ADAG unveils Rs 12,000-cr plan for TN
Mediclaim shock for elders
ONGC restores full supply from Hazira
India, Germany ink pact to develop auto, fuel sector
Chennai, September 9
"The power plant will come up at north Chennai... the desalination plant will be capable of meeting 30 per cent of the city's drinking water requirements," he told reporters after calling on Chief Minister M Karunanidhi here.
Both these plants would be set up at a cost of Rs 10,000 crore, said Mr Ambani, whose Group has diversified business interests ranging from infrastructure to finance to media and telecom.
Besides, Reliance Communications would set up an IT park in the city, which would have a convention centre on par with international standards. The project would cost Rs 2,000 crore, he said.
Mr Ambani, who appreciated the investment climate in the state, said that he had discussed the projects with the Chief Minister and that they could be implemented quickly with the support of the state government.— PTI
Mediclaim shock for elders
New Delhi, September 9
"The annual premium under the revised mediclaim policy, which comes into effect on September 15, will be increased by 100 per cent for the 61-70 years age group, and 150 per cent for the 70 plus age group," Ms Minakshi Gupta, Chief Manager, Oriental Insurance Company Ltd, told The Tribune.
She, however, added the annual premium for the young up to 20 years of age had been reduced by 10 per cent while there would be no change in premium for the 21-35 age group.
In fact, the burden on senior citizens would be much more since they will also have to bear additional 10 per cent service tax and 2 per cent education cess on the increased premium.
The company has claimed that it was forced to revise the premium rate due to high claims by the elders. Ms Gupta said the company would, however, offer early entry discounts to proposers taking the mediclaim policy before reaching the age of 45 yrs.
The senior citizens in the 56-60 age group will have to pay an annual premium of Rs 6,687 as against just Rs 2,468 by the young people in the 21-35 age group for taking a mediclaim policy with Rs 2 lakh sum assured.
Those in the 61-70 year age group will pay Rs 10,018 annually and in the case of elders above 70 years, the annual premium will be Rs 13,678 for a sum assured of Rs 2lakh.
According to industry sources, other companies are also planning to increase the premium on the mediclaim policy for the senior citizens while some private companies have simply asked their agents not to issue policies to the elders.
However, elders can still take a policy from other public sector insurance companies at lower premium.
Said Mr Tilak Raj Kundra, Development Officer, New India Insurance, "the elders (56-65 years) can take a mediclaim policy of Rs 1 lakh sum assured by paying an annual premium of Rs 2322, and Rs 2598 if one is in the 66-70 age group of." However, for persons up to 35 years, the premium would be Rs 1310 for a sum assured of Rs 1 lakh.
Mumbai, September 9
''Gas processing operations at Hazira reached a throughput level of 40 million cubic metres a day, 22 days ahead of initial schedule,'' an ONGC statement said.
The biggest gas processing unit of the country which supplies gas to the cross-country HVJ pipeline was shut down on August 7, this year due to the influx of flood waters from the adjoining Tapi river.— UNI
New Delhi, September 9
The MoU was signed between the Society of Indian Automobile Manufacturers (SIAM) and German Association of the Automobile Industry here.
Talking to reporters, Minister of Heavy Industries and Public Enterprises Santosh Mohan Dev said, ''We already have a double production agreement with Germany and India aims to double the bilateral trade to 10 billion crore from the current 5 billion crore by 2010.''
He said said both countries would work together for better fuel efficiency and pollution norms. ''I will talk to the Oil Ministry on the issue of bio-diesel so as to use German technologies for more purification of diesel for better fuel efficiency.'' — UNI
by K.R. Wadhwaney
Punjab and adjoining areas are tremendously fertile for the development of civil aviation and tourism. The region’s natural beauty and varied natural resources more than atone for the lack of beaches. Its overall potential is so vast that it can challenge the popularity of Kerala and Goa vis-a-vis flow of national and international tourist traffic.
This was the observation of almost all participants at Think-India-Think Punjab international summit for infrastructure development of aviation-tourism-hospitality industry at Delhi recently. Most of them whole-heartedly endorsed the observations of Minister NRI affairs Amarjit Singh Samra and Punjab Tourism Minister Jagmohan Singh Kang.
The participants, some of them of international stature, were of the firm belief to project northern India as a single destination for aviation and tourism. A few renowned personalities, who have been involved with country’s aviation and tourism, were of the view that setting up of the ‘advisory council’ would help smoothen many hazardous problems.
The organisers got further encouragement from Minister of State for Tourism Ambika Soni, who, in her inaugural address, expressed her optimism that Punjab was on firm road to make waves in international market soon. Among several far-reaching suggestions, she said that common marketing strategy for pooling of resources for joint participation would be of immense benefit.
Apart from rural and adventure tourism, health, herbal and medical tourism were also discussed in details. The consensus was that it was high time to promote medical tourism but such promotion should not cause problems to local middle class people.
The summit would have achieved much more meaningful outcome had Minister of State for Civil Aviation Praful Patel been able to address the gathering. The delayed flight from Mumbai stood between him and addressing the meeting. However, trends and opportunities for upgrading infrastructure in northern India, commissioning of Pathankot and Halwara airports, building small airports and revamping of existing helipads were discussed by aviation officials. Many were of the view that connectivity through air, train and road on national and international routes should be developed without any loss of time.
An experienced aviation authority is of the firm belief that operation of “combi flights” between Amritsar/ Jalandhar/Ludhiana and Europe and other destinations would help Punjab gain international status soon. The need of ‘combi aircraft’ is essential because it wil reduce ‘directional imbalances’.
The summit, honoured a few aviation and tourism individuals. They were honoured with ‘life-time achievement award’.
by A.N. Shanbhag
Q: I am an NRI, interested in Equity Mutual Fund Schemes (Diversified and Sector funds).
A: Equity-based MF schemes are unique in enjoying the following 4 tax concessions which no other avenue is blessed with —
In the case of ELSS, there is an additional benefit of deduction u/s 80C.
Q: I am a senior citizen (almost 75 years) and my total annual income is below the limit of Rs 1,85,000. My queries are as follows: — Mrs. Dalal A: You should have mentioned the actual taxable amount earned by you. This amount will be added to the NSS withdrawal and if the total is less than Rs 1,85,000, there is no tax. If it goes over this threshold, you may contribute the excess to any avenue under the umbrella of Section 80C and earn deduction from the income. Thus, you can make Rs. 2.85 lakh free from tax.
Q: I am a senior citizen (almost 75 years) and my total annual income is below the limit of Rs 1,85,000. My queries are as follows:
— Mrs. Dalal
A: You should have mentioned the actual taxable amount earned by you. This amount will be added to the NSS withdrawal and if the total is less than Rs 1,85,000, there is no tax. If it goes over this threshold, you may contribute the excess to any avenue under the umbrella of Section 80C and earn deduction from the income. Thus, you can make Rs. 2.85 lakh free from tax.
Investment in MFs
Q: 1) Is there a specific format of Power of Attorney (PoA) for authorising one’s agent to make application/redemption requests in different mutual funds?
A: Though there is no specific format as such, it should be clearly mentioned in the PoA that the agent is allowed to make and redeem investments in Mutual Funds on the investor’s behalf. Sending the PoA everytime is not necessary only for the same folio. When the money is being invested, the PoA is registered with the MF and then on you just have to quote the number allotted.
Permanent A/c Number
Q: My son was an assessee in Delhi now filling Nil return since he shifted abroad 5years back. The company he is working there, has posted him in India. During the course he acquired foreign citizenship with CIO card. Please advise does he need new PAN or can he file return as CIO/NRI on the same PAN.
— Mukesh Kumar
A: PAN, as the name suggests, is a permanent number and does not change during lifetime of PAN holder. Changing the address or city, though, may change the Assessing Officer. Such changes must, therefore, be intimated to nearest IT PAN Service Center or TIN Facilitation Centre for required correction in PAN databases of the Income Tax Department. These requests will have to be made in a form for ‘Request For New PAN Card Or/ And Changes In PAN Data’.
NAV of MFs
Q: I was reviewing the scrips held by one of the Mutual Funds. I believe that the total value of each of the stocks held and the number of shares shown against each is that of the previous day. However, when I divide the total value of one of the stock by the number of shares held, the value per share seems to be significantly lower than the current market price. Hence, I have a doubt on whether the value of shares or the number of shares held are not right. Can you please advise on how is the same to be read? For instance, one scheme is currently trading at Rs 835. However, the per share value as worked out in the portfolio works to Rs. 635.
A: NAV is market value of all assets divided by the number of units. Perhaps you are looking at the book value i.e. the cost of the shares and not the market value.
Q: Let’s say I invest in a equity fund whose portfolio will invest 80 pc - 100 pc in equities and equity related instruments. Does this mean that the fund manager will have to have a minimum of 80 pc equities? What if the fund manager is sure that the stock market is going to crash? Can he then sell all the equities, have almost 100 pc cash, and then buy equities once they fall in value?
— Karan Nijher
A: It is like this. To qualify as an equity fund, the scheme has to maintain at least 65 pc of its investible fund in equity. Now, this 65 pc is calculated with the annual average of the monthly averages of the opening and closing figures. (Sec. 10(38) of the
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