IOC to issue 1:1 bonus after AGM
NEW DELHI, July 3 — Indian Oil Corporation will convene its annual general body meeting in September to seek the shareholders approval on the 1:1 bonus issue announced last month.

Morepen sees 8-fold jump in turnover
NEW DELHI, July 1 — Himachal Pradesh-based pharma company, Morepen Laboratories Limited, will become a major player in the drug industry with its turnover going eight-fold in the next three years following a licence from the American Food and Drug Authority to manufacture an anti-allergenic, Loratadine.

Rail tickets on credit card now NEW DELHI, July 3 — Railway tickets are now only a phone call away. Punch a few numbers, state the particulars and you have the ticket.

VSNL donation
NEW DELHI, July 3 — Videsh Sanchar Nigam Limited today presented contributions to the National Defence Fund to the Prime Minister, Mr Atal Behari Vajpayee.

3.5 million jobs in Canada
CHANDIGARH, July 3 — Canam Consultants a company specialising in immigration and licensed from the Union Ministry of Labour is focussing on the employment and settlement for their clients in Canada.

PM for new norms on government spending
Tribune News Service

NEW DELHI, July 3 — Prime Minister Atal Behari Vajpayee has suggested a change in the approach to evaluating government spending from “input oriented to output based” to check misuse of public funds.

“Misuse and wrong use of public funds is a chronic problem affecting implementation of government schemes. Loopholes still exist, through which public money is routinely siphoned off”, Mr Vajpayee said while inaugurating the Golden Jubilee celebrations of Institute of Chartered Accountants of India (ICAI).

He invited suggestions on ways and means to introduce greater transparency and accountability in government’s financial accounting and reporting system.

The end use of funds spent on various developmental programmes, especially those directed towards rural and agricultural development, employment generation, literacy, health and other social welfare schemes, need to be properly monitored and verified, Mr Vajpayee observed.

Lauding the role of Chartered Accountants in evaluating the development of the nation’s business and economy, the Prime Minister advocated that this profession must spread to rural and informal sectors as well.

While agreeing that the problem was complex, Mr Vajpayee said efforts to meet the challenge had been slow. “After all, if accountants are honest, it is difficult for others in business to be dishonest”, he said adding that there should be greater link between accountancy and information technology.

The role of Chartered Accountants have become more crucial in the age of liberalisation and globalisation, the Prime Minister said while hailing the efforts in fostering financial prudence and transparency in operation.

The Minister for Environment and Forests, Mr Suresh Prabhu wondered if the expertise of ICAI could be used to ascertain the environmental impact of development.

“The government is considering environment audit on the lines of financial audit”, Mr Prabhu said adding that natural resource accounting was important today, when economic gains were being offset by environment loss.

Union Law Minister Ram Jethmalani described Chartered Accountants as “watchdogs of corporate world” and said that their dominant objective should not be making money but rendering public service.

Cut interest rate on loans for SSI
From P.D. Sharma

FOR economic growth some states are drawing visions of future while others including Punjab are rejoicing on the vision of the past. Some business savvy states care more about the health of the revenue generating sectors when others are solely concerned about the revenue. Some progressive states are putting economics before politics in contrast to others who prefer politics before economics. With this the end results for the immediate future need no prediction. Punjab led other states on futuristic approach during the Pratap Singh Kairon’s regime and it has paid rich dividend for over three decades.

While Gujarat is planning to attract huge investment Uttar Pradesh is also throwing novel ideas to prop up industry. Like Gujarat it is proposing to set up the State’s own BIFR type organisation to take care of large-scale sickness in the SSI sector. Most of the sick units can be revived with a little assistance.

At state-level unwieldy committees are constituted to declare sickness of SSI units. Such a committee in Punjab or elsewhere has never declared any unit sick. The complexion of this committee is such that it can never declare sickness what to talk of taking alleviating measures.

Punjab’s case in this regard is quite different from other states. Here industrial growth is possible only through local entrepreneurs. Unlike other states no outsider can be expected to invest here. If due to large-scale sickness population of experienced entrepreneurs is made helpless no worth-while growth is foreseeable. Punjab should not kill entrepreneurship through its existing archaic policies.

At present over 1000 units are struggling at DRT, Jaipur. The end result in most of the cases is usually decree for the sale of assets. By the time the sale is affected the assets in plant and machineries become junk or over valued due to heavy interest and other burdens. This is sheer national loss. This could be avoided by reviving the sick units promptly after witnessing red signal. The state-level BIFR can be of much help in this regard.

Move is also afoot to incorporate provision in the existing laws to treat bank dues as land revenue. In a way it will be the sort of death warrant for the entrepreneurs. This move is anti-industry and should be nipped in the bud itself. On the other hand SSI sector is expecting major political parties to incorporate in their election manifestos provisions for the safeguard of the entrepreneur. To epitomise these are; to charge less rate of interest on bank loan by amending the impracticable parameters; setting up of state-level BIFR bodies, and to avoid draconian provisions like treating bank loan as land revenue.

Punjab is among the few states where power tariff for industry burden of cross subsidisation is the highest. Against this background if any unit becomes sick the premises is not even entitled for light load although PSEB itself has a big hand in bringing sickness. It is an unfortunate paradox that the agriculture sector is getting free power and a sick unit is not even entitled for light load by paying the cost.

The government is trying to levy turnover tax by taking few people into confidence. This is again a death warrant for the industry and will be opposed tooth and nail.

IOC to issue 1:1 bonus after AGM

NEW DELHI, July 3 (PTI) — Indian Oil Corporation (IOC) will convene its annual general body meeting (AGM) in September to seek the shareholders approval on the 1:1 bonus issue announced last month.

The IOC board may meet here tomorrow to finalise the date of the AGM, which is likely to be on September 2, a top company official said.

“We have already intimated to the stock exchange about the company’s plan to issue bonus after taking the shareholders nod in September,” the official said.

Though the on-going Kargil issue had a slight impact on the prices of IOC scrips, the official who did not want to be identified said the company is hopeful that the share prices will touch the Rs 500-mark before the AGM.

IOC’s scrip yesterday at the National Stock Exchange was recorded at Rs 416.50.

The company on June 16 had announced a liberal 1:1 (one share for every share held) bonus issue to its shareholders, ahead of the part divestment of the government stake later this year.

The bonus, the second after a 2:1 issue in September 1994, will double the IOC’s paid-up capital from Rs 389.34 crore to Rs 778.68 crore, the official said.

Company sources said the AGM will also finalise the audited results of the fortune 500 Navratna company.

The cash rich oil public sector’s free reserves and cash surplus of about Rs 12,000 crore will come down by about Rs 389 crore due to the bonus issue, the sources said.

Morepen sees 8-fold jump in turnover
From P.N. Andley
Tribune News Service

NEW DELHI, July 1 — Himachal Pradesh-based pharma company, Morepen Laboratories Limited, will become a major player in the drug industry with its turnover going eight-fold in the next three years following a licence from the American Food and Drug Authority (FDA) to manufacture an anti-allergenic, Loratadine.

Morepen is the only approved company for sale of Loratadine after Scherring Plough, which has the patent for the product. The company would supply the drug in European countries and the US, after Scherring Plough’s patent expires in those countries, starting next year.

Talking to TNS, Mr K.B. Suri, Chairman cum Managing Director of Morepen, said that some of the companies that have placed orders with them include Genpharma, Novax, Pharma Science and Refermet. Morepen already supplies Loratadine in more than 40 countries where the patent for the product does not apply.

According to Mr Suri, the market for the Loratadine produce in the USA is worth Rs 15,000 crore, which is roughly the size of the Indian pharma market. So the market being so big, they will have to outsource the product. Loratadine is the fourth largest product in the world in terms of sales.

After Loratadine, the company has identified another drug, Cisapride, the patent on which is held by Johnson & Johnson. This patent is to expire in 2003 in Canada and Europe, and in 2006 in the US.

According to Mr Suri, Morepen identified Loratadine, patented by Scheering Plough Plc in 1992-93. It procured the process patent for Loratadine and put up a manufacturing plant in Himachal Pradesh at a cost of around Rs 100 crore in 1994.

He said that in order to supply the drug in the US, Canada and Europe after the expiry of the product patent, the company approached leading manufacturers Merck, Zenith, Geneva, Piagro among others in 1994. FDA, after ascertaining the quality of the manufactured product, awarded the licence on March 29, 1999.

He said that as no other company had applied for the FDA licence so far, Morepen will be the second manufacturer after the product patent holder, Scheering Plough, to supply the drug in the US and European markets.

The stock market has reacted to the improved prospects of the company following the FDA licence. Morepen’s share price went up more than four times, from Rs 139 on March 15, to Rs 606 on May 17. It has since stabilised at around Rs 500.

Decongestion plan for Ludhiana
From Gaurav Choudhury
Tribune News Service

NEW DELHI, July 3 — A detailed plan for decongesting the city of Ludhiana is expected to be submitted by the middle of August.

The decongestion plan, prepared by London-based consultants Chesterton Meghraj Property Consultants Pvt Ltd (CMPCL), would contain detailed recommendations to the Punjab government about relocation of existing industrial units, prioritisation of identified projects to ensure optimum utilisation of resources, to minimise dependence on private transport, and devise an overall development vision for Ludhiana by integrating the relocation plan with infrastructure development plan.

The Punjab government had invited bids from consultants to provide expert assistance and draft a decongestion plan for Ludhiana in February this year which was ultimately assigned to CMPCL.

Over the past few decades, Ludhiana has emerged as a premier industrial centre known for its manufacturing strengths in industries like cycle and cycle parts, hosiery, knitwear, sewing machines etc. However, unplanned and haphazard industrial growth have led to problems like congestion, pollution, poor and inadequate infrastructure facilities and violation of regulatory controls.

Mr Geoff Marsh of the London Property Research, who is overseeing the preparations of the plan,told The Tribune that the firm was going to submit an interim report to the Punjab Urban and Development Authority (PUDA) next week and the final report is expected by mid-August.

“The essential objective of the plan is to create public and private partnerships to bring about sustainable economic development in the region”, Mr Marsh said.

Mr Marsh said that Ludhiana had about 30,000 small sector units, many of which located in the houses of the entrepreneurs. However, if these units were not relocated, they may have to close shop over a period of time.

“Our survey, so far, has found out that these units would flourish under the right kind of environment”, he said adding that it was important to employ efficient construction and manufacturing methods to minimise energy consumption and pollution.

The paper will also contain recommendations on new focal industrial areas with detailed analysis of land allocation policies and procedures, recommendations about alternatives and analysis about new planned industrial areas.

The report would have detailed recommendations about minimising level of traffic pollution and infrastructure projects — including financial modelling, evaluation of low-cost alternatives and identification of private sector participation in infrastructure projects.

Regarding traffic pollution, the consultants are of the view that the existing Railway lines which at present causing congestion could be used to construct a well connected network of rapid transport system.

The city is also is in the need of a bypass and well organised vehicle parking facilities. A tax on car parking could be one of the possible alternatives that the government could consider as this could generate revenue and reduce use of cars.

The state government, instead of building flyovers costing several crores of rupees could use the same amount of money to replace the 6000 autorickshaws by low emission vehicles, the consultants felt.

Rail tickets on credit card now
Tribune News Service

NEW DELHI, July 3 — Railway tickets are now only a phone call away. Punch a few numbers, state the particulars and you have the ticket.

This has become possible thanks to the Northern Railway entering into an agreement with Standard Chartered Bank for launching a co-branded Rail Credit Card. The facility will initially be available in Delhi.

The card has all the features of a classic credit card but has an additional facility that reservation on this card can be done on telephone.

Necessary safeguards have been built-in regarding misutilisation as well as for ensuring the proper payment of the fare to the railways through the bank, a Northern Railway spokesman said.

This facility will save time and effort of the passengers in securing reservation.

Explaining the system, the spokesperson said the Rail Credit Card holder would call up a dedicated line number wherein the card number and the pin number would have to be fed.

After the status of the card is verified online with the bank, the telephone line would be automatically transferred to a railway counter from where the ticket can be booked. The card number would have to be again intimated and the ticket would have to be later collected from the ticket counter.

For the cancellation of the tickets, the same procedure would have to be used, the spokesperson said.

Cockroach farming

BANGKOK, July 3 (AP) — To survive the economic crisis, a Thai businessman has pioneered cockroach farming by raising thousands of the insects as bait for fishermen, a newspaper said today.

Somkiat Phanmanee, 33 he told the Matichon daily that earned up to $ 540 a month selling dried cockroaches from his two farms near Bangkok to fishing enthusiasts and stores, one cockroach sells for 9 US cents.

“It is a little bit cheaper than artificial bait, fish love it and it is rich with protein,” he said, claiming to be the world’s first cockroach farmer.

Somkiat returned home two years ago when the economic crisis began with a degree in Business Administration from India. He, like other Thais, had problems finding a job.

As a sports fisherman who had used cockroaches as bait, Somkiat said he knew he could make a business out of his hobby.

Before getting started, Somkiat surfed the Internet for information about insects and began experiments. He caught cockroaches for breeding at rice mills. Expansion followed and now Somkiat’s two farms turn out 3,000 cockroaches a week.

VSNL donation
Tribune News Service

NEW DELHI, July 3 — Videsh Sanchar Nigam Limited (VSNL) today presented contributions to the National Defence Fund to the Prime Minister, Mr Atal Behari Vajpayee.

The contributions were presented by the Minister of State for Communications, Mr Kabindra Purkayastha, on behalf of VSNL and Department of Telecommunications (DoT).

VSNL had launched a scheme of promoting contributions to the NDF by issuing free Internet accounts of 25 hours for every Rs 5000 contributed to the fund Rs 15 lakhs have been collected over a period of three days since the scheme was opened. It will remain open till August 31.

VSNL also presented a cheque of Rs 1 crore to the NDF on behalf of the company. The employees have also contributed Rs 7.4 lakh to the fund.

3.5 million jobs in Canada
Tribune News Service

CHANDIGARH, July 3 — Canam Consultants a company specialising in immigration and licensed from the Union Ministry of Labour is focussing on the employment and settlement for their clients in Canada.

Mr Anuraj Sandhu, Director of Canam, said that the company is equipped with the latest information of job market and job search strategies which ensures of placing its clients in the best available jobs in their profession in Canada.

He said about 1.5 million new jobs and an additional two million job vacancies have been created in the nineties. Canam is expanding its network of branch offices in all major cities of India.

by Ashok Kumar
Pharma segment best bet

THE attitude of some of the members of our broking fraternity has really angered and disappointed me. They seem to thrive on short-selling over the weekend on the hope that the markets reopen lower after the weekend on account of the darkening war clouds. It is a matter of regret that at a time when our armed forces are waging a valiant battle to flush out the Pakistani infiltrators, there are people in the market wishing to make a quick buck unmindful of the fact that our armed forces are risking and in many cases actually laying down their lives to protect our motherland. Shame on such brokers. Even at the risk of losing out on valuable clients, we have refused to interact with anyone who is insensitive to the valiant efforts of our armed forces.

We should do everything we can for them. I appeal to our readers to come forth and offer money, blood, clothes or anything else which they are capable of to the organisations supporting our armed forces. Remember, if you and I are resting secure in the knowledge that India’s territorial integrity will always be protected, it is only because of our immense faith in our valiant armed forces. One positive note in the market is the fact that the Sensex has remained relatively solid notwithstanding the war clouds. Strangely, while one would logically have expected the Foreign Institutional Investors (FIIs) to have sold heavily and moved out lock, stock and barrel, they seem to be on a buying spree again albeit in sporadic bouts. Let us then take a closer look at Hindalco, which is one of the companies that has reportedly caught the fancy of the FIIs again.

The single largest player in the private sector in the aluminium industry, Hindalco has managed to weather the storms in the earlier period of reversals in the aluminium segment, by ensuring that it was able to use such periods for consolidating its asset building exercise. The company, now having a capacity to roll back aluminium of 2.42 lakh tonnes per annum, has essentially spread over is product mix in a balanced manner, and is able to extract almost the same levels of turnover through sale of primary metal, as well as the downstream lines.

The company, like Nalco has also got the advantage of being self-sufficient to meet its captive power requirements. On the expansion front, the company has raised its smelter capacity to 2.42 lakh tonnes from 2.1 lakh tonnes, and that of the captive power co-generation plant to 575 MW from 425 MW. Besides, the capacity of the alumina refinery has already been raised to 4.5 lakh tonne from 3.5 lakh tonne. The completion of these projects suggests that the company could have a much faster growth rate in the coming financial year. On the whole, Hindalco is well set to surge ahead to maintain its supremacy in the aluminium industry.

Finally, there is a lot of news in the market to the effect that the investor fancy is slowly but surely drifting towards cyclical stocks. Our research team is slightly sceptical of this conclusion as this phase may be purely a temporary one, especially since there is no overwhelming evidence that these segments have really started faring well. We still think, the evergreen pharma segment is the best bet.

by Praful R. Desai
Termination not justified

Q: Whether termination of service on the grounds of suppressing facts or giving a false statement while giving his application for his appointment is bad in law?

Ans: In Regional Manager, Bank of Baroda v Presiding Officer, Central Govt. Industrial Tribunal (1999-I-LLJ.646) the SC held thus:

The ups and downs between the appellate-Bank and the second respondent-clerk for over 15 years culminated in an appeal before the S.C. The SC restored the clerk back in the service of the Bank, however, on certain unfavourable conditions to the clerk, if only to show that the scale of justice ought to be held equal between the parties in all the circumstances of the case.

The appellant-Bank challenged in this appeal an order of the H.C. upholding an award of the Labour Court. The award of the Labour Court was that termination of the second respondent-clerk’s services on the ground of his giving a false statement while submitting his application for his appointment was not so grave as to justify his termination. The said award directed his re-instatement without back wages.

The SC modifying the award observed that the Bank while issuing show cause notice for the first time on 2-2-80 had in terms noted that the criminal proceedings (against him which he suppressed) were pending. The Bank itself thought it fit to await the decision in the criminal case before taking any precipitate action against the clerk for misconduct.

This might be presumably so because the criminal proceedings did not relate to an offence involving cheating or misappropriation (but for an offence U/s. 307 I.P.C which would have a direct impact on the decision of the appointing Bank, whether to employ such a person at all.

The SC therefore maintained the impugned award but subject to the notification that the employee-clerk might be treated as a fresh recruit from the date when he was exonerated by the H.C.

In that way the present appeal was dismissed with certain modification.

by A.K. Sachdeva

Q: We are registered as a dealer both under the provisions of the Haryana General Sales Tax Act, 1973 and the Central Sales Tax Act, 1956. We are engaged in the business of paper and other related products. We buy paper from the places situated outside the State of Haryana and sell the same within the State as well as in the course of inter-State trade or commerce. On some occasions, paper is also sent to our agent based in some other State for sale on our behalf to whom we pay commission and other incentives keeping in view of the extent of business he makes on receipt of the material. Some times, the agent is not able to send to us form ‘F’ against the consignment despatches because of non-availability thereof in the office of the assessing authority. All other documents such as statement of sale proceeds, details of expenses incurred by the agent on account of unloading and storage of the goods are regularly sent to us. Kindly advise if exemption from payment of tax under the Central Sales Tax Act, 1956 can be claimed on these consignment despatches in terms of section 6-A of the Act ibid in the absence of form ‘F’ ?

— Abhishek Sharma, Panipat

Ans: The burden to prove that a particular transaction has taken place otherwise than by way of a sale in the course of inter-State trade or commerce undoubtedly lies upon the dealer who seeks exemption from payment of tax on such transaction in terms of the provisions contained in Section 6-A of the Central Sales Tax Act, 1956 but this statutory obligation can be discharged by him either by producing a form ‘F’ or in the alternative other documentary evidence showing that the transactions barely involved consignment despatches to the agent and that the same cannot be regarded as sales in the course of inter-State trade or commerce. Therefore, it is not all mandatory having regard to the language of section 6-A as well as decisions delivered in this context by several High Courts to produce only form ‘F’ in support of the benefit of tax exemption in relation to the consignment sales or sales outside the State. It would be enough if the queries produces before the appropriate assessing authority other documentary evidence in the form of goods receipt or proof of despatches of the material, statement of sale proceeds received as a result of sales conducted by the agent and the details of the payments received for the purpose of claiming deductions from the gross turnover under the provisions of section 6-A of the Central Sales Tax Act, 1956.

Q: During the course of a roadside checking, a penalty of Rs 10,000.00 was levied upon us by an Excise and Taxation Officer (Enforcement) for what was described “there had been an attempt to evade the tax due under the Haryana General Sales Tax Act, 1973” and the amount was recovered on the spot against a receipt issued by him. We want to prefer an appeal against imposition of penalty as the same has been levied arbitrarily and under coercion. Copy of the order has not been issued to us so far despite several reminders to the Checking Officer. Kindly advise.

— B.K. Goel, Karnal

Ans: It was the statutory obligation of the Checking Officer as provided in rule 66 of the Haryana General Sales Tax Act, 1973 to have issued immediately a copy of the order imposing the penalty. Moreover, recovery of the penalty amount could not be effected before issuing and supplying a copy of the order to the queries. Non-supply of the copy of the order even after several requests made by the person proceeded against is a complete disregard of the statutory provisions which the Checking Officer is supposed to follow in accordance with the spirit of law. Therefore, the queriest can approach the higher authority over this serious issue and at the same time file an appeal to the Jt ETC (A) on the basis of the receipt. A request can also be made in the memorandum of appeal to the appellate authority for appropriate directions to the checking Officer for the supply of the copy of the order.

by R.N. Lakhotia

Q: My mother, jointly with me, had monthly income scheme of Rs. 48000 in a post office. The account was operational Either or Survivor basis. After her death the full amount was withdrawn by me. As per her registered Will, I along with my brother, is the recipient of her movable and immovable property equally. Kindly intimate my tax liability, if any, on account of the above withdrawal of Rs. 48000. I am already a tax payer. Also please quote the relevant rule.

— R.K. Dua, Patiala.

Ans: In respect of withdrawal of the amount under monthly income plan of the Post Office after the death of the mother, the amount received representing the income in that monthly income scheme will be taxed in the hands of different co-owners as per the Will. If the amount received from the monthly income plan represent only the repayment of the principal amount, then there is no liability to Income-tax on the withdrawal of the principal amount.

Q: 1) I retired from State Electricity Board in February 1997 and was paid Rs. 1,18,552/- as leave encashment for 240 days and not included in F-16 issued by the employer.

After pay revision w.e.f. 1-1-96, the revised leave encashment was assessed as Rs. 1,89,448 and Rs. 70,896 only was paid in April 1998.

Please advise if any amount of leave encashment attracts levy of income tax and the relevent provisions applicable.

— K.G. Dhall, Karnal.

Ans: The maximum amount which is exempted as per section 10(10AA) in respect of leave encashment is Rs. 2,70,000. Any amount in excess of this would be liable to Income-tax.

Q: My husband purchased a plot on power of attorney, GPA in my name and GPA in his name. He constructed the house, unfortunately he passed away three years ago (there is no will). Kindly advise:-

1. Whether I have to pay any income tax, or file return?

2. I intend to sell the house, whether any capital gain is to be paid by me, if yes, how much?

3. If the sale proceeds are used to purchase other house for self occupation. Is tax required to be paid?

Can I will the house in my children name, (I hold GPA, only)? Please advise.

— Devinder Kaur, Chandigarh.

Ans: There is no liability to income-tax merely because you have inherited the plot from your husband. You have also not to file any income-tax return in respect of the plot because there is no income derived from the plot. On selling the house there will be a liability to tax in respect of the capital gains derived by you. For the purposes of calculating the tax liability the cost inflation index concept will be applied whereby the liability will be substantially reduced. Income-tax @ 20 per cent is to be paid in respect of the net taxable capital gains. If the sale proceeds are used to purchase another house property for self-use then the tax liability in respect of capital gains can be fully avoided as per section 54/54F of the Income-tax Act. You can also take the benefit of section 54EA or 54EB to save complete tax on capital gains. The house can be gifted to your children as desired by you because there is no Gift Tax w.e.f. 1-10-98.

Q: The plot on which the house was built is in the name of my wife. She raised loan of Rs. 1.25 lakh in 1988 to build ground floor and is claiming deduction/rebate from her employer/income tax department. In 1998, I took loan from my employer to the extent of Rs. 2 lakh on pari-passu charge basis for constructing 1st and 2nd floors. The loan is being repaid by me @ Rs. 2000 p.m. to my employer. I am also living in the same house. Can I claim deducting/rebate from my employer on a/c of housing loan?

Secondly, as the house is in her name and I am also living in it, can I claim HRA deduction from my employer? I am getting Rs. 2953 as HRA p.m. from my employer.

Kindly, what is the benefit of taking GPA from my wife for maintenance/management of 1st/2nd floors?

— Naresh Kumar, Chandigarh.

Ans: Legally speaking, the amount spent by you on construction of the first and second floor is actually loan by you to your wife because the plot on which the house was built is in the name of your wife. In the alternative you may buy the roof rights from your wife for constructing the first and the second floor. You cannot get any benefit right now in respect of loan from your employer because legally you are as on today not the owner of the house. From your HRA amount if you make payment of rent to your wife, you will be in a position to claim the tax benefit of the same on your HRA receipt. However, the income from rent received by the wife will be required to be shown in her Income-tax return.

Customer meet
CHANDIGARH, July 3 (TNS) — The State Bank of India, Personal Banking Branch, Sector 16, Panchkula organised a customer meet. Customers appreciated the services rendered by the bank.

Seminar
CHANDIGARH, July 3 (TNS) — Chandigarh branch of the Institute of Chartered Accountants of India organised a seminar on Enterprise Resource Planning (ERP) here today Mr D.K. Singla, presided over the seminar Mr Sanjay Aggarwal, Director, Eastern Software Systems, spoke on the concepts of Enterprise Resource Planning. He elaborated the role of Chartered Accountants in adopting and implementing ERP.

ISO-9002
LUDHIANA, July 3 (FOC) — A. K. Engineering Company, received the prestigious ISO-9002 from the Netherlands based Det Norske Veritas. The company is manufacturing the fasteners as per the international standards on state-of-the-art machinery.