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221.10 crore revenue Rather exhorts officers to initiate efforts to increase revenue Excelsior Correspondent JAMMU, Feb 3: The Excise Department has collected a revenue of Rs 221.10 crores.....more
Camdessus defends IMF, flays G7 Russia role WASHINGTON, Feb 3: The International Monetary Fund took on ....more Microsoft to invest 5 mln NEW DELHI, Feb 3: Software major Microsoft Corporation today....more Embroidered Persian NICOSIA, Feb 3: Persian carpets embroidered with heroin have been .....more |
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Gold recover on NEW DELHI, Feb 3: Gold prices recovered on the bullion market today on emergence of buying by local parties while silver remained weak on lack of support. Marketmen said a better trend in the international market was another reason for boosting the market sentiment. They said prices picked up following reports on US federal reserve deciding to raise interest rate by 25 basis points......more Eicher Motors record NEW DELHI, Feb 3: Eicher Motors Limited (EML) has recorded a 52 per cent growth in volumes for January 2000, having sold 651 vehicles as against 428 vehicles in January 1999. ....more Info-X Software NEW DELHI, Feb 3: Info-X Software Technology Pvt. Ltd., today announced the launch of....more |
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Excise Department collects Rs
221.10 crore revenue Excelsior Correspondent JAMMU, Feb 3: The Excise Department has collected a revenue of Rs 221.10 crores in the State during the period from April to December 1999, compared to the collection of Rs 151.44 crores during the corresponding period of last year. This represents 72 percent of the targeted revenue for the current financial year. This was stated at a review meeting of the Excise Department which held under the chairmanship of Finance Minister, Mr Abdul Rahim Rather here today. Principal Secretary, Finance, Mr Ajit Kumar, Excise Commissioner, Mr M M Bhat, Special Secretary Finance, Mr K M Wani, Director Finance, Ms Naseema Lankar and senior functionaries of the Department were present. The meeting was told that whereas an amount of Rs 111.86 crores has been realised on account of Excise duties, the collections on account of Toll Tax and entertainment duty during the period have been of the order of Rs 106.88 crores and Rs 2.36 crores respectively. Earlier, speaking on the occasion, Finance Minister exhorted upon the functionaries of the Department to work fairly and fearlessly. Every functionary, he said will be judged solely by his performance. Whileas functionaries displaying outstanding performance in revenue collection and discharge of other obligations shall be suitably rewarded, the failures and slackness on the part of any functionary will invite disciplinary action. Mr Rather said that revenue collecting agencies have to play a vital role in generating resources for the State. They have to redouble their efforts to ensure that the targets prescribed are achieved in full. The Finance Minister said that everyone of us has to strive hard to plug the loopholes and augment the revenues of the State so that the plans and programme launched by the Government for the upliftment of the people, more especially living in far flung and backward areas, are funded. Mr Rather asked the functionaries to make frequent raids and maintain strict vigil to eradicate the menace of distillation of illicit liquor. He said that there was a need for review of the provisions of the laws dealing with imposition of fines for the persons involved in distillation of illicit liquor. Deterrent punishment including imposition of heavy fines need to be prescribed, he said. The Finance Minister called for close and co-ordinate monitoring of the functioning of the various wings of the Department. He said besides holding periodic meeting at divisional levels he would be visiting the field offices to personally asses the performance of these units. He assured the functionaries that their service matter would receive full attention and care of the Government. Their genuine problems would be considered sympathetically. Measures for effecting further improvements in the functioning of the Department would be initiated, he added. |
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Camdessus defends IMF, flays G7 Russia role WASHINGTON, Feb 3: The International Monetary Fund took on a tough task when it tried to help Russia build a market economy, and rich countries were more generous with directives than with cash, the fund’s outgoing managing director said yesterday. In comments both defensive of IMF actions and critical of the rich countries which pay the IMF’s bills, Michel Camdessus said none of the players involved in the early stages of Russian reform had recognised the scale of the problems. "What was missed in Russia was a good perception by all actors of the time it would take to change the culture of the country," Camdessus, who leaves the IMF later this month, said at Georgetown University. "The economic culture, the enterprise culture were not there and these take time." The IMF, occasionally prodded into action by the Group of Seven industrialised countries, loaned Russia more than 20 billion dollars in the seven years after the Soviet Union collapsed, despite a mixed Russian track record on economic reform. But Camdessus complained that the G7 — Britain, Canada, France, Germany, Italy, Japan and the United States — had not stepped in with bilateral loans as Russia struggled to remodel its Communist-era economy. "Very soon we and our friends in the World Bank were left alone to help this country, when normally we should have only a catalytic role," he said. "The bilateral donors, particularly the G7 countries which were so adamant to (support) the Russians, have not done a lot — to say the least — in extending bilateral support." IMF deputy head Stanley Fischer, speaking earlier at a congressional commission, admitted member countries had put "political pressure" on Russia, although he said it had not gone so far as to force policy shifts. "The Russia case is very, very complicated," he said. The chain of IMF loans from 1992 to 1997 turned Russia into the IMF’s largest single borrower, although payments from the latest credit have been delayed for months while the IMF waits for Russia to meet structural benchmarks centering on bankruptcy rules and payments for utilities. Camdessus said early efforts to reform the Russian economy had been complicated by the fact that the destruction of the communist party had destroyed the state that went with it. "We had to help this country rebuild itself with no proper statistics, no proper administration and with a central power which went not very far beyond the walls of the Kremlin," he said, referring to the power vacuum in Russia’s early years. "Things have been slow and frustrating... But let’s wait a minute before condemning what has been done there. We have free elections, a free press and a democracy which is not challenged by anyone." Camdessus, repeating previous IMF comments, said Russia was more than meeting macroeconomic targets agreed in its latest economic programme with the international lender and he raised the prospect of a recovery — within the next 10 years. "In spite of their crisis ... Russia has not questioned the orientation of a market economy, has not questioned the orientation of reform and continues to strive to maintain a proper macroeconomic framework," Camdessus said. "We are hopeful that a real, strong Government...Will be in place and then reform will start again. I have no doubt that some time in the next decade we will see Russia doing well again — and without the support of the IMF." (REUTERS) |
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Microsoft to invest 5 mln dollar in Chrysalis Capital NEW DELHI, Feb 3: Software major Microsoft Corporation today announced its plan to invest five million dollars in Chrysalis Capital, a venture capital fund for Indian enterpreneurs. Chrysalis Capital will be the largest venture capital fund in India focused on young companies in the information technology and internet sectors. Announcing Microsoft’s first investment in an Indian venture capital fund, Mr Sanjay Mirchandani, Managing Director, Microsoft Corporation India Pvt. Ltd. said, "with the Indian market maturing, the emergence of venture capitalists similar to those in the Silicon Valley is critical to India’s economic growth. It is important to creat the right environment for Indian companies by not only providing access to the latest technologies and adequate funds but also by working closely with companies to give them access to Microsoft’s technogies, technical information, support and consulting. Additionally, we will work with chrysalis to help these companies define their go-to market strategies." Chrysalis Capital’s strategy is to be an active value added partner to young it and internet companies with global aspirations. The firm combines an international network, with local operating expertise. Chrysalis founder Ashish Dhawan and Raj Kondur come from investment roles at Goldman Sachs and Morgan Stanley respectively. The advisory committee of the fund will include Mr Sanjay Chheda, Director-Corporate Development, Microsoft Corporation and a senior representative from Microsfot India in addition to a number of number of Chrysalis other investors. The Advisory Committee will be responsible for shaping the fund’s investment strategy and sector focus, a company release said. (UNI) |
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Embroidered Persian carpets found in Cyprus NICOSIA, Feb 3: Persian carpets embroidered with heroin have been discovered by police in Cyprus, authorities said yesterday. An Iranian is being held for questioning after closer inspection of three elaborately-woven rugs in his luggage by airport police revealed they were unusually heavy. "It was woven in between the threads. We calculate that there is about four kilos," Drugs Squad Chief Christakis Katsikides told Reuters. Police suspect the narcotics were from Pakistan, but could not say whether the drugs were destined for cyprus or another market. (REUTERS) |
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Gold recover on local support, silver remain lower NEW DELHI, Feb 3: Gold prices recovered on the bullion market today on emergence of buying by local parties while silver remained weak on lack of support. Marketmen said a better trend in the international market was another reason for boosting the market sentiment. They said prices picked up following reports on US federal reserve deciding to raise interest rate by 25 basis points. A firm trend in upcountry market also influenced the market trend. The volume of business was small. Standard gold and ornaments recovered by Rs.20 each at Rs.4480 and Rs.4330 per ten gram respectively. Sovereign was unchanged at Rs.3825 per piece of eight gram. Silver .999 (ready) lost Rs.15 at Rs.7940 per kilo and weekly delivery by Rs.15 at Rs.7950 per kilo. Silver coins held unchanged at Rs.11,000/11,200 per 100 pieces. The following were today’s quotations: Silver .999 (ready) 7940 and delivery 7950. Silver coins buyer11,000 and seller 11,200. Standard gold 4480, ornaments 4330 and sovereign 3825. (PTI) |
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Eicher Motors record 52 pc growth NEW DELHI, Feb 3: Eicher Motors Limited (EML) has recorded a 52 per cent growth in volumes for January 2000, having sold 651 vehicles as against 428 vehicles in January 1999. EML’s volume growth continued on its ascending trend. In the first ten-months of 1999-2000, it sold 5209 vehicles as compared to 3861 vehicles in the corresponding period last year, registering a growth of 35 per cent. EML had recorded a growth of 33 per cent in the nine-months April-December. Eicher Motors had recently trebled its profit after tax for the quarter ended December 1999 by recording a profit after tax of Rs 4.3 crore as compared to Rs 1.16 crore in the corresponding period in the last year. The company has already announced its entry into the heavy commercial vehicle segment by unveiling its state-of-the-art hcv, the "Eicher 20.16," the first commercial vehicle to be designed and developed entirely in India. Eicher Motors is also investing over Rs 100 crore in its Pithampur plant and creating an integrated capacity of around 20,000 vehicles per annum. (UNI) |
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Info-X Software launches auction site NEW DELHI, Feb 3: Info-X Software Technology Pvt. Ltd., today announced the launch of www.Koolmaal.Com, an auction site for corporates and individuals. The search engine is designed to facilitate the buying and selling of goods and belongings throughout the country by providing a very convenient information link between owners andbuyers. Talking to reporters, Nr Rishi Parti, Managing Director, Info-x Software Technology Pvt.Ltd. said, "with koolmaal.Com people will be able to get great deals and experience the thrill of interactive auctions online. We will also provide a platform to people to advertise their services and help them make money. The main purpose of launching the site was to bring buyers and sellers throughout the country to a common platform." (UNI) |
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