Excelsior Correspondent
SRINAGAR, June 18: The convener and chairman of the Sub-Committee of the Press Council of India (PCI), Kasori Amarnath today met the journalists’ associations of the Valley.
The interaction organized by the Department of Information and Public Relations was attended by all associations of Print and Electronic Media. The meeting deliberated on the issues concerning journalists while discharging their professional duties.
The meeting was attended by the other members of the Sub -Committee which include Arvind Tingse, Kalyan Barooh and Sanjay Bene Patel, MP. Besides, Shujat Bukhari and Peerzada Ashiq co-opted members of the Sub-committee also participated.
PCI Sub-Committee meets Media Fraternity
Govt to make Ganderbal model district: Sagar
Excelsior Correspondent
SRINAGAR, June 18: Reiterating Government’s commitment to make Ganderbal one of the model districts of the State, the Minister for Rural Development, Panchayati Raj, Law and Parliamentary Affairs, Ali Mohammad Sagar today said that several measures would be under taken for ensuring its face lift at the earliest.
The Minister was speaking while chairing the annual District Development Board meeting of Ganderbal district at Manasbal today. The Minister for Forests, Mian Altaf Ahmad, Vice Chairman of Pahari Development Board, Mushtaq Ahmad Bukhari, MLCs, Sheikh Ghulam Rasool, Ali Mohammad Bhat, District Development Commissioner, Showkat Ahmad Mir, heads of various departments and executing agencies were also present on the occasion.
The Board approved an amount of Rs 72.81 crore for the district Ganderbal as annual plan for the year 2012-13 out of which Rs 55.30 crore is the capital component and Rs 17.50 crore as revenue.
Sagar asked the officers to speed up the pace of work on the proposed Central University being constructed in the district, maintaining it would go a long way in bringing Ganderbal on the educational map of the country. He said that the land should also be acquired for undertaking construction of housing colonies on modern pattern having all the basic amenities.
The Minister also directed the officers to actively pursue the proposal of two laning of the road from Zakoora to Waayal which would go a long way in easing out the traffic on this vital highway. He said that comprehensive proposal should also be made for face-lifting of this important town on modern basis.
While asking officers to ensure that the funds earmarked for different schemes are fully utilized, the Minister said that it should be our endeavour to ensure that the benefit of these reaches the targeted populace without any deviation from the prescribed norms. He said that they should also work in close coordination and synergy so that the bottlenecks if any can be removed and the schemes are implemented within the shortest possible time.
The Minister for Forest, Mian Altaf also spoke on the occasion and projected the demands of his constituency.
Mushtaq Bukhari, Sheikh Ghulam Rasool and Ali Mohammad Bhat also deliberated and projected their views and demands.
Panchayat members hold protest, lock PHC
Excelsior Correspondent
MENDHAR, June 18: Village Sarpanch and other Panchayat members along with local public held protest demonstration today against the Health Department and put a lock on the Primary Health Centre, Mankote as no staff was available to attend emergency case in hospital last night while BMO placed under suspension an employee and imposed fine on the other staff members including two doctors.
Reports said Sarpanch Abdul Majid, Naib Sarpanch Mohd Sharief and other Panchayat members besides local people from Mankote and adjoining areas, assembled at the Primary Health Centre, Mankote at around 9 am today and put a lock on it. They started protest demonstration and raised slogans against District and State Health authorities.
The village Panchayat members resorted to lodge protest as nobody was available in the hospital during last night when the locals brought an emergency case (a lady patient) to Mankote hospital at around 11 pm. They found village hospital locked and got agitated. The family members then contacted Sarpanch who also came and found that no staff member was there to attend the patient in PHC. He contacted Block Medical Officer, Mendhar Dr Mumtaz Bhati on telephone and narrated him the situation of the Health Centre. Mr Bhatti assured to take action in this regard in the morning and asked to shift the patient to Mendhar hospital.
Irked over the response and casual approach of the Medical staff towards their duty, the village Panchayat members went on protest in the morning. Later, at round 10.30 am, the BMO reached Mankote PHC. He took the duty roaster and placed under suspension staff nurse Nusrat Rani as she was supposed to be on duty during the night. He also fined Rs 500 each to Dr Rajeev (ISM) Medical officer, Dr Haq Nawaz, Sayeda Begum staff nurse, Banwari Lal, Nursing Orderly and Safaiwalla Mehmood Ahmed. The people said that only a driver of the ambulance Mr Meer is usually available during the odd hours at PHC and nobody stays during night hours.
Later, with the intervention of BMO the people allowed to open the PHC. Mr Bhatti assured that night staff will be available in the PHC in future and village Panchayat members should ensure their presence and can report to him if the person on duty is found absent.
Gupta criticises Govt for issuing inflated electricity bills
Excelsior Correspondent
JAMMU, June 18: Questioning the wisdom of the Government for issuing inflated electricity bills to the consumers in Jammu, the former Union Minister and MLA Jammu West Assembly Segment, Prof Chaman Lal Gupta said this is adding insult to injuries.
In a statement issued here today, he said on the one hand the people are faced with lengthy schedule and unscheduled power cuts in this scorching heat on Summer and on the other a campaign has been launched to issue inflated bills and force the consumers to pay more fee in the name of meeting the deficit and losses of the Government on account of power supply.
He said this approach of the Government speaks volumes itself. Either the electricity cuts coupled with inflated bills are part of a design or the lack of wisdom on the part of Government. The approach in the ultimate would lead to pay heavily by the ruling parties as they would not forget that what type of cruelties are being inflicted upon the suffering masses. Such a type of approach in a democratic set up is unheard, he added.
Prof Gupta further said that it is strange that little is being done to collect electricity fee in those areas especially the Valley where the power losses have gone upto 60 to 70 percent but in Jammu areas where such losses are less than 40 percent a campaign has been launched to harass the consumers, he added.
He said this is bound to add to the feeling of discrimination to which the Jammu region has been already subjected to under communal and regional considerations.
Q: Analysts say that India is the biggest democracy of the world but a layman who is suffering in every quarter of life believes that India is no more a democracy, where India exposes number of scams but none is found guilty because of some shortcomings in judicial system and culprits including anti-national elements, smugglers, black marketers and those involved in heinous crimes like rapes go scot free. Comment?
A: India no doubts is the biggest democracy in the world, but a new breed of its leaders have brought it a bad name in the eyes of the world. These leaders after getting elected leave no stone unturned in filling their coffers through illegal means thereby tarnishing the image of the nation before all. As far as law of the land is concerned, there is no shortcoming in it, but the fault lies with those who are protectors of law or vested with the job of maintaining law and upholding its supremacy. And corruption is the root cause of all these maladies. Once we are able to do away with this menace, all other things would start taking care of themselves. It is a matter of time only.
MOHAMMAD IRFAN, JAMMU
Rupee payments for Iran oil exempted from local taxes: FinMin
NEW DELHI, June 18: In order to facilitate purchase of crude oil from Iran, the Finance Ministry has issued a notification exempting payments made in Indian rupee for such imports from any local tax.
The notification, under Section 10 (48) of the Income Tax Act, related with tax exemptions in regard to foreign oil companies selling crude oil in India has notified the National Iranian Oil Company has as a “foreign company”.
“This notification shall be deemed to have come into effect from the first day of April, 2012, and shall, accordingly, apply in relation to the income of the assessment year 2012-13 and the subsequent years,” it added.
The notification, issued by the Central Board of Direct Taxes (CBDT) in the Finance Ministry, clears the way for oil refiners to pay Iran in rupees.
As per an agreement, India will pay 45 per cent of the value of its oil exports from Iran in rupees. The rest will continue to be paid in euros through a bank in Turkey.
Finance Minister Pranab Mukhejree had in his Budget for 2012-13 exempted payments to Iran from taxes in “national interest”.
It was feared that the money paid to National Iranian Oil Co (NIOC) may be considered as income generated by Iranian firm in the country and liable to be taxed. The withholding tax was up to 40 per cent, which neither NIOC or the Indian refiners wanted to pay.
Iran is India’s third largest crude oil supplier accounting for for less than 10 per cent of its total crude oil imports. Despite Western sanctions, New Delhi is keen to retain Tehran as its key supplier but has faced problems paying for oil imports.
India will import 15.5 million tons of crude oil from Iran this fiscal, down from 17.44 million tons last year.
India currently pays about USD 1 billion a month through a Turkish bank but there are fears that US and European sanctions against Iran may block even this route.
As a way out, rupee payments have been agreed to.
Under the mechanism agreed, NIOC will accept 45 per cent of the payments in an account opened in Kolkata-based UCO Bank. UCO Bank has been chosen because it has no US or European exposure and its overseas presence is limited to Hong Kong, Singapore and China.
Without sanctions waiver, imports from Iran could come to a halt as shippers have refused to transport oil without an insurance cover.
India is the world’s fourth-largest oil importer and second biggest customer of Iran. (PTI)
UCIL, Karnataka sign MoU for uranium ore mining
JAMSHEDPUR, June 18: The Uranium Corporation of India and the Karnataka government has signed a memorandum of understanding to set up a uranium ore mining and processing plant in Karnataka.
UCIL proposed to invest Rs 550 crore in the plant at Gogi, Saidapur, Diggi and Umardoddi villages at Shahapur taluk of Karnataka’s Yadgir district, a release said here today.
The Karnataka government would help UCIL to obtain permissions, registrations, approvals and clearances from the concerned departments as per the existing policies andrules and regulations of the state government, it said.
The project was expected to begin in 2013 and provide employment to 361 persons, it said.
The pact was signed in Bangaluru during the Global Investor’s Meet 2012 held recently. (PTI)
Saudi airline catering unit IPO seeks $350 mln
RIYADH, June 18: The catering unit of Saudi Arabian Airlines is seeking to raise 1.3 billion riyals ($350 million) by floating 30 percent of its shares, the prospectus showed as the initial public offer opened to retail investors on Monday.
The sale of shares in Saudi Airlines Catering Co has been keenly awaited by investors as the company will be the first part of the Saudi flag carrier, one of the kingdom’s largest state-owned entities, to be listed on the stock market.
The company is offering a total of 24.6 million shares. Institutional investors subscribed to 50 percent of them, leaving retail investors to subscribe to the other half between June 18 and 24 at a price of 54 riyals per share, which was determined by a book-building process.
Saudi Arabian Airlines started a process of privatisation in 2006 by splitting into six units: catering, cargo, maintenance, airlines, flight academy and ground handling. It plans to privatise each of the units individually and offer them to the public.
The catering unit initially aimed for a flotation in late 2010, but it ran into delays in securing regulatory approval. Analysts originally estimated the 30 percent stake in the unit might be sold for between $400 million and $540 million.
The listing of the unit will be the fifth in the Saudi stock market this year. Saudi Fransi Capital, the investment arm of Banque Saudi Fransi, has been appointed lead arranger for the IPO and is the issue’s co-underwriter along with Saudi Hollandi Capital.
(agencies)
Coal India signs fuel supply pacts with 27 power units
NEW DELHI, June 18: State-owned Coal India Ltd (CIL) has entered into fuel supply pacts with 27 power units, including Adani’s Mundra Power plant in Gujarat.
The signings come even as the Prime Minister’s Office (PMO) is slated to convene a meeting on Friday to iron out issues in the pact, mainly the penalty clause, which have kept power firms like NTPC from inking the fuel supply agreement (FSA) with CIL.
“So far, CIL has signed FSAs with 27 power units like Adani’s Mundra,” a source close to the development told.
“A few days back the coal PSU has entered pacts with six units of Bajaj Hindustan,” the source added.
Other power units with whom the coal PSU has signed FSAs include Lanco Anpara Power, Reliance Power’s Rosa Power Project and CESC.
The government had issued a presidential directive to CIL in April to sign FSAs with the power producers assuring them of at least 80 per cent of the committed coal delivery.
The directive was given to the PSU, as it did not meet the deadline of March 31 set by PMO for CIL to enter into agreements with power producers which were facing fuel crunch.
CIL is to supply fuel to 48 power units as per the directive. Failing to provide power units a minimum of 80 per cent fuel, of the total contracted, CIL will attract a penalty.
The PSU firm had earlier said it was difficult to give a time frame for signing all of the pacts as the company was signing FSA as and when the power companies came forward.
The model FSA format includes clauses like penalty of 0.01 per cent in case of failure to adhere to it and 80 per cent trigger level.
The minimum penalty clause in the FSA is a bone of contention between Coal and Power ministries, as the power companies are opposed to penalty clause which states that CIL is not liable to pay penalty for the first three years of the pact even if there is supply shortfall.
The PMO meeting is to be chaired by Prime Minister’s Principal Secretary Pulok Chatterji and likely to be attended by senior Coal and Power Ministry officials, besides Chairman and Managing Director of CIL, S Narsing Rao. (PTI)
Yuan up on euro strength, aligns with trade-weighted basket
SHANGHAI, June 18: The yuan edged up against the dollar on Monday, buoyed by a rebound in the euro after pro-bailout parties in Greece won a slim parliamentary majority, easing fears that Greece may exit the euro zone.
The euro-driven yuan rally was yet another signal that the Chinese currency may now be moving more closely in connection with a trade-weighted basket, as indicated by the latest data issued by the Bank for International Settlements (BIS).
The BIS index for the yuan’s real effective exchange rate (REER) – the currency’s value against a trade-weighted basket after adjustments based on inflation – appreciated 2.07 percent to 109.72 in May from 107.5 in April, BIS data published over the weekend showed.
The yuan’s nominal effective exchange rate (NEER), its value before inflation adjustments, rose 0.88 percent to 106.06 points in May from 105.14 in April, the data showed.
‘While the U.S. Dollar, the euro and other major world currencies have become increasingly unstable in recent years, China appears to be serious about letting the yuan move more in line with a trade-weighted basket,’ said a trader at a major Chinese state-owned bank in Beijing.
‘So the yuan’s fall against the dollar in May was offset by its rise against the euro,’ he said. ‘The trend is likely to continue in the near term.’
Spot yuan was trading at 6.3535 per dollar at midday on Monday, up from 6.3651 at Friday’s close.
In May, the currency posted its biggest monthly drop against the dollar on record, nearly 1 percent, responding to the strengthening of the U.S. Dollar in global markets in the month during the peak of the euro zone political and debt crises.
Despite its rise, the yuan was still trading far weaker than the Chinese central bank’s midpoint, the base rate against which the dollar/yuan pair may rise or fall by 1 percent in a day.
The People’s Bank of China (PBOC) has recently set a series of midpoints stronger than the yuan’s trading level, as it seeks to keep the exchange rate relatively stable as China’s economy showed signs of a significant slowdown this year.
On Monday, the PBOC fixed the midpoint at 6.3005 against the dollar, stronger than Friday’s 6.3089, reflecting a global dollar weakening as the euro briefly hit a one-month high, buoyed by the Greek election result.
Offshore one-year non-deliverable yuan forward contracts changed hands at 6.3838 in the afternoon to imply a yuan deprecation of 0.93 percent against the dollar based on Monday’s midpoint.
Offshore spot yuan traded at 6.3620 at midday, slightly weaker than the onshore spot level.
(agencies)