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J&K favours tax SRINAGAR, June 12: Jammu and Kashmir Government has constituted a cabinet sub-committee for examining grant of sales tax exception to the ...........more J&K
sets up cell for rural SRINAGAR, June 12: Jammu and Kashmir Government has set up a cell in directorate of rural development to chalk.....more CDR
approves BANGALORE, June 12: The Corporate Debt Restructuring mechanism (CDR) of the .....more Taiwan
lawmakers TAIPEI, June 12: Taiwan lawmakers have approved legislation requiring employers to deposit a minimum of six percent of........more |
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3 Haryana achieved record mustard production CHANDIGARH, June 12: The Haryana Government efforts to increase mustard productivity ,important rabi oil seed crop, .......more FIIs pump
Rs 165 MUMBAI, June 12: Foreign Institutional Investors (FIIs) continued to invest in domestic equity markets for the second......more Manabendra
stresses KOLKATA, June 12: West Bengal IT minister Manabendra Mukherjee today emphasised on the need for creation of IT....more Forex
reserves dip MUMBAI, June 12: After recording a rise of over US dollar 1.24 billion in the previous week......more |
J&K favours tax exemption on high speed diesel for euos SRINAGAR, June 12: Jammu and Kashmir Government has constituted a cabinet sub-committee for examining grant of sales tax exception to the expoert-oriented industrial units on purchase of High Speed Diesel (HSD). The committee, constituted under the chairmanship of Deputy Chief Minister Managat Ram Sharma, met here this morning to discuss the issue. State Minister for Tourism Ghulam Hassan Mir, Minister for Revenue Hakim Mohammad Yasin and Minister for Science and Technology Nawang Rigzin, who are members of the committee, attended the meeting. Financial Commissioner Ajit Kumar and Principal Secretary Industries and Commerce A Sahasranaman were also present. The meeting agreed in principle that for speedy growth of industry in Jammu and Kashmir, there was an urgent need to provide tax exemption to the hundred per cent export oriented units on purchase of high speed diesel for generating sets. It felt the need for evolving a comprehensive policy for the purpose so that exports from the State are optimally increased. The industries department would work out a comprehensive mechanism for determining the actual quantity of high speed diesel consumed by a particular industrial unit. The annual ceiling on tax exemption in this regard would be worked out by corelating production and exports by the unit. The availability of power during the year for which the tax exemption is claimed, would also be kept in view. (UNI) |
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J&K sets up cell for rural development projects SRINAGAR, June 12: Jammu and Kashmir Government has set up a cell in directorate of rural development to chalk out strategies for special projects to be undertaken in rural areas. The projects would cover the provisions of basic civic amenities and employment avenues in these areas. It would recommend the projects for sanction of State Government, which in turn would sent them to Central Government for approval. These projects would be funded by Centre in the ratio of 80:20. This was disclosed by Minister for Rural Development Peerzada Mohammad Sayeed at a meeting held here today. The minister said that the cell at present is formulating a project to construct a bio gas plant in Budgam district on 200 kanal Panchayat-owned land. The land, though presently under Kikar plantation, is viable for running a gas plant. Some other projects were also in pipe line, he added. The minister said that the Government through such projects is taking the initiative in the direction of developing rural infrastructure and employment generation. These steps would be of great help in the long-run for the development of rural areas. Secretary, Rural Development, Bashrat Ahmad Dhar and Director, Rural Development, Kashmir Asgar Ali were also present in the meeting. (UNI) |
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CDR approves restructuring corporate credit upto Rs 63,598 crore BANGALORE, June 12: The Corporate Debt Restructuring mechanism (CDR) of the Reserve Bank of India has approved restructuring of credit in 90 cases involving an aggregate debt of Rs 63,598 crore till last month. The empowered group of the CDR, set up in March 2002, had so far considered 132 proposals with an aggregate debt of Rs 71,658 crore according to a paper presented at a seminar on CDR for Chief Executives and Directors of banks and financial institutions. The group had either closed 25 cases involving Rs 4,427 crore while it was processing 17 cases with a aggregate credit of Rs 3,633 crore. Among the 90 cases approved, the restructuring plan had been fully implemented in 44 cases while there was a delay in sanction or implementation in 34 cases. In the remaining cases, the process was in progress, the paper said. The CDR scheme covered stressed cases involving multi banks with aggregate minimum principal exposure of Rs 20 crore. Originally intended for standard and sub-standard assets, the scope of CDR was widened in February last year to include doubtful and BIFR cases but excluded wilful defaulters. The process of cdr would be initiated on a specific reference made by a lender or a group of lenders with at least 20 per cent share in the assistance. The empowered group comprised executive director level representative from IDBI, ICICI bank and the SBI as standing member besides a senior-level representation from financial institutions or banks having exposure in the concerned company. (UNI) |
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Taiwan lawmakers approve labour pension law-media TAIPEI, June 12: Taiwan lawmakers have approved legislation requiring employers to deposit a minimum of six percent of their workers’ salary into a retirement fund, major local newspapers reported on Saturday. The Labour Pension Law was passed late on Friday, the last day of the legislative yuan’s session, and will be put into effect in July 2005, the newspapers said. The new regulations would increase total labour costs by some T 98 billion ( 3 billion) for the island’s employers, estimated the mass-circulation economic daily. The Commercial Times reported that the Chinese National Federation of Industries Expressed Disappointment the law was passed and said companies would be forced to compensate with lower wages, layoffs, and moving production offshore. The federation said rising unemployment was also a possibility. Lawmakers and officials from the Chinese federation were not immediately available for comment. (AGENCIES) |
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3 Haryana achieved record mustard production CHANDIGARH, June 12: The Haryana Government efforts to increase mustard productivity ,important rabi oil seed crop, has started bearing fruit, as the state achieved record productivity level of 15.56 quintals per hectare in the last rabi season which is highest in the country. State Agriculture Director Rajeev Arora claiming this here today said that training camps and demonstrationss were organised to educate the farmers about the latest farm technology and integrated pest management measures. He said that 50,500 minikits of quality seeds of mustard were distributed free of cost among the farmers during rabi 2003-2004, besides providing gypsum, as a source of sulphur, to on 75 per cent subsidy. Sulphur was used to increase the oil contents in the mustard grains, he added.He said that a target of providing 50,000 minikits of quality seeds of mustard had been set up for the next rabi season. Demonstration on an area of 200 hectares would be organised for demonstrating new crop production technologies and supply of gypsum on subsidy would continue, he added. (UNI) |
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FIIs pump Rs 165 crore in equity
unwind MUMBAI, June 12: Foreign Institutional Investors (FIIs) continued to invest in domestic equity markets for the second week ended June 11 and pumped Rs 165 crore, while they reduced exposure further by Rs 252.7 crore in debt markets. FIIs inflows picked in the previous week when they made a net investment of Rs 579.80 crore in equity market after pulling out Rs 3,690 crore in the previous four straight weeks due to the fluid political situation and worries of a slowdown in economic reforms and disinvestment programmes under a left-supported Government at the Centre, analysts said. However, in debt markets, they continued to unwind positions due to strong expectation of hike in US interest rate. According to data available from the Securities and Exchange Board of India (SEBI), FIIs had made an aggregate purchases for Rs 2,376.20 crore in equities during the week as against their toal sales worth Rs 2,211.20 crore, showing a net investment of Rs 165 crore. Foreign funds were net buyers in equity markets on Tuesday, Wednesday and Thursday, while they sold on Monday and Friday. In debt markets, FIIs unwound positions worth Rs 252.7 crore during the week as they bought bonds for Rs 90.5 crore on Monday and Friday and sold them for a total Rs 343.2 crore on Tuesday, Wednesday and Thursday. FIIs had invested Rs 555.70 crore in equity till June 11 and sold debts worth Rs 277.30, showing their combined investment in equity/debt markets to Rs 278.40 crore as against net sales worth Rs 3,546.40 crore in May (Rs 3,246.90 crore in equity and Rs 299.50 crore in debt.) (UNI) |
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Manabendra stresses on need for
IT co’s KOLKATA, June 12: West Bengal IT minister Manabendra Mukherjee today emphasised on the need for creation of IT solutions companies, which can meet the requirements of third world countries and help in upliftment of standard of living. Inaugurating a seminar by Computer Society of India, Kolkata chapter, he said, IT companies, who can evolve solutions and meet necessities of common man were required for growth of sector rather than foreign companies customising solutions for meeting their business interests. He also stressed in creation of demand for IT and ITEs within the country for sustainance and growth of business in the sector. We should create demand within the country’s market for sustainance of business.The present companies in IT and ITEs sector depend on business in foreign countries for growth, which is not sustainable, he said. Harping on the need for IT in Government-citizen relationship, he said the State Government has already been able to implement e-governance in 3,600 village Panchayats and 150 municipalities. He said with the help of connectivity through website, V-Sat and old copper wires, efforts were on to implement telemedicine projects in far off rural areas by connecting them with sophisticated urban hospitals. State IT secretary G D Gautama said India with better cost competencies and skilled labour is far ahead of China, Russia, Philipines and Ireland in IT sector but efforts should be undertaken to encourage further growth. Although West Bengal, he said, is a late starter in the field but several established companies like ICRA, Tata consultancy, cognizant and IBM were expanding operations in the state considering the potential for growth in the region. He said the state, presently earning 3.5 per cent of national revenue from IT is aiming at 15-20 per cent share of country’s IT revenue by 2007 following the opening up of the region as a gateway to south east Asia. (UNI) |
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Forex reserves dip by $ 142 mn,
gold reserves MUMBAI, June 12: After recording a rise of over US dollar 1.24 billion in the previous week, India’s foreign exchange reserves declined by USD 1.42 billion led by a fall in gold reserves for the week ended June 2. The country’s foreign exchange reserves fell from USD 119.82 billion to USD 119.67 billion during the period under review, according to Reserve Bank of India’s weekly statistical supplement released here today. The foreign currency assets registered a growth of USD 77 million at USD 114.40 billion. Gold reserves, however, decreased by USD 217 million in the reporting week to USD 3.97 billion. Analysts said the gold reserves fell due to revaluation in the international prices of the yellow metal. RBI said special drawing rights stood at USD two million. India’s Reserve Tranche Position with the International Monetary Fund (IMF) decreased by USD two million to USD 1,299 million, the Central Bank said. Loans and advances to Central Government showed a decline by Rs 353 crore to Rs 378 crore while that to State Governments also fell by Rs 1,812 crore to Rs 1,837 crore, it added. Aggregate deposits of scheduled commercial banks for the fortnight ended May 28 were up by Rs 4,559 crore (0.5 per cent) at Rs 15,48,382 crore. Bank credit rose by Rs 308 crore to Rs 8,64,705 crore. Food credit at Rs 43,512 crore, was up by Rs 1,280 crore while non-food credit declined by Rs 972 crore to Rs 8,21,193 crore, it added. (PTI) |
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New courses in automobile
technology CHENNAI, June 12: The Small Industries Service Institute (SISI), functioning under the Union Ministry of Small Scale Industries, has tied-up with a city-based automobile service centre to start three short-duration courses in automobile technology. The courses — certificate courses in two-wheeler repairing (three months duration) and in automobile technology (six months) and post-graduate diploma in automobile technology, (six months) will start from July 1. The SISI had joined hands with Friendly Auto Work (P) Ltd for starting the courses, its deputy director S Sivagnanam told a press conference here today. "There are over six lakh two-wheelers hitting the roads every year. In Chennai alone, the figure is about 80,000. The courses will provide not only good employment opportunity for the unemployed youth, but also generate qualified people to service these vehicles," he said. The course syllabi had been framed with the guidance of SISI, Chennai, and placements would be assured for the toppers of the courses, he said. The qualification for the certificate courses are a pass in eighth standard/ITI or above and for PG Diploma, a pass in ITI/diploma or any degree. (PTI) |
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Rajasthan to allow contract farming, private mandis JAIPUR, June 12: Making a major move towards agricultural reforms, Rajasthan Government has decided to allow contract farming and setting up of ‘mandis’ in the private sector too. The decision was taken at a cabinet meeting chaired by Chief Minister Vasundhara Raje last night, official spokesman said here today. To pave way for contract farming and setting up of private marketing yards, the Rajasthan Agricultural Marketing Board Act would be suitably amended, he said, adding private contractors will have to get themseleves registered with the Government for contract farming. The agricultural marketing board, Hitherto having exclusive rights of setting up marketing yards or mandis, will also be reconstituted, he informed. Laws would be amended to allow urban local bodies to directly raise funds from financial institutions by mortgaging their properties without any nod from the State Government. A bill would soon be brought to allow contract farming in the desert state, Raje had recently announced at a CII agricultural summit. (PTI) |
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SJVN hosts 5th power HR forum meet SHIMLA, June 12: Public Sector Satluj Jai Vidyut Nigam (SJVN) will host the 5th meet of power Human Resources (HR) forum of India here on June 14 and 15. A SJVN release said here yesterday senior human resources personnel from national thermal power corporation, national hydro-electric power corporation, Power Grid Corporation of India Ltd, Tehri Hydro Development Corporation, Damodar Valley Corporation, Rural Electrification Corporation, Bhakra Beas Management Board, Power Finance Corporation, North Eastern Electric Power Corporation will take part in the meet. Power HR forum is a society to educate and develop knowledge, skill, mind and character of HR professionals in power sector to enable them to promote higher level of excellence in effective and efficient management of human capital. This is the first time, the meet is being organised here. The first three meetings were held in Delhi and fourth was held in Jaipur. The fourth meeting was organised by Power Grid Corporation of India Ltd. (UNI) |
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