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NATCO gets FDA approval, gains gateway to Western markets Excelsior Correspondent HYDERABAD, Oct 17: NATCO Pharma Limited, Hyderabad, has pleasure in announcing the approval by US FDA authorities, .....more Corporate
Tax collection MUMBAI, Oct 17: Even though the Government is introducing the friendly measures .....more Electronic
instrument NEW DELHI, Oct 17: Electronic instrument exports grew 8.12 per cent to Rs 1,515.....more HP set to
increase SHIMLA, Oct 17: Himachal Pradesh is all set to be the country’s leading power generator, with the addition of 10,528........more |
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RBI revises norms for investments in G-sec by PDs MUMBAI, Oct 17: Reserve Bank of India (RBI) has asked Primary Dealers (PDs) to assign 100 per cent risk weight for.......more SBI, IDBI
bank get MUMBAI, Oct 17: Central Board of Direct Taxes (CDBT) has given its nod to the State Bank of India (SBI) and IDBI bank......more Generate
business worth NEW DELHI, Oct 17: Owing to encouraging response from overseas buyers, twin fairs — IHGF and Ifftex — simulta......more Cold water
aquaculture SHIMLA, Oct 17: A centrally sponsored Rs 2.21 crore scheme for development of coldwater fish culture and open water..........more |
NATCO gets FDA approval, gains gateway to Western markets Excelsior Correspondent HYDERABAD, Oct 17: NATCO Pharma Limited, Hyderabad, has pleasure in announcing the approval by US FDA authorities, of its active pharmaceutical ingredients plant at Mekaguda, Mabboobnagar district. NATCO has become an aggressive player in the pharmaceutical industry, and has been growing at about 25 percent on a year to year basis, after it had implemented a business and financial restructuring plan. As a part of its business strategy, the Company has been focusing on low volume high value drugs and in the finished dosage formulations on the oncology segment. Post 2005, taking advantage of the large number of products that would be going off patent, NATCO has elaborate plans to make its presence felt in the UK and US markets. To this end, NATCO has already filed seven (7) DMFs with the US FDA and proposes to file another six (6) DMFs by the end of the current fiscal. These DMFs, essentially pertain to anti-depressants, anti-emetic and anti-cancer drugs. The Company has already received approval from the Danish Health Ministry for marketing of Ondansetron 4 mg/8 mg tablets. This would open the European gateway for the Company. The Company has also received UK Medicine and Health Regulatory Agency’s marketing approval for its Metronidazole 400 mg tablets. The Company is also pursuing actively the steps connected with the compliance with the Mutual Recognition Protocal in Europe for approval from other EU countries. The Company’s state of the art, most modern FDA compliant formulation facility at Kothur is slated for inspection by the US FDA authorities during the next couple of months and the approvals should be in hand by the end of the current fiscal. This would given an added impetus to the Company’s global marketing efforts. In the finished dosage formulation segment, the Company has already filed an ANDA for an anti-depressant drug and proposes to file five more ANDAs before the end of the current fiscal. The US and European markets are huge and are estimated to be in the region of US $ 60 billion. The Company expects to have tie ups with product specific companies, with whose help and assistance, it should be possible to garner a share of the market. |
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Corporate Tax collection growth
shrinks MUMBAI, Oct 17: Even though the Government is introducing the friendly measures for tax payers to widen the tax collection base, the trend in corporate tax collection is not as encouraging as Income Tax collection. Central Board of Direct Taxes Principal Chief Controller of Accounts A K Das said that the growth recorded in corporate tax collection as per the figures compiled at the end of September was at 5 per cent while the Income Tax collection had shot up to 74 per cent. "The growth of the Corporate Tax collection is witnessing a sagging trend while the Income Tax collection is tremendous. The misclassification of the taxes from the Corporate Taxes is also one reason for this sagging trend. Most of the corporate houses show Income Tax and Corporate Tax in wrong way", Mr Das told UNI. Income Tax Commissioner(system) Gopal Mukherjee said that the Corporate Houses must have lost to the tune of Rs 61200 crore by the missclassification of Income Tax and Corporate Tax. Mr Mukherjee said that the Government was simplfying the tax payment procedures to avoid confusion and bring about transparency in tax payment. "The tax payment is no more complex. We have cut short four chalans into one. More over, there is no need to stand in queues at bank as e-filing is possible", Mr Mukherjee said. Asked about the frequent raid to net more defaulter, Mr Das told this correspondent that there would be no more raids to corner the tax defaulters. "On the contrary, the Government is enabling a hassle free tax payment system and distributing more tax payment channels to encourage the voluntary tax payment. We are simplyfying the tax payment structure so that the tax payment is no more a headache", Mr Das told this correspondent. He informed that over 33 banks have entrusted with the responsibilty of tax collection in the country including HDFC, ISBI, ICICI and UTI. (UNI) |
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Electronic instrument exports grow 8 pc in FY04 NEW DELHI, Oct 17: Electronic instrument exports grew 8.12 per cent to Rs 1,515 crore last fiscal compared to the previous year, according to electronics and computer software export promotion council. "Export of electronic instruments had been growing at a very high average annual growth rate of 54 per cent during the past five years. ESC will look into the reasons for deceleration of exports in 2003-04 and suggest measures for correcting the decelerating trend," ESC executive director D K Sareen said. He said North America was the leading importer of electronic instruments from India. However, the region’s share dipped to 28 per cent last fiscal from 43 per cent in 2002-03. In value terms, exports to the region fell by 30 per cent. Export of instruments to Singapore, Hong Kong and other South Asian countries, however, grew 34 per cent. Mr Sareen said electronic instruments constituted 20 per cent of total electronic hardware exports and were the second largest exports segment from the country, next only to components. The major electronic items exported from the country include UPS, medical instruments and appliances, electronic assemblies/sub assemblies, metres, inverters, process control equipment, induction heating furnaces, temperature indicators and ATM cards. Last fiscal the country exported UPS worth Rs 599 crore and medical instruments and appliances worth Rs 425 crore. (UNI) |
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HP set to increase power potential SHIMLA, Oct 17: Himachal Pradesh is all set to be the country’s leading power generator, with the addition of 10,528 mw of power to its identified hydro-power potential of 20,376 mw, by the end of eleventh five year plan. Out of the state’s power potential, 6,058 mw had already been harnessed while 2,773 mw potential would be added during the 10th five year plan and 7,755 mw potential during the eleventh plan, by the end of 2012. The 1,500 mw Nathpa-Jhakri Hydro Project, the Chamera Stage-II (300 mw) and Baspa (300 mw) had been commissioned recently and project with 322.5 mw potential including the 126 mw Larji project were being executed by the State Electricity Board and is expected to be complete in the current financial year. The Government is executing hydro-power project in the state, joint and private sector and Himachal Jal Vidyut Vikas Nigam, a subsidiary of State Electricity Board had been set for execution of Uhl-III (100 mw ), Kasang-I (66 mw) and Ganvi-II (10 mw) while Sainj (100 mw), Suil (13 mw), and Sal-I (6.5 mw) has been given to HPSEB for execution. The Government is expected to sign a Memorandum of Understanding with Sutlej Jal Vidyut Nigam for execution of the 439 mw Rampur project in joint sector, with 70:30 equity participation. (PTI) |
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RBI revises norms for investments in G-sec by PDs MUMBAI, Oct 17: Reserve Bank of India (RBI) has asked Primary Dealers (PDs) to assign 100 per cent risk weight for capital adequacy purpose in respect of their investments in subordinated debt instruments of banks and other Government securities. Issuing the revised guidelines investments in G-sec, RBI said the primary dealers’ aggregate investments in tiers II and III bonds issued by other PDs, banks and financial institutions shall be restricted up to 5 per cent of the investing PDs’ total capital. The capital for this purpose will be the same as that reckoned for the purpose of capital adequacy, the Apex Bank said. The guidelines will come into force with immediate effect. PDs have been asked to ensure adherence to these guidelines while issuing subordinated debt instruments, an RBI notification said here. While the amount of subordinated debt to be raised may be decided by the Board of Directors of the PD, the interest rate spread of the instrument over the yield of equal residual maturity of the Government of India dated security at the time of issue shall not exceed 200 bps, it said. The instruments should be ‘plain vanilla’ with no special features like options, and debt securities shall carry a credit rating from an agency registered with the Securities and Exchange Board of India (SEBI). In case of issue of unlisted issues of subordinated debt, the disclosure requirements as prescribed by the SEBI for listed companies should be complied with, the Central Bank said. Necessary permission from the foreign exchange department of the Reserve Bank of India should be obtained for issuing the instruments to NRIs/FIIs. PDs should also comply with the terms and conditions, if any, prescribed by SEBI and other regulatory authorities in regard to issue of the instruments, the RBI said. The PDs should submit a report to the internal debt management department of the RBI giving details of the capital raised and maturity of the instrument soon after the issue is completed, it said. (UNI) |
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SBI, IDBI bank get CBDT nod for
online MUMBAI, Oct 17: Central Board of Direct Taxes (CDBT) has given its nod to the State Bank of India (SBI) and IDBI bank for online direct tax collection. Using this innovative facility, individuals as well as corporate taxpayers can make payments online for Income Tax, Corporation Tax, Gift Tax and TDS. According to CDBT Principal Chief Controller of Accounts A K Das, Corporation Bank, Punjab National Bank and Bank of India are the other entities in the pipeline to implement online direct tax collection facility. IDBI bank, teaming up with National Securities Depository Ltd(NSDL), has already launched the country’s first online direct tax payment facility. The e-payment facility is initiated at the NSDL website. The details entered by the assessee are validated by NSBL and control passed to IDBI bank through a secure payment gateway. The bank debits the customer account after authentication and completes the payment of tax to the Government as an agency bank. This facility is a key initiative approved by the CBDT as part of its efforts to automate tax collection and administration. Asked about SBI’s online direct tax collection facility, Mr Das said the country’s largest commercial bank will be implementing the system in couple of days. "SBI is facing some technical problems in implementing the online direct tax collection facility. It is just a last minute Glitch. It will be alright soon, and in couple of days SBI would be implementing the same," Mr Das told UNI. Globally, online tax collection is increasingly becoming the preferred mode. Over the last few years, it has grown dramatically. Officials say that in Singapore, six out of 10 users use the internet to pay their taxes. It is expected that even in India, it will pick up in the next few years. IDBI managing director and CEO G V Nageswara Rao said, "we believe in providing our customers round the clock service and unmatched convenience using alternate channels. Online tax payment will be a great help to busy executives and those who travel a lot." "For corporates, we can integrate this facility with their back-end accounting systems so that the whole process is fully automated." IDBI and NSDL have developed the entire integrated solution for online tax payment in-house. The traffic between the various sites involved in the transactions is fully encrypted using HTTP protocols with industry standard digital certificates from verisign. According to officials, the online collection service offers the customers anytime and anywhere convenience for tax payment with 24x7 access. It will enable easy records and the customer can access records of the previous tax returns also. (UNI) |
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Generate business worth over Rs 1200 cr: EPCH NEW DELHI, Oct 17: Owing to encouraging response from overseas buyers, twin fairs — IHGF and Ifftex — simultaneously organised by the Export Promotion Council for Handicrafts (EPCH) at Pragati Maidan, have generated a whopping combined business worth over Rs 1200 crore during the five-day exposition. The Indian Handicrafts and Gifts Fair (IHGF) Autumn 2004 generated a business of more than Rs 950 crore whereas Indian flooring and furnishing textiles expo (Ifftex) 2004, held for the first time, reported a business worth over Rs 250 crore. Around 1550 exhibitors participated in the IHGF and about 370 in the ifftex and displayed products from the diverse fields from all over the country. The successful conclusion of the 18th edition of IHGF Autumn 2004 here today is a clear indication that the export target set by Ministry of Textiles for the current fiscal at Rs 11,500 crore is expected to be surpassed, said Mr Rakesh Kumar, executive director of EPCH. IHGF is held twice a year in February and October. The executive director said that the buyers appreciated the council’s initiative of holding both the fairs of international level simultaneously at the same place for their benefit enabling them to source requirements from a wide range of products at display. The mega events held between October 13-17, 2004, at a common venue enabled more than 6,500 foreign buyers to source their requirements ranging from eco-friendly gifts and handicrafts to household accessories like floorings and furnishings of global standards. Union Textiles Minister Shankersinh Vaghela had inaugurated both the fairs and asked the manufacturers and exporters to re-define their marketing strategies to enhance India’s share in the 100 billion dollar world market of gift and handicrafts which at present is less than two per cent. Export of ‘embroidered and crocheted products’ in the handicraft sector has increased to Rs 1,237 crore during the first six month of the current fiscal 2004-05 up by 27 per cent as compared to Rs 977 crore during the corresonding period last year. Total handicraft exports clocked an export turnover of Rs 10,465 crore last year 2003-04 compared to Rs 8,384 crore during 2002-03, he added. Mr Rakesh Kumar said the export of furnishings and floorings has grown substantially in the last few years from Rs 5,627.13 crore in 1999-2000 to Rs 7,942.46 crore in 2003-04. (UNI) |
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Cold water aquaculture and
capture fisheries SHIMLA, Oct 17: A centrally sponsored Rs 2.21 crore scheme for development of coldwater fish culture and open water fisheries has been sanctioned by the Government of India for the state, with a view to over drive the state fisheries activities towards generating additional self-employment and increas fish production in the state. State Animal Husbandry Minister Harash Mahajan said that the two segmented schemes have components of central assistance under the composites, expansion and remodeling of state’s existing trout, carp farms subsidies provision for payment to fishermen, fish farmers for purchase of nets, boats or setting up fish farming units, seed stocking programme and construction of landing centres in reservoirs, professionalise skill management of fish growers and fishermen in the farming and marketing aspects and bio-mapping, resource survey/research and development programmes. He said the major chunk of released funds of Rs 1.45 crore would be spent on renovation of fish farms in order to increase their seed production capacity while the remaining grant would be utilized for providing incentives and training of fishers, besides undertaking surveys and research and development activities. He said that all these compositives very well form a part of the recently casted ‘vision document 2006’ of the department and implementation of the scheme is likely to benefit a large number of stakeholders. Mr Mahajan said that the state has tremendous scope for fisheries development, both aqua farming and open water fisheries, and efforts made in harnessing of state’s water resources on sustainable basis would yield positive dividends in the years to come. (UNI) |
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Theme pavilion on Gujarat
spiritual tourism AHMEDABAD, Oct 17: The theme pavilion on ‘spiritual religious tourism’ at the vibrant Gujarat Navratri festival-2004 presents a kaleidoscope of communal harmony., The carefully designed pavilion gives a glimpse of the world famous religious temples and shrines. They include fire temples at Udwada, Navsari and Surat, where the Parsis had first settled, St Paul’s Church in Diu, UNESCO recognised heritage gurudwara at Lakhpat, Haji Pir (Kutch), Shah Alam, Sarkhej Roza and Latticework at Sidi Syed Mosque in Ahmedabad, Juma Masjid in Junagadh, Dargah of Mira Datar at Unava near Mehsana, Dargah Sharif of Pir Bhadiyad near Dholka-Dhandhuka. The pavilion highlights the lesser known aspects of more famous places like undersea settlements near Dwarka, antiquity of Somnath going back to first century BC, Emperor Asoka’s rock edicts at Girnar, about Dakor, Ambaji and the famous Jain pilgrimage centre at Palitana on Shetrunjay hills. The tourism promotion pamphlets, brochures and other literature too carry details of these places of religious tourist interests. However, when it came to multipoint presentation at the seminar, these places belonging to the minorities were conspicuous by their absence. Those who spoke at the seminar, organised by Gujarat Government as part of vibrant Gujarat being held here from October 14 to 22, apparently skipped even those shrines which are known for communal harmony. The galaxy of speakers included State Law Minister Ashok Bhatt, Revenue Kaushik Patel, chief secretary P K Laheri, senior secretaries D K Rao and V Tirupagaz, Shree Somnath Trust secretary Ashok Sharma and historian Bhartiben Shelat. Chief Minister Narendra Modi was also present. (UNI) |
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Goa for Central fund for IFFI exposition PANAJI, Oct 17: The Goa Government has renewed its plea with the centre for allocation of Rs 50 crore plan assistance to organise the prestigious International Film Festival of India (IFFI) beginning next month. Talking to reporters here yesterday, Chief Minister Manohar Parrikar said the state had spent more than Rs 50 crore for building necessary infrastructure facilities for the IFFI. More than Rs 200 crore were spent on giving facelift to the capital city of Panaji and surrounding areas with new bridges and widening of roads, he said. This was done in view to organise yet another international event during November-January in the state. In the Centre, he said, had granted Rs 3 crore ten years ago for the exposition when lakhs of pilgrims for all over the world at came to witness the relics. The event is held every ten years. Without waiting for the funds from the Centre, the state had so far spent yet another Rs 40 crore for the overaloo development of the area, Mr Parrikar said. (UNI) |
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MP attracts Rs 200 cr investment
proposals BHOPAL, Oct 17: Madhya Pradesh Chief Minister Babulal Gaur today said that the state has managed to attract investment proposal of around Rs 200 crore from Gulf countries. The proposal include export of " Sharbati" and " Kathia" wheat to the Gulf countries, establishment of Indian medicinal factory, setting of a garment factory at Madhya Pradesh, sale of handloom and handicraft products and establishment of trade with Sharjah, Mr Gaur told reporters. The Chief Minister had recently visited Gulf countries on a business trip. Mr Gaur said a NRI university would be set up to impart higher education in service sector like tourism, finance and accounts, for which a office would be started in UAE. The interested groups in UAE have already been identified and the concerned departments would shortly prepare their detailed project reports, Mr Gaur said. Gulf country representatives had shown a keen interest visiting tourist areas of Madhya Pradesh. For which the State Government has prepared a special package to attract Indian students studying in Dubai. On showcasing MP as a lucrative tourist destination, the Chief Minister said it was aimed at exhibiting the state as a brand not for tourist destinations but also as a business link for its products, to explore export opportunities and to encourage investments in the state. (UNI) Kinfra, DFRL to set up incubation centre at Kerala KOZHIKODE, Oct 17: The Kerala Industrial Infrastructure Development Corporation (KINFRA) and the Mysore-based Defence Research Laboratory (DFRL) today signed an agreement for setting up an agro-food business incubation centre at Kinfra Food Processing Park in Kakkenchery here. The agreement to set up the incubation centre aimed at providing initial support to the entrepreneurs prior to setting up their own enterprises at the park, was signed by Kinfra managing director G C Gopala Pillai and DFRL Director A S Bawa here. Mr Pillai said the thrust areas for the food parks, as envisaged by KINFRA, were spice extracts, curry powder, natural colours and flavours, meat processing, malted food, high fructose syrup from cassiva, ready-to-eat snacks, pineapple and mango products, canned/dried fruits, vegetables and dairy products. He said the incubation centre would be equipped with pilot production facilities such as fermentation, canning and bottling lines and aseptic processing plants to help budding entrepreneurs to test the viability of their projects for a given period at minimal initial investment. KINFRA would also provide the necessary guidelines for marketing the products, he said. Apart from the park here and another at Mazhuvannur, KINFRA plans to set up a third park at adoor in Pathanamthitta district, Mr Pillai said. Yet another park with specialised infrastructure for food processing was on the verge of completion at Kalpetta in Wayanad district, he added. Mr Pillai said KINFRA also plans to set up a herbal medicine validation and analysing centre at Thrissur in the state with a 75 per cent central grant of about Rs 50 crore. Altogether 20 ayurveda medicine manufacturers had agreed to participate in the project with a 15 per cent investment and a 10 per cent aid from KINFRA, he added. Mr Bawa said Kerala-based Chaitanya Food Industries had started marketing canned tender coconut water with the technical support of the DFRL. (UNI) |
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