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DoT tightens user verification norms
Don’t seek tax rate cuts: RBI
A unique portal for media agencies
Murthy hails Wal-Mart, Bharti joint venture
Cooperative farming ‘key to sustain growth’
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Ranbaxy picks up South Africa’s Be Tabs for Rs 315 cr
Hero Honda keen on four-wheeler segment
China keen to boost trade with India
SPIC to invest $200 m in Jordan
Inflation up at 18-month high
A-I Express gets Boeing
Reliance Comm m-cap touches
Kingfisher Airlines net loss at Rs 240 cr
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DoT tightens user verification norms
New Delhi, December 1 As per the norms, if after March 31, 2007, any subscriber’s number is found out to be without proper verification, a minimum penalty of Rs 1,000 per violation would be levied on the licensee, Department of Telecom sources said. The new norms, issued on November 22, follow a meeting by the DoT on September 27 this year. Further, the authorised person selling SIM cards would have to record in the application form that he has seen the subscriber and verified his documents with the original. In this regard, the operator would have to make the seller aware about his responsibilities and liabilities in the matter. Pre-paid SIM cards, which make 80 per cent of the mobile connections, would be activated only after the customer acquisition form has been properly filled and copies of documentary proof submitted by the customer. The authorised seller, who is directly accountable to operators, would have to verify that all documentary requirements have been completed before activating the SIM card. The sources said if any discrepancy was found at any stage, the connection would have to be de-activated immediately, but in any case not later than 72 hours. The sources said it had also been decided to strictly follow that pre-activated SIM cards would not be sold in the market. "The licensee would have to ensure that information about the subscriber is entered into the licensee's database correctly based on the information in customer acquisition forms (CAF) and supporting documents," sources said. For this purpose, the licensee would have to nominate officials responsible for entry of subscriber information in the database and cross-checking information from it. The new norms were necessitated as the licence condition of cellular and unified mobile operators only says that the licensee must ensure "adequate verification" of each and every customer before enrolling his as a subscriber. The DoT had cracked the whip on mobile companies ever since security agencies raised concern over fake addresses and bulk connections in a single person's name. — PTI |
Mumbai, December 1 "I was surprised by the chambers asking for more tax reductions while simultaneously asking for more expenditure on infrastructure," he said at a book release function at the Indian Merchants' Chamber here. Interestingly, Finance Minister P. Chidambaram himself had hinted at further moderation of tax rates while addressing the Economic Editors' Conference last month, but added that this depended on greater tax compliance. "I have not put any time-frame on moderation of tax rates," Mr Chidambaram had told reporters here yesterday when asked by when the rates would be rationalised. According to Mr Mohan, there was now need for an efficient and automatic system for collection of taxes. He highlighted the model of tax deducted at source (TDS) as an ideal way of collecting taxes. Mr Mohan described TDS as a painless method of collecting taxes and urged industry chambers to devise methodologies on the lines of TDS for tax collection. It was always painful to pay taxes after the money came into one's bank account. Pointing out that not enough attention was being paid to tax administration, Mr Mohan said that presently there were 1,500 items that attracted excise duties as compared to just one in 1870 when excise duty was imposed on salt. He, however, said that much progress had been achieved in indirect tax reforms with the number of excise rates coming down from 22 to three while customs duties have also reduced from 22 rates to four. Earlier, V S Krishnan, Central Excise Commissoner of Pune III, whose book was released by Mr Mohan, said the Indian tax scenario comprised a narrow base and emphasised the need for its widening. — PTI |
A unique portal for media agencies
Chandigarh, December 1 The front end of the service, which can be accessed through the website infomailers.com can disseminate news instantaneously to more than 6,000 journalists. A tie-up with Yahoo is on the cards, extending the reach of the service to over 300,000 Indian net users. According to Mr Narvijay Yadav, Chief Coordinator, IndiaTotal Infoline, the service is already available in English, Hindi and Punjabi and the only corporate news dissemination platform offering services in all three languages. “We are working on introducing these services in other Indian languages in phases”, he said. The service launched earlier this year boasts of the largest number of membership from the media fraternity, who have consented to receive news items by email. Mr Armaan Sharma, Technical Head of the company, said “Our objective let companies worldwide use our platform to disseminate their news to regulatory services, financial information systems, conventional and Internet-based news platforms.” The website ‘infomailers.com’ allows journalists to receive news releases from leading clients of the service. The service is free for journalists, newspapers and other members of the media. To avail the service, media organisations have to go through one-time registration online at www.infomailer.com or send an email to register@infomailers.com with their particulars, including topics and interests. |
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Murthy hails Wal-Mart, Bharti joint venture
Bangalore, December 1 "What's unique about Wal-Mart is its ability to leverage the power of technology for bringing in efficiency..bringing in customer comfort in an unheard of manner", the non-Executive Chairman of the Bangalore-based software major said. "...that technology..that expertise and that environment will be made available to Indian partner", Mr Murthy said at a press conference on the sidelines of an international conference on 'Managing technology innovation in IT', organised by the Institution of Engineering and Technology (IET) here. He said the NASDAQ-listed firm drew 15 per cent its revenues from the retail sector, adding that it worked with all 'famous retail names', including Tesco and Wal-Mart. Mr Narayana Murthy opposed reservation in educational institutions and employment, stressing that providing proper attention and training was the best way to "bring up" people. Making a general comment on the Sachar Committee report, he said India had done "reasonably alright" in higher education thanks to Jawaharlal Nehru's vision and initiative in starting premier institutions in engineering, technology, science and medicine. "But at the primary education level, we have not been as successful as we would like... whether it's one religion or another. It's again a reminder to us that we have a lot of work to do in the area of basic education," Mr Murthy said. He said reservation was not the best way to bring up people. "You have to provide all inputs. First, make your primary education platform successful and then make your secondary education platform successful, and people will be able to compete," he said. Murthy said Infosys and the Indian Institute of Information Technology, Bangalore, in fact, were currently conducting an experiment to demonstrate that providing an efficient training programme to young men and women is a better way (to reservation). — PTI |
Cooperative farming ‘key to sustain growth’
Chandigarh, December 1 The cooperative banks are not doing good business, and thus the Government of India has now come up with a Rs 15,000-crore fund for recapitalisation of these banks. Those states, which have decided to withdraw their control over the cooperative banks and bring these banks directly under the RBI, will be recapitalised. Mr Srivastava said in order to have an increased flow of credit in the agriculture sector, India needs to have cooperative institutions in place and this scheme would go a long way in enhancing agriculture growth. He said Rabo India Finance (RIF) has set aside $75 million for its India operations. RIF offers sector-specific, knowledge-based customised solutions in core competencies like food and agribusiness, telecom, renewable energy and corporate finance. They have been helping the sugar industry in Uttar Pradesh, by extending credit for procurement, and are now preparing a Agri Vision Strategy for the Rajasthan Government. “Recently, we have also submitted a vision document for 2015 to the Union Ministry of Food Processing, where we have highlighted the steps to be taken for the processed food industry in the country to grow from Rs 10,000 crore to Rs 30,000 crore by 2010.” |
Ranbaxy picks up South Africa’s Be Tabs for Rs 315 cr
New Delhi, December 1 "This is the eighth acquisition we have done this year,” Ranbaxy CEO and Managing Director Malvinder Mohan Singh said. The company would utilise Be Tabs' manufacturing facility in Johannesburg to produce drugs, including anti-retrovirals not only for the South African market but also to cater to the African continent. Be Tabs is the 5th largest generics player and the biggest penicillin manufacturer in South Africa. It has a strong over-the-counter (OTC) portfolio with significant brand recognition, he said. Earlier in the year, Ranbaxy had acquired Romania's Terapia for $324 million. The acquisition of Be Tabs would catapult Ranbaxy to the top five generic producers in South Africa. Mr Malvinder Mohan Singh said Ranbaxy's acquisition of Be Tabs would help in providing effective disease management solutions in support of the South African Government's objective to make healthcare affordable to a wider cross-section of its population. The company said the transaction was valued at 2.2 times of sales and 7.7 times of EBITDA multiples of Be Tab. The combined sales of Ranbaxy and Be Tabs would be around $55 million in South Africa. South Africa is the largest pharma market in Africa, valued at close to $2 billion, with a high potential for generic growth. — PTI |
Hero Honda keen on four-wheeler segment
Mumbai, December 1 The group will foray into four-wheeler manufacturing as and when it gets a good partner, company Managing Director Pawan Munjal said here today. "As a group, there has been a natural progression for us... we started with bicycles and it makes sense for us to get into four-wheeler business," he said. "As and when, there is a good partner, we could get into that..." Mr Munjal added. Meanwhile, Hero Honda Motors is set to redefine the 100cc entry segment with the launch of its 'New CD De luxe and New CD Dawn' with stunningly attractive looks and a new engine priced at Rs 34,900 and Rs 31,900 (ex-showroom Delhi), respectively. Announcing the launch here, Mr Pawan Munjal said :''The two new launches in 100cc entry segment seeks to fill the need gap of customers looking for value-for-money products with attractive looks.'' With this, Mr Munjal said, Hero Honda has already launched six new models, including variants. Two more launches are in the offing. |
China keen to boost trade with India
Chandigarh, December 1 Mr Wang Jiarui was interacting with the Haryana Chief Minister, Mr Bhupinder Singh Hooda, and members of the delegation accompanying him in Beijing today. He said the visit to India by the Chinese President, Mr Hu Jintao, had opened a new chapter in Sino-India relations and hoped that the bilateral relations could be further strengthened in a number of fields. Mr Hooda said he was impressed with the infrastructure created in China and that too within a short period. He said Haryana was one of the most progressive states in India. The Haryana Government intended to achieve the goal of sustainable economic growth and recognised the importance of infrastructure and fostering a good investment environment in generating sustainable economic development. He said from being a regulator, the Haryana Government's endeavour was to transform itself into a broad-based development catalyst and a facilitator. He said his government was also upgrading the social infrastructure to improve the living standards of the people. Mr Jiarui accepted Mr Hooda's invitation to visit Haryana. Mr Hooda also met the Governor of Jiangsu province in Nanjing, Mr Liang Brohua, and discussed issues of mutual cooperation between Haryana and Jiangsu. The delegation also visited the Nanjing Technology and Economic Development Zone in Nanjing. It also visited Dr Sun Yat Sen Memorial to pay homage to the great Chinese leader. |
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SPIC to invest $200 m in Jordan
New Delhi, December 1 Indo-Jordan Chemicals Company Ltd, a joint venture between SPIC with 52 per cent stake and Jordan Phosphate Mines Company with 35 per cent stake, manufactures phosphate which is then imported to India. "The JV proposes to double its capacity from the existing 2.5 lakh metric tonnes per annum for which the company would make an investment of $200 million," SPIC Chairman A.C. Muthiah said here. The combined export revenue after the new unit is commissioned would go up to $160-180 million from the existing $80-90 million, he said. — PTI |
Inflation up at 18-month high
New Delhi, December 1 "It is a supply side problem. We have to manage it," he said here. The RBI has estimated 5-5.5 per cent inflation for 2006-07. The wholesale price-based annual inflation rose to 5.45 per cent for the week ended November 18, the highest so far this year and the highest after 5.6 per cent on May 14, 2005.
— PTI |
A-I Express gets Boeing
Seattle, December 1 The delivery also marked the first airplane delivered to A-I following the airline's order for 68 Boeing jetliners, the largest commercial airplane order in India's civil aviation history. The order was placed in December, 2005, and is valued at more than $11 billion at list prices.
— UNI |
Reliance Comm m-cap touches $20 b
Mumbai, December 1 |
Kingfisher Airlines net loss at Rs 240 cr
New Delhi, December 1 It has continued to be in the red in the first six months of the current financial year also, with the total loss mounting by Rs 107 crore, according to figures the airline furnished to the government. The losses were primarily due to the pricing of tickets well below the direct operating cost, high price of aviation turbine fuel and heavy sales taxes on it, besides the loss of fuel due to heavy traffic congestion over major airports. — PTI |
Pak sells 10 pc stake in oil Co NSE awarded Contract for TCS Surana Inds Forex reserves up by $2.42 b |
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