The Tribune, Chandigarh, India

	Take your work around the world: Obama to farmers Mumbai, November 7 Impressed with Indian innovation in the agriculture sector, US President Barack Obama today asked entrepreneurs to take their “remarkable” work around the world. Taking a tour of the Agriculture and Food Security Expo at St Xavier's College here, the US President displayed a keen interest in the products on display. He went to the IFFCO Kisan Sanchar stall and enquired about how low-cost services are being extended to the farmers through mobile telephones using Airtel's platform. When a company official explained to him the cost- effectiveness of the handset, the US President said: “It is a great idea. Do it across the world... Great work, keep it up.” The President tried his hands at stripping a corn cob after being inspired by a woman farmer who showcased a small agro tool. “It reduces woman labour by 30 per cent. It is remarkable,” he said, turning to lensmen covering the event. Earlier, as he stepped inside the venue, Obama took his tie off, feeling the Mumbai heat and humidity. Wearing a white shirt and a black trousers, he had his sleeves rolled up. When Vandana Bhairikoppe, another farmer and facilitator of agriculture NGO Digital Green, presented him a folded wall hanging, Obama expressed his thanks and said: "I will hang it in the White House." While shaking hands with one of the farmers dressed in traditional Maharashtrian attire at the exhibition, he said: "Very nice to see you." At the PepsiCo stall, he picked up a big potato, turned around and asked a White House official, "Will it be expensive? What do you think?" The President charmed the exhibitors with his down-to- earth nature and easily struck a chord with them. The exhibition was co-organised by the US Agency for International Development Aid and Indian industry body CII. Obama also went to a small exhibition by child rights and education NGO Pratham and signed on copies of books on Mahatma Gandhi. — PTI
	Nano catches US Prez’s eyes Mumbai, November 7 US President Barack Obama, who heads the world’s richest economy, today checked out the world's cheapest car — Nano. No sooner the powerful US couple was introduced to Ratan Tata, who heads the $ 72-billion conglomerate, President Obama told the first lady Michelle that this is the person who created the $-2,500 wonder car. Eyewitnesses said Michelle immediately expressed the desire to see the car that revolutionised the auto industry and put India prominently on the global map. After the discussion last evening, Tata immediately organised a gleaming Nano along with a chauffeur, right at the porch of luxurious Taj Mahal Palace hotel in front of Gateway of India, where Obama and entourage was camping since yesterday. The couple stepped out in the morning to have a good look at the car, with Michelle even sitting in the small Nano and admiring the engineering marvel. A Tata spokesperson confirmed. “Yes, we showcased the Nano at the Taj Mahal hotel.” After years of hard work, Tata fulfilled his commitment to bring the world's cheapest car on road for Rs one lakh last year. — PTI
	‘India can become largest trading partner of US’ Sanjeev Sharma Tribune News Service New Delhi November 7 Business leaders part of the US -India Business Council (USIBC) today said US President Barack Obama’s business leg of the India visit had highlighted the business opportunities available for US business in India. In a statement issued today, USIBC said it welcomed President Obama’s leadership in highlighting the role of American business in building the global knowledge economy through innovation, open markets and advancing workforce skills. President Obama had yesterday met with American and Indian business leaders convened by the USIBC. “We welcome President Obama shining the spotlight on business opportunities for American companies in India,” said Harold Terry McGraw III, chairman and CEO, McGraw-Hill Companies, and chairman, USIBC. “India is the US’ 12th largest trading partner. “It could be number one or two if the conditions for trade between these two giant economies continue to improve.” President Obama’s trip to India led off with more than a dozen export deals worth an estimated $10 billion that will help create approximately 50,000 new US jobs. India is one of the fastest growing economies in the world, and Obama’s visit highlights the export opportunities available for US business. The USIBC delegation includes USIBC chairman Terry McGraw; Louis Chenevert, chairman and CEO, United Technologies Corporation; Jeff Immelt, chairman and CEO, GE; Indra Nooyi, chairman and CEO, PepsiCo; David Cote, chairman and CEO, Honeywell; Paul Hanrahan, chairman and CEO, AES; Mukesh Ambani, chairman and CEO, Reliance Industries; Rajan Bharti Mittal of Bharti Enterprises among others. “President Obama’s visit to India comes during a critical juncture for US business, and for the global economy,” said Ron Somers, president, USIBC. “Never before have commercial ties between the US and India been so important. Business must now pick up where President Obama left off, and drive our partnership forward.” The USIBC is a bilateral business advocacy organisation whose members include America's and India’s top-tier companies. The USIBC is hosting a series of events during President Obama’s visit. Business leaders from both countries have expressed the need for partnership, and fostering deeper ties to ensure prosperity for business and society.
	Bank-to-bank transfer limit is Rs 2 lakh now Ruchika M Khanna Tribune News Service Chandigarh, November 7 In the next 10 days, you can transfer an amount up to Rs 2 lakh from one bank account to another free of cost by using the Real Time Gross Settlement (RTGS) mechanism. With the RBI raising the threshold limit for RTGS from Rs 1-2 lakh, businessmen and traders can heave a sigh of relief as no charges will be levied on them for transactions upto Rs 2 lakh. In its circular issues two days ago, the apex regulatory bank has also introduced a new value band (in Rs 1-2 lakh) for National Electronic Fund Transfer (NEFT) in order to promote electronic transactions amongst customers. According to data available, the value of transactions on the RTGS system in September stood at Rs 41 lakh crore. Over 70,000 branches of 98 banks were participating in the NEFT system ( till July 2010). The volume of transactions on the NEFT system reached around 9.83 million in September 2010 with Rs 61,620 crore being transferred. “The Indian RTGS system has displayed tremendous growth in both transactions volume and the values that it has been processing since its inception in March, 2004. With the increasing number of electronic payment transactions, it has become expedient to position the Indian RTGS system primarily for processing and settling large value payment orders,” says the RBI directive to all banks participating in RTGS and NEFT. With the new directives set to become effective from November 15, banks can levy Rs 25 as service charge for RTGS transactions from Rs 2 lakh to Rs 5 lakh and a service charge of Rs 50 can be charged for transactions exceeding Rs 5 lakh. Currently, banks could levy Rs 25 service charge on RTGS transactions above Rs 1 lakh. For the new value band for NEFT transactions ( between Rs 1 lakh to Rs 2 lakh), the service charge will be Rs 15 as against the present Rs 25.
	RPower secures $5-bn funding from US Exim Bank Mumbai, November 7 Anil Ambani-led Reliance Power (RPower) today announced a deal to secure $ 5 billion (nearly Rs 22,000 crore) in funding from the US Export Import Bank for gas-based and renewable energy projects totalling about 9,000 MW here. The deal, which coincides with the three-day visit of US President Barack Obama to India, was signed by Reliance Power chairman Anil Ambani and Exim Bank Chairman and President Fred Hochberg last evening. RPower also had announced a deal yesterday in the presence of Obama to procure equipment worth about Rs 10,000 crore from General Electric and other US companies for its various power and coal mining projects. “As we look to India today, the US sees an opportunity to sell our exports in one of the fastest growing markets in the world. For America this is a jobs strategy,” Obama had said on the occasion. Commenting on the commercial deals between the two companies of the two nations and totalling $10 billion and with job creation potential of 50,000, Obama had said that was barely scratching the potential and dubbed India as the market of the future. Under the MoU, “Exim Bank will make available up to $5 billion in support of purchases of US goods and services for the group's various projects. — PTI
	Tax Advice No benefit for senior citizens in new tax code by SC Vasudeva Q When the new tax code was to come into force this year, the maximum amount on which tax is not chargeable in case of a senior citizen for assessment year 2010-11 was Rs 2,40,000. Now the new tax code is expected to come into force from 2012, what will be maximum amount in which tax will not be charged for assessment year 2011-12 in case of a senior citizen? The required information will assist in calculating correct amount of advance tax to be paid before December 15, 2011. — S Chand A The maximum amount on which tax is not payable by a senior citizen for assessment year 2011- 12 remains to be Rs 2,40,000. Direct Tax Code Q I understand that wealth provisions are going to be changed in the Direct Tax Code effective from April 1, 2012. Can you elaborate in respect of such changes? — A Reader A It is proposed to charge wealth tax at the rate of 1% on net wealth in excess of Rs 1 crore under the Direct Taxes Code. Further, under the said code certain additional assets are proposed to be covered for the levy of wealth tax. These include a watch having value in excess of Rs 50,000, cash in hand in excess of Rs 2 lakh for individual and Hindu undivided families, deposit in a bank located outside India in case of an individual a Hindu undivided family, any interest in foreign trust or other body located outside India except a foreign company, any equity or preference shares held by recipient in controlled foreign company etc. Tax deduction Q I am a senior citizen and my income is from pension and bank interest. The bank insists for Form H in the beginning of each year and I submitted the same in April 2010 as my total income as estimated at that time was below the exemption limit of Rs 2.4 lakh. Now the Punjab government has issued orders that arrears of pension for the period January 1, 2006, to July 31, 2009, would be paid in three instalments - the first one becoming payable in December 2010. This will increase my total income, and tax of nearly Rs 15,000 would become payable. My query- (a) Should I ask the pension disbursing authority (bank) to deduct tax from my pension for February 2011 or should I deposit the tax in government account directly as advance tax in December 2010 and March 2011? (b) Why should not the Bank ask for Form H in the month of February / March of the F.Y., when the total income can be estimated more accurately? — Gurnam Singh A Your queries are replied hereunder: (a) It is advisable to make payment of tax due on the arrears of pension in two instalments that would be on December 15, 2010, and March 15, 2011. It would not be possible for the bank to retract from the tax deduction return already filed with the department. (b) It is obligatory for an entity deducting tax at source to file quarterly return in respect of tax deducted at source. The bank, therefore, likes to possess a document which would be an evidence for not deducting the tax in respect of the interest due on a fixed deposit. IT Act Q Kindly quote authority of Rule on section of the Income Tax Act according to which TDS is not to be deducted on account of interest income up to Rs 10,000. — Jagtar Singh A Section 194A of the Income-tax Act, 1961, requires any person who is responsible for paying to a resident any income in the nature of interest due than interest on securities, to deduct tax at source at the prescribed rate(s). Sub-section (3) of the said section provides for exemption on the applicability of such requirement in case interest payable by a bank does not exceed Rs 10,000.