The Hindu Business Line : Tuesday, February 26, 2008

MBA student bags Rs 1-cr job
An MBA student from a Kerala Management School has bagged the all time high salary of Rs1 crore from an overseas employer. The student Mr Nair Shyamkumar Haridas, who has done his MBA from Holy Grace Academy of Management Studies, Mala has been ... More

SOCIAL SECURITY
Health cover scheme launched in TN
Coimbatore, Feb. 25 The Tamil Nadu Government has ordered that the National Health Insurance Scheme (Rashtria Swasthya Bima Yojana) for the unorganised sector workers belonging to the below poverty line (BPL) category and their families be ... More

BUDGET
State co-ops seek higher budgetary provision
Kolkata, Feb. 25 The National Federation of State Cooperative Banks Ltd, the apex body of all state cooperative banks, has submitted to the Union Finance Minister, Mr P. Chidambaram, a six-point memorandum containing several suggestions for ... More

Gujarat imposes Rs 880-crore additional taxes
Gandhinagar, Feb. 25 The newly-elected Narendra Modi Government today tabled the budget for 2008-09 in Gujarat Vidhan Sabha, levying an additional tax of Rs 880 crore while leaving an estimated overall deficit of Rs 116.20 crore. ... More

Extend capital gains exemption
Extend capital gains exemption in listed securities to “off-market” SEBI-regulated transactions such as when shares are tendered in response to an open offer under the ‘takeover code’ or a delisting offer under the ... More

MAT needs to be scrapped
We have different tax schemes in the income-tax based on the nature of assesses, industry type, activities dealt by the assessees. But the Minimum Alternate Tax behaves like a double-edged sword for companies’ growth. The fundamental ... More

Give subsidy for persons with disability
The Government should consider a grant to UGC for persons with disability above 40 per cent to pursue Ph.D. degree. The minimum scholarship from the above grant should be Rs 30,000. This should be in addition to any other scholarship a person ... More

Remove restrictions on venture capital fund inflows
Given that around Rs 10 lakh crore investment is required by the power sector in the country by 2012, money invested in domestic market alone is not sufficient. Funds from overseas need to be availed and all restrictions relating to inflow of ... More

Control current debt inflow
The remedy to the current foreign exchange situation is to stop, control or manage the current debt inflow, repay and prepay the earlier debts and bring down both foreign exchange reserves and foreign debt to manageable levels. This requires the ... More

Check grey market operators
Tightening the screws on the grey market operators and lowering the import duty for a level-playing field. Clear cut guidelines on the taxes on the accessories need to be specified as many manufacturers are getting away with classifying the ... More

Reduce duty on natural rubber
Correction of inverted duty structure in tyre industry, since the custom duty on natural rubber, the prime raw material for tyre industry, is 20 per cent as against the finished product, i.e. tyres, being 10 per cent [8.6 per cent under Regional ... More

Mobilise funds from NRIs
With the advent of value of the rupee getting increased over the last one year or so and due to reduced interest rates prevailing in advanced countries particularly in the US, we observe an avalanche of foreign currencies pouring into our kitty. ... More

Encourage investment in infrastructure developments
To sustain the India growth story, thrust is to be provided to infrastructure development. Companies and financial institutions such as IDFC, NTPC, REC, commercial banks etc. should come out with infrastructure bonds. Investment in such bonds is ... More

Remove anomaly on accommodation value
In the Union Budget 2007-08, the perquisite value of accommodation provided by the employer has been linked to the salary and allowances drawn by the employee, irrespective of the fact that the size, type and location of accommodation (and the ... More

CII seeks rationalisation of excise duty in food processing
New Delhi, Feb. 25 The CII has called for rationalisation of the excise duty structure in its budget wishlist for the food processing industry. The confederation is hoping for an elimination of anomalies and creation of a more ... More

Take up all pending reforms
The Finance Minister must take up all pending reforms such as labour, power sector, expenditure, tax, co-operative sector, financial institutions, including state financial corporations, banking reforms and consolidation of banks, pension ... More

Revise individual tax slabs
We expect revisions in individual tax slabs and service tax rates. Given that global macro economic conditions will put a pressure on India’s projected GDP growth, the Finance Minister will endeavour to create drivers to spur or at least ... More

Reduce dividend distribution tax
The Finance Minister instead of lowering taxes should scrap the surcharge and cess which are brought normally for a limited period. The most dreadful fringe benefit tax which is based on notional expenditure should be removed. Dividend ... More

Maintain service tax base rate at 12%
I am keen to see what the Government is planning to do to help Indian companies fight the ill-effects of an imminent US recession. With stagflation possibilities and downward movement of US interest rates, I expect some backlash on outsourcing ... More

Re-look tax structure on DTH sector
The tax structure pertaining to the DTH sector be given a fresh look and the taxation level be brought at a reasonable level compatible with other countries. The rationalisation of tax regime for DTH industry would ensure multi-fold growth for ... More

Raise IT and TDS exemption limits
The cost of living has skyrocketed. Total expenses to run the home have doubled in the last three years. The house-door cost of vegetables, rice, pulses, edible oils etc have risen several times. Medication, fuel and transport expenses, rent, ... More

Educational sector needs attention
Abolish service tax on education sector. Concesssional rate of IT / exemption of tax from the profit derived from educational services for a period of 5 – 10 years. Interest rate cut in educational loan and banks to be more lenient in ... More

Give relief to senior citizens
National Savings Schemes- 1987 the depositors should be allowed to make withdrawals or close the account without any obligation to pay income-tax on the principal or interest. Though senior citizens are allowed withdrawals without TDS up to Rs ... More

IT sector expectations
If one were to step back and consider the challenges before the IT industry in India over a 5 year or longer time frame, the single aspect that comes to mind is shortage of talent. Demand scenario may fluctuate in the near term given the state of ... More

Continue STPI scheme beyond 2009
The STPI Scheme has proven to be a big success and a major contributor to the growth of Indian economy. (IT-BPO exports: $32 Billion, one million direct hires and may be up to 4 times indirect beneficiaries). The tax holiday breaks have helped ... More

Drop surcharge on individuals, HUF
At present individuals and HUFs having income exceeding 10 lakh are charged surcharge of 10 per cent. Prima facie subjecting individuals and HUFs to higher of surcharge while charging companies at a lower rate or exempting those with income up to ... More

Focus on paper industry
Paper industry has critical importance for the educational sector. Despite this, paper and paper products face direct and indirect taxation of approximately 20 per cent. This includes current excise at 12 per cent, VAT, octroi etc. Also, there ... More

Restore standard deduction

Withdraw wealth tax

FOREIGN TRADE
‘India-Israel FTA may be in place by Nov’
Hyderabad, Feb. 25 The Free Trade Agreement (FTA) between India and Israel is likely to be in place by November, according to Mr Mouneer Agbaria, Director (Asia & Pacific Region), Ministry of Industry, Trade and Labour, Government of ... More

PETROLEUM
ONGC notifies four discoveries in a month
Board clears three major investments More

Secys panel clears Cairn pipeline project
New Delhi, Feb. 25 The Empowered Committee of Secretaries (ECS) has approved Cairn India’s proposal to lay $800 million pipeline for transporting oil from its Rajasthan fields and recovering the cost through sale of crude. The ... More

Crude oil imports up 7.4% in Jan on higher demand
Crude oil imports in January rose 7.4 per cent from the corresponding month last year. This was mainly due to increase in demand by auto fuel dealers ahead of an expected rise in retail prices. The domestic sales of oil products in ... More

Volatility in crude may hit IOC refining margins
Kolkata, Feb. 25Having recorded a reasonably high refining margin throughout the year, IndianOil is expecting a drop in gross refining margin (GRM) in the fourth quarter due to sudden volatilities in crude and product prices. The company, ... More

SSI
SIDBI facilitates Rs 50-cr carbon credits to Ludhiana cluster
More

‘TN policy for small units will create growth climate’
Tiruchi, Feb. 25 The Tiruchi District Tiny and Small Scale Industries Association has welcomed the State Government’s policy on micro, small and medium industries stating that it would create a conducive growth atmosphere.The ... More

Stake in SMEs: SIDBI sets up Rs 100-cr fund
Chennai, Feb. 25 The Small Industries Development Bank of India (SIDBI) wants to put equity money in its customers’ business. And, with a loan from the Asian Development Bank, it is also arming itself with resources to give foreign ... More

RADIO/TV
31 new FM channels
Thirty one new FM radio channels were commissioned in January, according to the Ministry of Information and Broadcasting. This takes the total number of operational FM channels in the country to 187. The Government also received a sum of Rs 9.94 ... More

EDUCATION
IIPH offers public health diploma
Hyderabad, Feb. 25 The Indian Institute of Public Health (IIPH), Hyderabad, will begin its post-graduate diploma programme in biostatistics, data management and training activities in July this year.The one-year programme would offer ... More

REAL ESTATE & CONSTRUCTION
Regulatory body mooted for land utilisation in Kerala
Adding greater transparency to real estate biz More

Omaxe plans Rs 1,200-cr township
More

MINERALS
Iron ore blocks: Steel cos want NELP-like policy
‘Auctioning will make process transparent, offer level playing field’ More

RURAL DEVELOPMENT
NREGS: AP sets example with biometric smart cards
Does away with middlemen; ten States keen to replicate model More

‘Banking products should match rural development’
Mangalore, Feb. 25 The product innovations in the banking sector should match with the rural development, according to Dr Krishna Kothai, Director of Centre for Rural Studies, Manipal. Inaugurating a workshop on ‘Innovations in ... More

EXPORTS & IMPORTS
ECGC, UCO Bank tie up
The Export Credit Guarantee Corporation of India Ltd (ECGC) has signed a corporate agency agreement with UCO Bank, according to a press release issued by the bank. Mr S. Prabhakaran, Executive Director of ECGC, and Mr V.K. Dhingra, Executive ... More

Kolkata edition of EEPC buyer-seller meet kicks off
More

MMTC plans to import truck-bus tyres from China
Also exploring possibility of import of raw materials More

TOURISM
Araku valley sees 17% increase in tourist inflow
The picturesque Araku valley situated in the Eastern ghats, a tourist spot in the Visakhapatnam district, has attracted more tourists this season. The valley has witnessed 17 per cent increase in arrivals, according to the officials of ... More