The Tribune, Chandigarh, India

	Murthy says bring PM under Lokpal Infosys founder attends his last AGM; four new board members inducted Shubhadeep Choudhury Tribune News Service Bangalore, June 11 Software icon N R Narayana Murthy today backed Anna Hazare’s movement against corruption and favoured the Prime Minister and the judiciary coming under the ambit of the Lokpal bill. The Chairman and Chief Mentor of Infosys also supported the people taking to streets demanding an end to corruption. “I think in a democracy, pluralism is inevitable. It has to be there. That is what makes democracy stronger,” Murthy told reporters in response to questions. He said different people have different ways of expressing their opinion, adding, people have the right to express their opinion as long as they don't hurt anybody and they are law-abiding citizens. Asked if he would join Hazare's movement, Murthy, a respected figure in information technology industry, said he is always a well-wisher of anything good that's happening in the country. "I will always be there in my own way, whatever little I can do. Certainly I will do", he said. Asked if the Prime Minister and the judiciary should come under the purview of the Lokpal, Murthy said one has to find a mechanism whereby every citizen of the country is accountable to the legal system. On a different note, he said he hoped that the case against Infosys in a US court on the alleged visa fraud issue would be decided on merit. “The case is sub-judice now and it would not be appropriate to say anything more on this”, Murthy told reporters at a press conference. Earlier today, while addressing the shareholders in the annual general meeting of the company here today, Murthy said he was “sad that Infosys, voted most often as India’s most respected company during the period 1995-2011, has been issued a subpoena by a grand jury in the US on the B-1 visa issue”. “This is the time to continue and even strengthen our well acclaimed and much respected focus on embracing meritocracy, transparency and openness of discussions and consultations with competent colleagues; relentlessly and repeatedly communicating the importance of values to every level in the organisation”, Murthy said in his speech to the shareholders The Board inducted four new members V Balakrishnan, B G Srinivas, Ashok Vemuri and Ann Fudge.The first three newly appointed members are top executives of the Infosys. Balakrishnan is CFO, Srinivas is senior vice president and head of manufacturing while Vemuri too is a senior vice president. — With Agency inputs
	India Inc invites Chinese investment Beijing, June 11 India and China today held a joint seminar at Yangzhou in China's Jiangsu province, inviting Chinese companies to investment in India. Indian Consulate in Shanghai along with Municipal Government of Yangzhou and Confederation of Indian Industry (CII) organised 'India-China Business & Investment Seminar- Opportunities in IT, Engineering & Allied Sectors' to evoke interest among the Chinese companies to invest in India and to provide an overview of India’s foreign direct investment policy, basic tax and business laws, financing options. Consul General Riva Ganguly Das led a delegation of Indian companies and banks from the Eastern China Region to Yangzhou, a press release issued by the Consulate said. Chief Representatives, CEOs and senior executives of Aditya Birla Group, BHEL, ICICI Bank Ltd, Infosys, Jiangsu Sterlite Tongguang Fiber Co Ltd, Elgi Equipments, L&T, MphasiS, Mahindra Satyam, NIIT, PTC Global, SBI, TCS, Tata Steel, Thermax, Wipro Infrastructure Engineering and CII took part in the meeting. Receiving the Indian delegation Xie Zhengyi, Mayor of Yangzhou conveyed the strong interest of the Yangzhou Municipal People's Government in deepening cooperation in IT, Engineering & allied sectors with India, a press release from the Consulate said. Wen Daocai, Vice-Mayor of Municipal Government of Yangzhou said that the joint initiative offered a unique opportunity to Yangzhou based companies to engage with Indian companies. He said the policy encouraged going global. — PTI
	Videocon’s international calls cheaper than local calls Tribune News Service Chandigarh, June 11 Making an international call will now be cheaper than making a local call, Arvind Bali, Director, Videocon India Ltd, said here today. He added that Videocon Mobile Services with its first-of-its-kind ISD Pack, both for existing and new subscribers, will provide international connectivity at 30 paise a minute. This is cheaper than making a local call. He said the Videocon Mobile Services has launched special package to facilitate their constant connectivity through mobile phones. Bali added: “The milestone is a reflection of Videocon’s commitment to provide customer-focused solutions.”
	Investor Guidance Shares need to be dematerialised before selling by AN Shanbhag Q : Ten years ago, while in India I had purchased a few shares which are lying with me in physical form. Now I am based in New Zealand. I am a New Zealand citizen but I have OCI i.e I am an Overseas Citizen of India (OCI). My problem is how to sell those shares now? Would appreciate your advice please. — Sandeep Khurana A : You will have to first get the shares dematerialised and then sell the same. To do this, you will have to approach any bank in India (it could also be the same one where you have your NRE / NRO accounts, if any). The bank will then get what is known as the PINS permission for you to trade in the Indian stock market. PINS is the system/ process put in place for NRIs/PIOs who wish to transact in the Indian market. Under PINS you can have only one NRE/ NRO account linked to the demat account which has to be used exclusively for the purposes of stock market transactions. All debits for share purchases and conversely all credits in respect of sale of shares have to be routed through the designated account only. Insurance for NRIs Q : My query is regarding insurance. Can an NRI (now US citizen), invest in Indian insurance plans since his family continues to reside in India? — Ashok Kumar Dube A: Yes, an NRI or a PIO (an NRI with foreign citizenship) has been granted general permission to invest in any insurance plan in India irrespective of whether his family resides in India or not. As per the current tax policy, the premium paid during the financial year year is eligible for a tax deduction up to Rs 1 lakh. The maturity proceeds (if the plan is other than term insurance where there is no maturity value) are fully tax-free and can be remitted abroad with a ceiling of Rs. 10 lakh per financial year (Apr-Mar). PPF account Q : As per your article it is mentioned that PPF rules limits the investment to a maximum of Rs. 70,000 in the PPF accounts of self and minor child. I understand this is a total limit, hence if one contributes Rs 70,000 to his own account, he cannot contribute another Rs 70,000 to a minor child account where he is the guardian. But I have come across cases, where banks both public and private sector are allowing Rs 70,000 investment in self account and another Rs 70,000 in minor account from the same parent guardian without any problem. A notification was issued in 2002, which stated that in case it is found that one has contributed more than 70,000 in PPF account, then whatever interest was earned will be reversed back and the amount contributed will be returned back. I am nor sure whether this will mean contribution to minor's account as well. Will you please clarify this doubt? Whether the grandparent can contribute in the minors account and one can get the benefit of Rs 70,000 per annum contribution in minor account without losing the interest benefit reversal. This clarification will also be useful — Kinner Mehta A : Yes, your understanding is correct. The banks, have no means of finding whether the total amount of contribution made in the account of a guardian along with that of his minor child exceeds the limit of Rs. 70,000. The excess amount will be refunded without any interest when the accounts office notices the discrepancy. If a third party, including grandfather or the other spouse, contributes to the account of the minor child, the clubbing with the parent is applicable and neither the third party nor the parent can claim Sec 80C benefit. When the extra contribution is noticed by the authorities the excess contribution will be returned without any interest’. After having contributed Rs 70,000 to his own account, an assessee can make additional contribution of Rs. 30,000 to the account of the spouse or the major children, even a married daughter. He will be entitled to claim the full benefit of Rs. 1 lakh. The spouse or the child can also use the account for claiming deduction against own incomes, but within the aggregate limit of Rs. 70,000. Same is the situation in the case of contributions made in the account of a member of HUF by the HUF out of funds belonging to the HUF.
	Aviation Notes Operational parameters in international skies haywire by KR Wadhwaney Operational parameters in international skies have gone haywire. Bilateral agreements between two airlines are not adhered to under one pretext or another. Ground rules for taking-off and landing also differ. Study and statistics reveal that foreign carriers secure all the benefits of slots and timings when operating flights into India, but they provide no facilities to Indian carriers when they schedule operations in important countries in Europe and the US. In early 1970s, Pan Am became first airline to bring in Boeing 747 into Delhi. It held monopoly for years. Air India was not offered any suitable slot or comfort timing when it wanted to operate flights into New York under the pretext of ‘curfew’ on ‘night flying’. A European airline wants to bring an A-380 aircraft into India, which is twice the size of jumbo 747. The government is wary of granting permission to this operation because of several compelling reasons. The new runway is not ‘wholly operational’ because of ‘Shiv Murti’ and then no European country is willing to offer similar facility to any Indian carrier in return. Sadly, even frisking rules vary from airline to airline and country to country. Several VVIPs in this country and abroad have been insulted and humiliated by foreign carrier officials who seem to feel that good behaviour means 'weakness'. They deserve to be dealt with severely. A study reveals that turmoil in airline functioning has increased only because the International Air Transport Association (IATA) has lost its sheen. No carrier cares what IATA says or is doing. Actually, there is hardly any difference between IATA-recognised airline and non-IATA approved carrier. Travel agents' commission has gone for a toss. Some airlines are offering more commission than other on the ‘sly’. The entire flying trade has gone for a ‘toss’. The IATA has gone on record saying that the airline profits will suffer a great deal because of unstable fuel prices. The turmoil in the industry, however, has increased owing to lack of discipline. Every carrier is on its own without any rule or parameter, as was the case until recently. There is virtual anarchy in airline trade.