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10,000 crore from bond NABARD launches Capital Gains Bond in Jammu Excelsior Correspondent JAMMU, Oct 4: The National Bank For Agriculture And Rural.....more NTT engages NIIT NEW DELHI, Oct 4: The seven billion dollar-Japanese systems integrator .....more ASSOCHAM suggests NEW DELHI, Oct 4: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has....more
HHEC Chairman NEW DELHI, Oct 4: Mr K K Sinha, Chairman and Managing Director of Handicrafts and.....more |
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Spice to
increase CALCUTTA, Oct 4: Spice Telecom, Calcutta’s leading cellular service provider, has planned to double its number of cell sites in the city and increase radio capacity to provide better coverage and seamless service for its subscribers.........more 35 lakh bales of cotton BATHINDA, Oct 4: More than 30,000 bales of cotton have so far arrived in the different mandis of Punjab, Haryana and Rajasthan this year, Fateh Chand Sharma, president of Northern India Cotton Association, said here today........more NEW DELHI, Oct 4: Phoenix Global Solutions (PGS), a multinational IT services company has joined hands with Computer Associates International, Inc. (CA) to jointly develop and deliver mission-critical Business-to-Business (B2B) and Business-to-Consumer (B2C) solutions worldwide........more Handicraft’s exports register increase of 16.50 per cent NEW DELHI, Oct 4: The exports of handicrafts during the first six months of 2000-2001 registered an increase of 16.50 per cent in rupee terms at Rs 3,330.50 crore as compared to Rs 2,858.78 crore during the same period last year.......more |
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Bank
expecting to mobilise Rs 10,000 crore from bond Excelsior Correspondent JAMMU, Oct 4: The National Bank For Agriculture And Rural Development (NABARD) is expecting to mobilise Rs 10,000 crores from its Capital Gain Bonds. Addressing media-men today, General Manager of the NABARD Jammu Kashmir region, Mr Bhawar Puri said that they have not fixed any target but they are expecting to mobilise nearly about 10,000 crores from new bonds. "Only NABARD and one another company have capital gain scheme in our bonds so we are expecting over whelming response from the investors", he said, adding, " all arrangements for floating of the Capital Gains Bonds have been finalized. The information memorandum containing the application forms are available to the prospective investors from September 28 onwards from 53 places consisting of NABARD, head office, Mumbai". Mr Puri further said that application forms and information memorandum will be available at Regional Office Jammu at Shastri Nagar. In additions, he said, this bond issue has also been placed on the net on www.riskxpress.com for registered users. "The bond issue is made available on private basis and will remain on tap", he said, adding, "the coupon on these bonds, which will have a lock in period of three years, will be 9.75 percent per annum, payable annually". Mr Puri said that minimum subscription of these bonds has been fixed at Rs 10,000 or multiples thereof and firm and full allotment at par will be made to all eligible investors. "The interest on these bonds will be paid by NABARD on February 1 of every year", he said and added that the first interest will be from the date of allotment on January 31. General Manager made it clear that NABARD reserves its right to alter the rate of interest on its Capital Gain Bonds and the rate of interest will be made known to the investors before the acceptance of the applications. The interest rate at which the application is accepted will be paid to the investors till the maturity of bonds. The bonds will be redeemed at par on the day following the completion of three years from the date of allotment. Mr Puri said that NABARD has launched this Bond after Government of India has issued an ordinance on September 26, 2000 which enable NABARD to issue bonds, debentures and financial instruments. "The Finance Minister in his budget speech for 2000-2001 had announced that Capital Gains Bonds would also be issued by NABARD for absorbing the capital gains arising from transfer of long-term capital assets in terms of new Section 54 EC in the Income Tax Act 1961", he said. Regarding functioning of the NABARD, Mr Puri said that set up in 1982 as the only development finance institute in the sphere of agriculture and rural credit, NABARD has grown into a very strong financial institution with its total assets aggregating Rs 33.367 crore as on March 31, 2000. Owned by the Government of India and Reserve Bank of India, the Non Performing Assets of NABARD has formed only 3.54 percent of its total advances on March 31, 2000 and its capital ratio stood at 44.42. "As on March 31, 2000, the owned funds of NABARD aggregating Rs 17184 crores formed more than half of total assets of Rs 33367 crores", he informed, adding, "the other funds are borrowings from RBI under General Line of Credit, Government Guaranteed Bonds, Tax Free Bonds, Taxable Priority Sector Bonds/Non Priority Sector Bonds and International Borrowings and Deposits received from banks towards Rural Infrastructure Development Fund (RIDF)". Replying to a question, Mr Puri said that NABARD has sanctioned Rs 350 crores for different projects in the State under RIDF. |
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NTT engages NITT to a create B2C communication portals NEW DELHI, Oct 4: The seven billion dollar-Japanese systems integrator NTT Data has engaged NIIT Global ebusiness Solutions Corporation to create a business-to-consumer communication portal. The NTT awarded two million dollar order to NIIT to create a portal that would enable individuals to log on to this internet site using mobile phones or computers for posting resumes and retrieving information or availing of other services. This value added system will be one of the largest business-to-consumer portals in Japan. Commenting on this prestigious offshore development order, Mr Kyoji Murakami,President, NIIT Japan, said: This is a significant milestone in the ongoing relationship between the two companies. We are proud to be deploying our world class processes and creating cutting edge software for building this mission critical, high performance job search portal. Dr Tatsuo Suzuki,General Manager, NTT data industrial systems sector, said: "We are immensely pleased to be dealing with a technology company like NIIT that has the capability of creating state-of-the-art ebusiness solutions. This tie up will give NTT data access to expertise in successfully deploying large projects for global clients in a time-bound manner. NTT group is involved in stock holding, local and distance phones, communications, system integration and mobile phones. (UNI) |
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ASSOCHAM suggests review of RBI Amendment Act NEW DELHI, Oct 4: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested review of the RBI (Amendment) Act 1997 to facilitated healthy growth and operations of the Non-Banking Finance Companies (NBFCs). In a representation to the RBI, the chamber has stated that the Act was discouraging the growth of small and medium trade, industry, business, profession and occupation as the new provisions. The chamber said, the basic objective of the Act was to ensure adequate sefety to the depositors/public who deposit their money with NBFCs and unincorporated bodies like individuals, firms and unincorporated association of individuals apart from the objectives to bring in measures to ensure the healthy growth and operations of the NBFCs. Along with the other provisions to regulate the NBFCs in the country, the Act has also sought to bring the unincorporated bodies such as individuals/partnership firms/association of individuals under the provisions of the new Act. Under the RBI (Amendment) Act, 1997 there is an apprehension in the minds of traders and small scale industrialists, who are operating through unincorporated bodies that if during the course of their business they accept deposits and loans and market borrowings and also give loans to other persons from time to time, though receiving of deposits and lending is not their principle business, they shall not be allowed to accept any deposits. Such a restrictive provision will, in one stroke, deprive a vast majority of Indian population of the available sources of finance, thus robbing them of their livelihood, and grind a major portion of the economy to a halt. It virtually means that only corporate bodies will be able to carry on occupation, trade or business, as they are allowed to accept deposits from all sources including individuals and firms. It is extremely unfortunate, the chamber said, that in a country like India, where adequate finance is either not available easily or at a cheaper rate even to the big or well established corporates, an act has been promulgated in a manner which is going to hit hard ordinary citizens and the smallest of the trader and professional and therefore there is need for a thorough review of the act. (UNI) |
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HHEC Chairman presents
dividend cheque of NEW DELHI, Oct 4: Mr K K Sinha, Chairman and Managing Director of Handicrafts and Handlooms Export Corporation Limited (HHEC), presented a dividend cheque of Rs 82.74 lakhs to the Textiles Minister Kashiram Rana here today. Mr Rana was inaugurating an exhibition of fashion accessories for exports organised by the HHEC and appreciated the alround achievements of the Corporation. The Corporation has paid dividend for the third year in a row. The Minister of State for Textiles V Dhananjay Kumar was also present on the occasion, an official press release here said. The Corporation achieved a turnover of Rs 370.12 crore surpassing the earlier highest turnover of Rs 318.28 crore during 1997-98 and also earned a net profit of Rs 4.01 crore. (UNI) |
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Spice to increase capacity, aims to maximise subscribers CALCUTTA, Oct 4: Spice Telecom, Calcutta’s leading cellular service provider, has planned to double its number of cell sites in the city and increase radio capacity to provide better coverage and seamless service for its subscribers. "We plan to increase our radio capacity by 60 per cent from the existing level. We have further plans to double the cell sites and expand the existing sites by the year end," company Chief Operating Officer S Venkatraman told PTI here. The company was undertaking the capacity expansion along with an ‘internal target of maximising its subscriber base’ given the high potential of the local market, he said. Spice, which had a subscriber base of 75,000 and enjoyed 60 per cent market share, has 44 cell sites as against 42 of its rival brand command. The number would be increased to over 75 by the year end. "The increase in radio capacity will provide seamless wireless communication experience to our subscribers. At the same time increase in number of cell sites will help them move in different parts of calcutta with increased coverage," Venkatraman said. Asked about Calcutta Telephone’s (CT) initiatives to provide a direct connectivity between spice and command, he said direct connectivity provision will help the customers of both the cell operators by not going through CT when they wish to communicate between them. (PTI) |
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35 lakh bales of cotton expected in northern zone BATHINDA, Oct 4: More than 30,000 bales of cotton have so far arrived in the different mandis of Punjab, Haryana and Rajasthan this year, Fateh Chand Sharma, president of Northern India Cotton Association, said here today. Nearly 35 lakh cotton bales, including six lakh bales of Bengal desi, are expected this year from northern zone as compared to 27.50 lakh bales of cotton during the full season last year, Sharma said. He said that nearly 11 lakh cotton bales including 1.50 lakh bales of cotton desi are expected to arrive this year during Punja, as compared to 7 lakh bales last year. (PTI) |
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NEW DELHI, Oct 4: Phoenix Global Solutions (PGS), a multinational IT services company has joined hands with Computer Associates International, Inc. (CA) to jointly develop and deliver mission-critical Business-to-Business (B2B) and Business-to-Consumer (B2C) solutions worldwide. The agreement brings together PGS’s world-c-class management consulting knowledge and expertise with CA’s industry-leading IT solutions and services to provide high quality, cost-effective, custom-built ebusiness tools for a wide range of clients in the insurance, banking, finance and telecommunications sectors. As part of the agreement, PGS has been named a CA premier business partner. In that capacity, pgs will receive multifaceted assistance from CA in providing value-added e-business products and services built upon CA’s Jasmine, Unicenter TNG and Etrust solutions. In addition to jointly developing new ebusiness tools for insurance, banking, finance and telecommunications concerns, PGS and CA will cross-market one another’s services and products to premier clients in those markets. (UNI) |
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Handicraft’s exports register increase of 16.50 per cent NEW DELHI, Oct 4: The exports of handicrafts during the first six months of 2000-2001 registered an increase of 16.50 per cent in rupee terms at Rs 3,330.50 crore as compared to Rs 2,858.78 crore during the same period last year. In dollar terms also, the exports showed an increase of 91.89 million dollars and recorded an increase of 13.91 per cent over the similar period in 1999-2000. The figures were disclosed at a press conference here today by the Export Promotion Council for Handicrafts (EPCH) in connection with the five-day Indian handicrafts and gifts fair (autumn)’2000 in the capital from October 13 to October 17, 2000. Mr K N Sachdev, president of the Tenth IHGf(autumn)’2000 told newspersons here that more than 700 leading handicrafts and gift manufacturer exporters from the country will be displaying select handicraft products in more than hundred categories during the fair. The fair, being organised by the EPCH, will showcase exclusive range of traditional contemporary Indian handicraft products, including new product editions especially designed to highlight the new millennium besides putting special focus on Indian home textiles with over 200 leading textile exporters participating in this section, he said. When asked about the four-day-long similar fair, first edition of heimtextil tex-styles India and ambiente India, being held from tomorrow, Mr Sachdev said "we are very positive about the success of our fair and hope to do better business than last year as we are organising these fairs for the benefit of small time exporters who cannot afford to go abroad and participate in international fairs." Mr Sachdev said the main purpose of the fair is to promote exports of Indian handicrafts, demand for which is on the rise in the world market. Total exports of handicrafts (excluding hand-knotted carpets) during 1999-2000 was Rs 5,924 crore and the target for the current financial year is Rs 6,950 crore (1660 million dollars), which is likely to be surpassed. Export target for 2001-2002 for handicrafts items (other than handknotted carpets) is set at Rs 7,923 crore (1,859 million dollars), IHGF president stated. IHGF (autumn)’2000 is one of the largest gifts shows of its kind in Asia and has been strategically timed with major international fairs for the convenience of the visitors. More than 7,000 trade visitors from India and abroad are expected to visit the fair for business interactions and generate sizable business in foreign exchange, he said. Five design galleries under the theme of indian home contemporary style, christmas special setting, teaser setting, design gallery and art for everyday living set up by famous designers will showcase the product forecast developed with the help of more than 50 exporters who will be the trend setters for 2001. The product display profile includes houseware, decorative gifts and general handicrafts, home textiles, furnishings, furniture, floor coverings and accessories-handcrafted, fashion jewellery, bags and clocks, christmas and floral decorations including eco-friendly products. (UNI) |
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