|
|
Proper policy and MUMBAI, Sept 12: An efficient information system, transparency, adept and professional human resource along with a proper accounting system ......more Gujral
for more NEW DELHI, Sept 12: Former Prime Minister I K Gujral has called for increased economic cooperation between....more VSNL
experience NEW DELHI, Sept 12: The Tata’s row with the Communication Ministry over the decision-making control of the Videsh Sanchar....more BSNL mobile phone in all state capitals by Oct end THIRUVANANTHAPURAM, Sept 12: The Bharat Sanchar Nigam Limited (BSNL) will launch its mobile phone service in all state.....more |
|
Govt planning NEW DELHI, Sept 12: The Government is planning to amend the seventh schedule of the constitution to introduce a common legislation involving the ............more NEW DELHI, Sept 12: Trading continued to elude the Delhi Stock Exchange as players transacted business on the Bombay Stock Exchange and National Stock Exchange today.......more FM agrees for early NEW DELHi, Sept 12: Union Finance Minister Jaswant Singh today agreed for early finalisation of .......more Zodiac launches MUMBAI, Sept 12: Zodiac, a leading shirt maker, today announced the launch of its latest collection .......more |
 |
|
Proper policy and system must for managing risk-bankers MUMBAI, Sept 12: An efficient information system, transparency, adept and professional human resource along with a proper accounting system and policy may help banks and financial institutions in managing risks in the changing financial market, felt the bankers and financial experts. Addressing a gathering of bankers and financial players, Dr I G Patel, Icrier and former Governor of RBI, said that the banks and financial institutions will have several challenges to face with the opening of the economy. The banks and financial institutions can reduce uncertainty with good data banks, expertise, experienced professionals, proper training and a group of good people who know how to take the right decision, he said. Apart from provisioning the Non-Performing Assets(NPA), the former RBI Governor said that the banks should have transparency while taking decisions and they should know how to deal with the people’s mind. The banks need to know managing the repercussion in the post-risk scenario, he added. Referring to the affects of the bankruptcy of Enron on the financial market of United States, Tariq Javed, senior advisor with Saudi Arabian monetary agency said that the accounting risks of the banking industry causes due to the failure of the management. He said that a proper accounting policies are required to maintain a proper books and records and accounting systems. The internal accounting controls, correct financial statements and the disclosure of all important and relevant matters are necessary safeguards for the banks against risks, he said. Citing the collapse of BCCI in UK, Tariq Javed said that one major reason for its financial troubles was the deficient accounting related to its options contracts. He said that in this case the bank’s treasurer took in premium income on put options at the time of writing the contract without recording the corresponding deferred liability. "The bank management found out about this practice years later, only after the entire capital had been wiped out", he said. Stressing on the need of a balance between the credit and risk, R Ravi Mohan, Crisil CEO, said that the credit risk is the most pre-dominant for the banks and financial institutions. The bank management can decide the risk with good data, information and knowledge, he added. Emphasizing the importance of shareholders risk, Atul Pradhan, KPMP MD said that the regulator needs to monitor the shareholders risk. With globalisation many international players are entering in the market with e-business, he added. Explaining the need of changing the mindset of the people, K Rajagopal, Reliance Mutual Fund, CIO said that in this difficult situation, money making will be difficult as the supply is more than the demand. He said that the borrowers are looking up at the variety of products. The financial market needs to develop an integrated management risk, he said. (UNI) |
|
Gujral for more cooperation between South Asian countries NEW DELHI, Sept 12: Former Prime Minister I K Gujral has called for increased economic cooperation between South Asian countries to eliminate poverty from one of the world’s poorest regions. Delivering the 33rd Sri Ram memorial lecture on ‘Gujral doctrine: the economic dimensions’ here last evening, he said no country in the region could on its own eliminate poverty. "There is an inevitability of cooperation in enlightened self-interest," he observed. According to the latest world development report, 40 per cent of the world’s poor live in South Asia which is beset by animosity and mistrust among its member-countries. The Gujral doctrine emphasises good neighbourly relations. Each country which is "rich" in its own way, Mr Gujral said, could benefit from cooperation. Bhutan could sell its surplus energy to North India and Bangladesh its gas. "We could even look beyond South Asia to the Gulf and to the Central Asian republics," he said. Paying tributes to the first industrialists of a free India, he said it was men like Shri Ram, the founder of the Shri Ram group of industries, who helped modernise India with a vision of tomorrow. "If India is modern today, it is to a large extent due to the vision of these people," he added. Shri Ram, he said, was a philanthropist and visionary, who helped the successful transition from a mercantile economy to industrial economy in India before independence. However, the partition disrupted South Asian economy. "We have been trying to cope with that disruption in the past 55 years," Mr Gujaral said. He said he did not advocate unification or a confederation. "India and Pakistan need not be one, but they can be friends." He said the cooperation must extend beyond South Asia to the Gulf and the Central Asian Republics where there is a huge market. He lauded India’s status as a dialogue partner of Asean and said after the September 11 attacks, Afghanistan was getting closer to India. Among those who delivered the lecture, organised by the PHD Chamber of Commerce and Industry (PHDCCI), in the past are former Finance Minister Manmohan Singh, former Atomic Energy Commission chairman Raja Ramanna and Dr V Kurien, the father of ‘Operation Flood’. Shri Ram, who guided the destiny of many public sector enterprises in their formative years, was a founder-member, president (in 1930) and honorary member of the Federation of Indian Chambers of Commerce and Industry. A number of leading industrialists, including Shri Ram’s son Bharat Ram, came to hear Mr Gujral’s lecture held at the PHDCCI auditorium. (UNI) |
|
VSNL experience comes in way of HPCL selloff NEW DELHI, Sept 12: The Tata’s row with the Communication Ministry over the decision-making control of the Videsh Sanchar Nigam Ltd (VSNL) came in the way of acceptance of a compromise formula for pushing through the disinvestment of Hindustan Petroleum Corporation Ltd (HPCL)and Bharat Petroleum Corporation Ltd (BPCL) worked out jointly by adviser to Finance Minister Vijay Kelkar and HDFC chairman Deepak Parikh. The Ministry of Disinvestment turned down the formula, worked out by the behind-the-scene peacemakers,that suggested divesting 14.9 per cent to strategic investor,15 per cent to the financial institutions and 15 per cent to the public. "Going by the vsnl experience, which strategic investor would come with 14.9 per cent stake," Disinvestment Minister Arun Shourie said here last evening at a function marking the release of Jairam Ramesh’s book ‘Kautilya Today’. Mr Shourie called upon journalists to go beyond merely the two sides of a story. "They should delve into the facts as to why and who created the road-blocks for the economic reforms. There is a division between those who were the beneficiaries of the closed regime and those wanting the economy to open up," the Minister said. Mr Shourie described himself and Congress secretary Jairam Ramesh as second-track politicians. He complimented Mr Ramesh for his unsparing comments on the issues facing the country. (UNI) |
|
BSNL mobile phone in all state capitals by Oct end THIRUVANANTHAPURAM, Sept 12: The Bharat Sanchar Nigam Limited (BSNL) will launch its mobile phone service in all state capitals and important cities in the country by October end. Disclosing this, Union Minister of State for Communications and Information Technology Sanjay Paswan told newspersons here that the public sector company would launch its cellular service on the auspicious occasion of Durga Pooja festival. Stating that the service would be launched in Kerala on October ten, he said the date for launching would be fixed accordingly for other states. "Our aim is to provide maximum coverage at an affordable price. The tariff structure for the mobile phone service will be finalised soon," he added. In Kerala, the BSNL had set up 236 towers to give coverage in all the national and state highways. The Minister, who ruled out any immediate disinvestment in the BSNL, said it would be retained in the corporate sector. However, a process had been initiated to merge the BSNL with the Mahanagar Telecom Nigam Limited. "In some areas, privatisation cannot bring cheers to the people. They are frustrated with the performance of some private cellular operators." Stating that the NDA Government at the Centre would not go for blind privatisation, Mr Paswan said the views expressed by certain senior ministers could be considered as part of a healthy discussion to streamline the process of disinvestment. Referring to the information technology sector, the Minister said the Government would furnish a national e-governance policy by the end of this year. As part of a major project, each and every post office in the country would be linked to a computer network. "Post offices will be in a position to provide e-mail addresses to all those who wish to enjoy this facility within four months," he added. He said steps were being taken to absorb extra departmental staff as rural postman and Gram Panchayat worker in some states. (UNI) |
|
Govt planning legislation on service tax NEW DELHI, Sept 12: The Government is planning to amend the seventh schedule of the constitution to introduce a common legislation involving the Centre and States on service tax. The Finance Ministry is of the view that service tax should be brought under the concurrent list with a band on tax rates that could be imposed by the states, Mr A K Singh, member Central Board of Excise and Customs (CBEC) said here at the 11th Annual All India Tax Conference organised by the Associated Chambers of Commerce and Industry(Assocham). At present, the power to levy service tax is almost entirely with the Union Government. There is no consensus on the list of services to be allotted to the states for taxation. Mr Singh said the Empowered Committee of State Finance Ministers, headed by West Bengal Finance Minister Ashim Dasgupta, has submitted certain proposals in regard to sharing of service tax between the Centre and States, which are being examined by the Finance Ministry. He said even at the present modest rate of five per cent taxation, comprehensive coverage of services will yield more than Rs 20,000 crore revenue per year. Mr Singh said the Government started with a five per cent levy on selected three services which it has been expanding in a phased manner. At present there are 51 services in the tax net with a budgetary target of Rs 6,026 crore in the current financial year. "Yet for the purpose of taxation we have not even covered 10 per cent of the service sector. Within nine years of introduction of this levy, revenue from service tax has increased 15 fold from Rs 410 crore in 1994 to Rs 6,000 crore in 2000-01. There has been a quantum jump in the assesee base from 3,900 in 1994 to about two lakhs in 2001-02, Mr Singh said. He, however, said while the growth rate has been impressive, the tax yield has not been uniform for all services. Top five services, namely, telephones, insurance, stock brokers, advertisers and couriers contribute more than 80 per cent of the revenue. Due to paucity of staff and legislative weaknesses, it has not been able to ensure 100 per cent registration and tax compliance from all the assessees,’’ Mr Singh said. Responding to observations made by Mr K K Nohria, president Assocham, Mr Singh said for comprehensively covering the service tax it was important to bring under the tax net important areas of the service economy— transport sector, rail, road and water transportation of passenger and goods. It was also necessary to bring auxiliary and support services such as mining, electricity, gas, water, and power distribution services, selected education and health services, civil engineering constructions, wholesale trade and distribution services and hospitality services. Alongside, a well defined negative list of services relating to sovereign functions of the state, public utilities, essential services should be kept in the tax net. Developmental services and those which cater to lower strata of society should be granted exemption for a limited period, Mr Singh said. (UNI) |
|
|
NEW DELHI, Sept 12: Trading continued to elude the Delhi Stock Exchange as players transacted business on the Bombay Stock Exchange and National Stock Exchange today. The index remained unaltered at previous closing of 826.97 points. This month only once the shares changed hands. It brought the index had gone down by more than eight points as 10,000 MTNL shares were sold at Rs 11,45,000 on one terminal on last Tuesday. Trading took place only three times last month. As many as 2,512 shares of Tata power worth Rs 2,56,852 changed hands at the bourse on August 23. But the index that day also remained at 835.27 as the shares were traded at the previous price of Rs 102.25. Before this, TISCO shares worth Rs 2.5 lakh were traded on August 14, while trading worth just Rs 800 took place on August two. DSE failed to attract brokers for almost whole of this fiscal so far with the index hovering between 835 and 850 points. Brokers attributed the apathy of players towards the local bourse to vanishing margins because of SEBI’s move to ban badla and introduce rolling system. The proposed plan to give incentives to the performing brokers could not cheer up players, who said unless a concrete decision is taken on consolidation of DSE with BSE, the local bourse would not attract them. The plan would be put in place from October one. The trading at DSE started lessening after a proposal was put up by the BSE and DSE to their governing boards for consolidation of both the bourses in September last. Under the proposal, the members of the DSE would be offered trading membership as per the eligibility under the BSE by-laws, rules and regulations at a concessional rate on surrender of their membership of the DSE. Scope of margins virtually vanished after badla and rolling settlements were banned. The move has even terminated the chance of arbitrage, which brokers used to earn earlier. (UNI) |
|
FM agrees for early finalisation of MP fiscal plan NEW DELHi, Sept 12: Union Finance Minister Jaswant Singh today agreed for early finalisation of medium term fiscal plan for Madhya Pradesh. Madhya Pradesh Chief Minister Dijvijay Singh in a meeting with Mr Jaswant Singh stated that the State Government had fulfilled the criteria for getting the fiscal reforms incentives as proposed by the 11th Finance Commission recommendations. The revenue deficit of Madhya Pradesh, which was 3.64 per cent of National State Domestic Product (NSDP) in 1998-99 has steadily declined and is projected to be 0.46 per cent in 2002-03. Similarly, the fiscal deficit as a proportion of NSDP has declined from 5.3 per cent to 4.47 per centduring the same period. The capital expenditure, on the other hand, has gone up from 1.28 per cent in 1998-99 to 2.78 per cent in 2002-03. The Chief Minister took up with the Finance Ministers issues regarding early clearence of ADB and World Bank projects in the pipeline. Mr Jaswant Singh agreed to provide full support for the State Governments projects. (UNI) |
|
Zodiac launches ‘florentine collection’ of shirts MUMBAI, Sept 12: Zodiac, a leading shirt maker, today announced the launch of its latest collection inspired by the rich heritage of Italy’s florence — the florentine range of shirts and ties. This collection of premium shirts is attractively priced between Rs 1195 and Rs 1595 and will retail at prestigious outlets like shopper’s stop, lifestyle, trent, pyramid in Mumbai and a host of other multi-brand outlets across the country. Announcing the launch, Mr Salman Noorani, Managing Director, Zodiac Clothing Company Ltd (ZCCL) said "Zodiac has always endeavored to bring the latest trends in international fashion to the discerning Indian audience. And the florentine collection offers the finest combination of fabrics, colors and styling available in India today". It has three state-of-the-art-manufacturing facilities in Karnataka, Daman and one in Dubai with a capacity to produce more than five million shirts per annum. A significant number is sold in highly competitive markets of Europe, South Asia and the Middle East. "Zodiac as a brand is available across 130 ciro citterio outlets across the United Kingdom where they are competing with the best brands in the west in classic business wear like Thomas Pink, Geives Hawkes and Hugo Boss to name a few", Mr Noorani said adding that Zodiac has the distinction of being the only Indian shirt maker to command a two per cent market share in the German market for casual shirts. (UNI) |
|
|
