The Hindu Business Line : Saturday, March 05, 2005

Bouquets and brickbats over Budget proposals
Budget 2005 shows some rigidity in reforms relating to electronic administration of tax deduction at source. The Finance (No. 2) Act, 2004 gave a thrust on TDS provisions, particularly by denying deduction for failing to complying with the ... More

Lahiri defends tax on cash withdrawal, fringe benefit
DR Ashok Lahiri, Chief Economic Advisor, Union Finance Ministry, and one of the architects of the Budget proposals, has defended the proposed Banking Cash Transactions Tax (BCTT) and Fringe Benefits Tax (FBT) measures proposed in the Union ... More

Corporates irked by duty anomalies
CORPORATE India on Friday sought corrective action from the Finance Ministry on `inverted customs duty structures' arising from certain Budget proposals. Corporates used the occasion of a post-budget meeting, organised by the PHD Chamber of ... More

It costs Rs 10 to wipe off the `black' mark
There are long queues at bank branches, each person with a `tenner' in hand, saved from taxed and banked salary money, to finance a Government that seems to have run short of better ideas. More

ECONOMY

Inflation dips on cheaper manufactured items
THE annual wholesale price index-based inflation fell to a nine-month low of 4.83 per cent during the week ended February 19, from 5.01 per cent registered during the previous week. The fall in the year-on-year inflation was largely on account ... More

India needs `radical reforms' to catch up with China: Economist
INDIA needs to raise its investments rates to over 30 per cent of GDP and undertake radical reforms in order to emulate China's growth story, according to a survey by The Economist. "Despite both the countries making giant strides in ... More

ENVIRONMENT

Japan Carbon signs pact with TERI
NEW DELHI: JAPAN Carbon Finance Ltd has signed an agreement with The Energy and Resources Institute (TERI) for developing clean development mechanism projects in South Asia, including India. The projects are being developed for ... More

FOREIGN TRADE

African nations seek partners for core sector projects
SEVERAL African governments and private enterprises, including those of Egypt, Ethiopia, Kenya, Nigeria, Tanzania and Zimbabwe, have invited Indian companies to be a part of ongoing and planned projects. These include road and rail ... More

AP CM's invitation to Iran
HYDERABAD: The Chief Minister, Dr Y.S. Rajasekhara Reddy, invited Iran to invest in oil exploration, gas distribution and infrastructure projects in the State when an Iranian delegation headed by Mr Gholam Ali Hadda Adel, Speaker of the ... More

INFRASTRUCTURE

VUDA plans shopping malls
VISAKHAPATNAM: The Visakhapatnam Urban Development Authority (VUDA) has prepared plans to construct modern shopping and office complexes here and at Vizianagaram at a cost of Rs 41.5 crore, according to Mr D. Varaprasad, ... More

PETROLEUM

India keen on stake in Venezuelan oil, gas fields: Aiyar
INDIA is eyeing stakes in oil and gas fields in Venezuela while exploring the possibility of importing crude oil from the Latin American country, the Union Petroleum Minister, Mr Mani Shankar Aiyar, said here on Friday. After withdrawing from ... More

ONGC strikes gas in Krishna Godavari basin
OIL and Natural Gas Corporation Ltd (ONGC) has discovered large gas reserves in Krishna Godavari basin off the Andhra Pradesh coast. Drillship Discoverer Seven Seas struck gas reserves at well G1-12 in a block that was given to ONGC on ... More

GSPC finds oil in well discarded by ONGC
GUJARAT State Petroleum Corporation Ltd (GSPC) has discovered a significant quantity of oil in the Tarapur block, which had been bagged by the Gujarat Government company in 2000. "I am happy to announce that GSPC has discovered oil in the ... More

PHARMACEUTICALS

Fringe benefit still gives drug industry the chill
THE field-force intensive pharmaceutical industry is still in jitters over the fringe benefit tax (FBT), the Union Finance Minister, Mr P. Chidambaram's assurance notwithstanding. Concern still prevails on whether North Block's intentions on ... More

Govt simplifies norms for moving psychotropic drugs
THE Finance Ministry has notified changes to the Narcotic Drugs and Psychotropic Substances (NDPS) Rules simplifying the procedure for movement of these psychotropic drugs. Wholesalers or retailers have been exempted from filling the ... More

TAXATION

`VAT will entail Rs 840-cr revenue loss for Kerala'
IMPLEMENTATION of the value-added tax (VAT) regime will lead to a revenue loss of Rs 840 crore for the State Government, the Finance Minister, Mr Vakkom Purushothaman, told newspersons on the sidelines of the State Assembly session here on ... More

`Abolish CST on electronics hardware components'
THE electronics hardware industry today sought abolition of four per cent Central Sales Tax (CST) for IT Agreement -1 items (ITA-1), saying the levy would render local manufacturing unviable, while making imported components attractive for ... More

VAT exemption limit raised in Kerala
THIRUVANANTHAPURAM: The State Assembly on Thursday resolved to exempt small traders having an annual turnover of not more than Rs 10 lakh from the purview of Value Added Tax (VAT). The State Budget had earlier proposed a threshold limit ... More

Directive on service tax
THIRUVANANTHAPURAM: Service Tax assessees have been directed to pay up their tax for the month/quarter ending March, 2005 latest by March 31. An official spokesman quoted Mr S. Sivadasan, Deputy Commissioner, Office of the Deputy ... More

TEXTILES

Textile cos cannot set up windmills under TUFS
THE plain windsurfing that textile entrepreneurs enjoyed for two full years for their investment in wind energy plants will not be there any more. The Central Government has withdrawn permission hitherto accorded to textile companies availing ... More

WATER

`88 cos selling substandard drinking water'
AS many as 88 companies in Andhra Pradesh are selling substandard packaged drinking water, according to the State Finance Minister, Mr K. Rosaiah. Replying to a question in the Legislative Assembly during question hour on Friday, Mr Rosaiah ... More

BREWERIES

TN: Rise in liquor sales, revenue
LIQUOR sales in Tamil Nadu and the revenue to the Government have increased significantly following the takeover of retail sales of Indian Made Foreign Liquor (IMFL) by the State-run Tamil Nadu State Marketing Corporation Ltd ... More

GEMS & JEWELLERY

Renovation time
Building maintenance men at work at a closed jewellery shop in Kochi on Friday. Jewellers in the State are observing a two-day nationwide strike to protest the Budget proposal for 2 per cent Central excise duty on branded jewellery. ... More

What is branded jewellery? Finance Ministry clarifies
THE Finance Ministry on Friday clarified that an excise duty of 2 per cent would be levied on branded articles of jewellery only if the brand name or the trade name, as defined, was indelibly affixed or embossed on the article of jewellery ... More

MEDICAL INSTITUTIONS & HOSPITALS

Lister Metropolis to set up PET scan facility
THE process of detecting diseases will go hi-tech in Chennai city after Lister Metropolis Laboratory & Research Centre Pvt Ltd completes its Rs 30-crore expansion project. A key part of the expansion is the PET scan facility, the cutting edge ... More

REAL ESTATE & CONSTRUCTION

OTS for housing scheme
THIRUVANANTHAPURAM: The one-time settlement scheme (OTS) envisaged as part of collection of arrears by the Kerala State Housing Board (KSHB) will be in force till March 31 only. An official spokesman said here that under the scheme, ... More

PAPER, BOARD & NEWSPRINT

Paper meet urges Govt to address raw material shortage
THE Minister of State for Commerce and Industry, Mr E.V.K.S. Elangovan, today inaugurated the 40th Annual General Meeting and a Seminar on "Developments in Pulping and Chemical Recovery" organised by the Indian Pulp and Paper Technical ... More

SCIENCE & TECHNOLOGY

Cabinet nod for science research foundation
NEW DELHI: The Cabinet on Friday gave in-principle an approval for setting up of a world class national science and research foundation and two universities for scientific research and education. The two universities, National Research ... More

FOREIGN DIRECT INVESTMENT

Chidambaram clears 19 FDI proposals worth Rs 20.66 cr
FRANCE'S Vossloh Cogifer SA and Spain's Amur Investments's proposal to acquire 100 per cent stake in Beekay Engineering & Castings Ltd engaged in manufacturing castings steel forgings involving foreign direct investment worth Rs 5.03 crore was .. More

Govt issues norms for FDI in housing, construction
AFTER allowing 100 per cent FDI in housing and construction through the automatic route, the Government on Friday issued detailed guidelines for such investments along with the timeframe within which such projects have to be completed. The ... More

WTO

Non-agricultural market access negotiations — India presses for equitable tariff reduction formula
INDIA has called for an equitable tariff reduction formula in the negotiations on non-agricultural market access in the World Trade Organisation, keeping in view the concerns and interests of developing countries. India's stance on the various ... More

EVENTS

Trade & Investment Forum from March 9
THE three-day India Trade and Investment Forum, which will focus on investment and trade opportunities in 12 priority sectors, including textiles, drugs and pharmaceuticals, auto components, light engineering, ICT, leisure and tourism, food ... More

Budget discussion at Nitte today
MANGALORE: The Justice K.S. Hegde Institute of Management at Nitte in Udupi district will conduct a panel discussion on Union Budget 2005-06 at Nitte on Saturday. A press release said the former Chairman and Managing Director of ... More

INCOME TAX

Industry can help in framing fringe benefit tax rules: Chidambaram
THE special purpose vehicle (SPV) to be set up to finance infrastructure projects in specified sectors is expected to be "up and running" in next 4-6 weeks, said the Finance Minister, Mr P. Chidambaram. Addressing an interactive post-Budget ... More

EXPORTS & IMPORTS

Software exports from TN to touch Rs 10,000 cr
SOFTWARE exports from Tamil Nadu are likely to touch Rs 10,000 crore for the year ending March 31, 2005 as against Rs 8,000 crore for 2003-04. About 25,000 new jobs were created in the last couple of years in IT, ITES and BPO sectors in the ... More

TOURISM

Tourism Minister moots cess on Indians travelling abroad
THE Minister for Tourism, Ms Renuka Chowdhury, on Friday suggested levying a cess of Rs 1,000 on every Indian travelling abroad. Speaking at the State Tourism Ministers conference, the Minister said that monies collected through the cess could ... More

Kerala Tourism Bill passed
THIRUVANANTHAPURAM: The State Assembly on Thursday passed the Kerala Tourism (Conservation and Preservation of Areas) Bill that empowers the Government to declare places with tourism potential as special tourism zones. Under the ... More