas that in the NRE account is fully repatriable. The interest on an NRO term deposit is similar to what an Indian resident earns on his rupee deposit (currently in the region of 8.5% to 10% p.a taxable). The NRE interest while being tax-free is capped at LIBOR rates. Capital gains tax
Q. 1) Is capital gains tax applicable if I buy real estate and sell the same real estate within three years from the date of buying? 2. Is there any income tax applicable when I sell any real estate within three years of buying? — Manivannan Nagappan A: Capital gains tax is a part of income tax. In other words, when you earn income (interest, salary, rent etc.) income tax is applicable whereas if you sell a capital asset (property, bonds, gold etc.) capital gains tax is payable. If you sell real estate within three years of buying it, short-term capital gains tax is payable. The same will be 33.99% on the profit. II
Q: I am an NRI. I don’t have any income in India. At present TDS is being applied on my capital gains. My question is, do I have to pay short-term and long-term capital gain tax (as applicable), even though I don’t have any income in India and my short-term and long-term capital gains are much within the tax exemption limit ? — Nanaware A: Long-term capital gains tax on shares sold on an Indian stock exchange (where STT is paid) is exempted. So, there would be no question of applying TDS on such gains. As regards other taxable long-term gains as well as short-term gains, TDS is applicable. Moreover, the basic exemption limit (the income below which tax is not payable) is not available to NRIs in respect of capital gains income. In other words, except long-term gains that are tax-free, the other capital gains start becoming taxable from the first rupee without any exemption. So tax will be payable by you even though the gains are within the tax exemption limit. Capital receipts
Q: I understand that capital gain on sale of property can be saved by investing the capital gain amount in bonds. The bonds have a lock-in period of three years after which your capital is returned back to you. My query is whether the original investment amount repaid at the time of maturity i.e. after 3 years lock-in period — whether it will be taxable? — Ashish A: The original investment amount that is repaid at the time of maturity will not be taxable as it amounts to a capital receipt. Only amounts representing income are taxable, capital receipts are not taxable. NHAI bonds
Q: Recently I read that though the limit for investing in Sec. 54EC bonds (currently being issued by NHAI) is Rs 50 lakh per financial year, if you find that you need a tax cover of more than Rs 50 lakh, then it would help if the sale transaction is timed to take place in the last quarter of the financial year in such a way that the six-month period would overlap two financial years. This would enable an investment of double the amount to Rs 1 crore. My query is whether this is just a suggestion or an approach already accepted/approved by the Income Tax Department via prior rulings? — Vijay Tambay A: No, there is no ruling or citation. It is a simple reading of the law. The law says that the limit is Rs 50 lakh per financial year. So over two financial years, it would be Rs 1 crore provided other conditions in Sec. 54EC are being satisfied. The authors may be contacted at wonderlandconsultants@yahoo.com |
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
