Japanese monkeys cool off around a block of ice holding their favourite fruits at Tokyo's Ueno Zoo. The temperature rose to 33 degrees Celsius (92 degrees Fahrenheit) in the city.— AP/PTI

No plan to regulate gold imports: Sinha
NEW DELHI, Aug 9 — Union Finance Minister Yashwant Sinha today said there were no plans to regulate the gold import.

SC issues notice to cigarette companies
NEW DELHI, Aug 9 — The Supreme Court today issued notices to four cigarette majors, including ITC Ltd, on a public interest litigation alleging that they were flouting laws by not displaying statutory warnings prominently in the advertisements of their products.

Consumers can buy wheat from FCI
NEW DELHI, Aug 9 — The Government today further liberalised the open market sale of wheat allowing consumers, traders and roller flour millers to directly purchase wheat from the Food Corporation of India to check the price rise.

ICICI, M & M proposals cleared
NEW DELHI, Aug 9 — The Foreign Investment Promotion Board today permitted ICICI to issue American depository receipts and global depository receipts worth $ 500 million while allowing Mahindra and Mahindra to sell off its entire holding in a joint venture company with Otis Elevator.

Small units’ growth projected at 8.5 per cent

NEW DELHI, Aug 9 (PTI) — SIDBI today predicted a growth rate of 7.5 per cent to 8.5 per cent for the small scale industries (SSI) sector in real terms in the current fiscal outperforming the manufacturing sector. Production of the SSI sector in absolute terms at current prices could be in the vicinity of Rs 6,040 to Rs 6,100 billion in 1999-2000, SIDBI Chairman G. P. Gupta said at a press conference to mark the release of the maiden SIDBI report by Finance Minister Yashwant Sinha.

The manufacturing sector is expected to record a real growth of 6.5 to 7.0 per cent during the same period.

“Growth of overall exports and that of the SSI sector during 1999-2000 are likely to be in the range of 4.5 to 5.0 per cent and 8.3 to 8.8 per cent respectively,” he said adding that the SSI sector was consistently showing a better performance compared with the overall industry sector growth.

In value terms, SSI exports could reach the range of $ 13.41 to $ 13.47 billion as its products found newer markets, he said.

SIDBI Managing Director Sailendra Narain said: “In the Eighth Plan, SIDBI’s disbursements were over Rs 12,000 crore against an original responsibility of Rs 9500 crore,”

The bank would concentrate on both direct finance and refinance activities as per its mandate.

“At present, only about one per cent of finances goes to project finance. Refinance consists of 50 per cent of SIDBI’s disbursements,” he said, refuting the theory that SIDBI was making inroads into SFC (State Finance Corporation) territory.

SIDBI was only going in for project finance where the size of disbursements was above the ceiling fixed for SFC’s, he said.

On non-performing assets of SIDBI, Narain said at 3.5 per cent NPA’s, the bank was maintaining a healthy level.

However, the default rate for the SSI was 18 per cent which had been coming down over the years, SSI Secretary C. T. Benjamin said.

In contrast, the default rate for large industries was 20 per cent which, has been on the uptrend in recent years, he added.

The SIDBI report will be an annual feature on the SSI sector focussing on sector specific needs and policy recommendation required for their qualitative growth.

Konka to invest 500 crore in India
Tribune News Service

NEW DELHI, Aug 9 — Chinese giant, Konka today announced its entry into the Indian market by launching a wide array of electronic products.

Konka Electronics India Limited (KEIL) is a joint venture between Konka Group Company Limited of China, Hotline of India and the Hongkong-based Wittis Group.

KEIL has chalked out a four phase launch plan for entry into the Indian market.In the first phase, the company will invest Rs 500 crore and launch digital colour television DVDs and VCDs and will be made available in Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Uttar Pradesh, Rajasthan and Bihar.

The first show room of the company will be located in Chandigarh and is expected to be operational in two weeks time, the CEO of KEIL, Mr Rajeev Puri said.

In the subsequent phases the other products of the company which include, washing machines, refrigerators, air-conditioners, microwave ovens,high end audio systems, telephone instruments, fax machines, colour computer monitors and mobile phones will hit the Indian market.

Patents Act challenged

NEW DELHI, Aug 9 (PTI) — Constitutional validity of the patents (Amendment) Act, 1999, was today challenged in the Supreme Court by a public interest litigation (PIL) petition alleging it was against the public interest, public health and national interest.

A Bench headed by Chief Justice A.S. Anand referred the PIL to the Attorney General for his comment as he had earlier stated before the court that the government was taking all necessary steps to protect the national interest in the issues related to patents.

The PIL has been filed by five organisations - the Research Foundation for Science, Technology and Ecology, the Lok Shakti Abhiyan, the Bharatiya Kisan Union, the People’s Union for Civil Liberties and the Azadi Bachao Andolan.

They alleged that the Patents (Amendment) Act, 1999, has been enacted without availing exemptions under the General Agreement on Tariff and Trade (GATT) and the Trade Related Intellectual Property Rights (TRIPs) on the grounds of public health, food security, public interest and above all national interest.

“The consequences flowing from provisions of the Act are so grave that unless immediate preventive steps are taken it may result in irreparable loss to the people and the nation,” the petitioners said.

Under the Act, even biopirates of our biodiversity and indigenous knowledge (for example Neem) can get exclusive marketing rights (EMR) in India.

The amendment was enacted by Parliament on March 26 to accord EMRs in India for agro-chemicals and pharmaceuticals produced by foreign companies.

The Attorney General, during the hearing of a petition last year challenging the field tests by multinational seed company Monsanto in various states, had said the Biodiversity Bill and the Geographical Indicators Bill were in the process of being finalised for introduction in Parliament.

No plan to regulate gold imports: Sinha
Tribune News Service

NEW DELHI, Aug 9 — Union Finance Minister, Yashwant Sinha today said that no plans were being considered to regulate the import of gold.

“Nothing at all”, Mr Sinha told reporters on the sidelines of a function to release the SIDBI report on the small scale sector here.

Import of the yellow metal to India has zoomed up by 230 per cent to 80 tonnes in June this year from 24 tonnes in the corresponding period of the previous year. Gold import is estimated to have touched 187 tonnes during the first quarter of the current fiscal as compared to 142 tonnes during the corresponding period of the previous year.

SC issues notice to cigarette companies

NEW DELHI, Aug 9 (PTI) — The Supreme Court today issued notices to four cigarette majors, including ITC Ltd, on a public interest litigation (PIL) alleging that they were flouting laws by not displaying statutory warnings prominently in the advertisements of their products.

A division bench comprising Justice Sujata V Manohar and Justice R. P. Sethi, hearing the PIL filed by former Congress MP Murli Deora, which has raised several issues from passive smoking to compensation of Rs 500 crore to be collected from the companies, issued the notice limited to the question on statutory warnings.

The notices were issued to ITC Ltd, VST Industries Ltd, Godfrey Phillips India Ltd and GTC Ltd and also to the Attorney General to seek his views on the issues raised by the petitioner.

Arguing for the petitioner, senior advocate Indira Jaisingh contended that the “statutory warning regime is shamelessly flouted by tobacco companies which resort to every possible measure to make the warning inconspicuous including resorting to surrogate advertising and brand stretching.”

Consumers can buy wheat from FCI

NEW DELHI, Aug 9 (PTI) — The Government today further liberalised the open market sale of wheat allowing consumers, traders and roller flour millers to directly purchase wheat from the Food Corporation of India (FCI) to check the price rise.

However, it did not cut down the price of wheat offered to the open market from the central pool currently at Rs 6.90 a kg in the FCI north zone, Rs 7.47 a kg for the south zone, Rs 7.25 for the west zone and Rs 7.48 for the east zone.

“Under the liberalised scheme, the FCI has been authorised to release wheat to the roller flour millers, traders and consumers on demand subject to the condition that the minimum stock to be lifted is 10 tonnes,” an official release said.

Until now, only the roller flour millers were allowed to directly buy wheat from the FCI from a quota of 10 lakh tonnes allotted by the Food Ministry.

The decision to liberalise the open market sale of wheat was taken at a meeting of senior Food Ministry officials and the FCI chaired by Food Secretary M S Asthana here today.

The Cabinet had on Saturday directed the FCI to release additional stocks of wheat and rice in view of the marginal rise in their prices.

The Government also directed the FCI to enhance the open market quota of wheat to 40 lakh tonnes including 10 lakh tonnes allocated exclusively for the millers.

A total of 6.64 lakh tonnes wheat had been lifted from the open market quota since November, 1998, and the Government had asked the FCI to fill the gap left by the offtake.

Under the liberalised scheme, the consumers can directly approach the District Managers of the FCI who have been authorised to undertake instant sales on receipt of payment.

ICICI, M & M proposals cleared

NEW DELHI, Aug 9 (UNI) — The Foreign Investment Promotion Board (FIPB) today permitted ICICI to issue American depository receipts (ADRs) and global depository receipts (GDRs) worth $ 500 million while allowing Mahindra and Mahindra to sell off its entire holding in a joint venture company with Otis Elevator.

These formed part of the 45 proposals cleared by the board today amounting to a total foreign direct investment inflow of Rs 3,150 crore, the highest in the 1999 calendar year.

Sumitomo Chemical Company of Japan has been given the nod to set up two wholly-owned subsidiaries in India with a collective infusion of Rs 17.5 crore.

Daewoo Motor Company has been permitted to infuse $ 100 million into Daewoo Motor India Limited and hike its stake in the venture from 92 per cent at present to 96 per cent.

Hindustan Motors has withdrawn its proposal to divest 10 per cent stake in favour of Mitsubishi Motor Company its technological collaborator for producing the Lancer Luxury Sedans.

ABB has been allowed to set up a 50-50 joint venture company with NTPC.

Mahindra and Mahindra has been permitted to sell of its entire 23.88 per cent holding in Otis Elevators for Rs 112 crore. With this, Otis’ stake in the venture would go up from 45 per cent at present to 68.8 per cent.

The board, however, deferred decisions on proposals by Pfizer and Bayer Industries.

Zee Telefilms has been allowed to swap its equity holding within the existing promoters. Pursuant to the swap, its promoters — Subash Chandra, Nihan Holdings of Hong Kong and Dallah Albraka of Bahrain — will hike their holding from 51 per cent to 59.16 per cent. This will entail a fresh equity infusion of Rs 26 crore. The proposal also permits the company to undertake some out-bound investments.

Forex
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ATM opens
LUDHIANA, Aug 9 (FOC) — The Punjab National Bank today formally opened its automated teller machine (ATM) in its fully computerised branch at Civil Lines. The ATM was inaugurated by the Deputy Commissioner, Mr Arun Goel. Mr S.K. Chawla, GM of the bank presided over the function.