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Govt may shut Kingfisher
as fleet remains grounded
AI gets first Dreamliner
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NSE probing crash: FM
investor
guidance
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Govt may shut Kingfisher
as fleet remains grounded
Mumbai/New Delhi, Oct 6 The Directorate General of Civil Aviation told the airline late on Friday to demonstrate why its permit to fly should not be suspended or cancelled, and gave it 15 days to reply. The DGCA said the airline had failed to establish a "safe, efficient and reliable service". Kingfisher would have to submit a detailed plan to the DGCA before it is allowed to resume flights, Civil Aviation Minister Ajit Singh said Saturday. Asked whether the aviation regulator was likely to move ahead with suspending or cancelling the crisis-ridden carrier's flying license, he said it was for theDGCA to decide after it studies the airline’s reply to the show cause notice issued to it. Kingfisher stopped flights on Monday after a weekend protest by staff turned violent. Airline employees have not been paid for seven months. "The airline has not been able to resolve its issues. They have not approached DGCA with any operational plan," the civil aviation ministry said in a statement. The company said in a statement it would submit its response to the regulator "well in time" and would also come up with a plan to restore services after negotiating with employees. Kingfisher, once India's no. 2 airline, has failed to find an overseas airline or other investors to bring in fresh equity. — Reuters/PTI |
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NORTH CHARLESTON, S.C., Oct 6 The delivery marks another milestone in Boeing's efforts to broaden its production base beyond Washington, where all of its other jets have been built. The 787 is largely outsourced to other countries, with wings and other parts shipped in for final assembly to Boeing facilities in Washington and now, South Carolina. Boeing's corporate headquarters are in Chicago. "Airplane built, airplane completed, airplane flown and now today, airplane delivered," said Jack Jones, chief executive of Boeing South Carolina whose $750 million final assembly plant in North Charleston was started in fall 2009. Production began in the summer of 2011. The first plane was completed in April. Boeing South Carolina also makes and assembles the mid-body and aft-body fuselage sections for all 787s at the plant. "Three years ago, nothing was here," Jones said. "Some of these employees - a year and half of experience. That's unprecedented. It's also historic." Today's delivery was the third 787 for AI. It took delivery of two more last month, both made in Washington. By March 2013, the state-owned airline will have taken eight of the 27 Dreamliners it ordered in 2005. — Reuters
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Mumbai, October 6 Addressing reporters after meeting top SEBI officials here, he said he has been told that there was no systemic risk in the capital market and the National Stock Exchange had come out with a statement explaining the incident. He said the NSE had said it is investigating the matter and the market regulator would take necessary actions. "I was assured there was no systemic risk," he said. He was replying to queries on fall of about 900 points or close to 16 per cent in Nifty within seconds in a flash crash like situation yesterday morning, which led to a halt in trading at NSE for about 15 minutes. — PTI
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investor guidance Is income tax rebate available on loans for purchasing cars, motorcycles and scooters as is the case with housing loans? — J.A.C. Vincent Unfortunately there is no income tax rebate on purchase of cars, motorcycles, scooters or other vehicles or for that matter household durable and nondurable appliances. These are items for personal use and the government has never provided any income tax benefits for buying them. I gifted some money to my wife that I had received as my gratuity and she has invested the funds in a couple of pension plans. Do I have to club my present salary with the returns on these pension plans? If so, will I then have to pay income tax on the returns? — Kochar The money you gifted your wife will not attract income tax for either of you as cash gifts between relatives are taxfree according to the provisions of Section 56 of the Income Tax Act. However, as per Section 64, the returns on funds transferred without consideration to spouse will be clubbed in the hands of the donor spouse. Now, if such return itself is taxfree, the clubbing loses its teeth. For example, the returns from, say, a ULIP Unit Linked Investment Plan) or interest from Public Provident Fund is taxfree. Hence, even if it is to be clubbed in your hands, the amount remains taxfree. Returns from pension plans, however, are taxable and the tax will have to be borne by you.
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The Indian rupee continued to rule firm for the fifth week in a row, appreciating further by 100 paise to end at fiveand a half month high of 51.85 against the greenback during the shortened week under review on heavy dollar selling by exporters and some banks amid firm local equity markets. Mumbai Market regulator SEBI on Saturday proposed uniform guidelines for all classes of foreign investors, a step aimed at simplifying the investment process for overseas entities and strengthen surveillance over them. At its board meeting on Saturday, SEBI decided to prepare draft guidelines in this regard with an aim to make uniform rules for different classes of foreign investors such as FIIs, NRIs, foreign venture capital investors and qualified financial investors. Mumbai India's foreign exchange reserves went up by US $837.8 million to $294.81 billion for the week ended Sept 28, 2012, RBI data shows. However, foreign currency assets, the biggest component of the reserves, fell $1.07 billion to $259.95 billion.
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Mumbai/New Delhi, Oct 6
Representatives from Air India took delivery on Friday of the first Boeing Co 787 Dreamliner made in South Carolina and the first manufactured outside Boeing Commercial Airplane's headquarters in Washington state.
New Delhi