Accountancy
Customise accounting norms to suit domestic needs: Jaitley
EVEN as Indian accounting bodies continue with their efforts to bring the Indian GAAP at par with the International Accounting Standards (IAS) by the end of the current fiscal, the Union Minister for Law, Justice and Company Affairs, Mr Arun Jaitley, tod
ay held that some deviations may still be necessary between the two sets of standards to cater to the domestic requirements.
Airlines
IA to offer extra service in winter
INDIAN Airlines (IA) is to provide additional capacity on the India-Singapore and India-Malaysia sector besides providing several new service including one between Chennai-Hyderabad in its winter schedule which comes into effect from October 28.
Jet Airways cuts fares
JET Airways has announced that while its present special fares will continue on some of the sectors, fares on a few others have been rationalised resulting in marginal reduction on these sectors from October 1.
IA rules out hike in passenger fares
INDIAN Airlines (IA) has ruled out a hike in passenger fares for now although a surcharge is to be levied to off-set the additional insurance premium being imposed on airlines globally in the wake of the untoward incidents in the United States on Septemb
er 11.
Automobiles
Suzuki to alight from TVS pillion
SUZUKI Motor Corporation of Japan is set to exit its two-decades old joint venture, TVS-Suzuki Ltd.
Suzuki `may go it alone'
SUZUKI Motor Corporation is expected to follow its Japanese rivals, Honda Motor Co and Yamaha Motor, and set up a fully-owned subsidiary in India in the future, after estranging its relationship with TVS, analysts said today.
Coal
12 killed in coal mine mishap
TWELVE persons were reportedly buried alive early on Wednesday at the Rajmahal opencast mine of Eastern Coalfields Ltd (ECL) while ``illegal mining'' was in progress.
Corporate
HLL open offer for Rossell stake
HINDUSTAN Lever Ltd and Unilever Overseas Holdings BV acting in concert with Lipton India Exports Ltd will make an open tender offer for the balance 10.38 per cent Rossell Industries equity at a price of Rs 120 per share.
Economy
Falling oil prices keep markets aglow
THE sudden fall in oil prices, though seen as a short-term feature, is expected to boost the overall market sentiment.
Panel to simplify investment approvals
THE Government has constituted a 12-member high-powered committee to examine the extent of procedures required for investment approvals and suggest measures to simplify and expedite approval mechanisms for both public and private investment.
Food & Dairy Products
Non-veg foods to be labelled from Oct 4
THE Ministry of Health has notified that when any article of food contains whole or part of any animal including bird, fresh water or marine animals or eggs or products of any animal origin, excluding milk and milk products, as an ingredient, a declarati
on to this effect shall be made by the manufacturer.
Foreign Trade
Dumping duty on Chinese shoes
THE Finance Ministry has imposed definitive anti-dumping duty on all imports of sports shoes and non-leather footwear from China.
Dumping duty on yarn from Nepal
THE Designated Authority in the Commerce Ministry has recommended imposition of preliminary anti-dumping duty on acrylic yarn imported from Nepal.
Insurance
Oh God, take cover!
IN about a month's time from now when the Goddess Durga comes to town -- all the way from Kailash -- along with her family of four and the demon king Mahishasura, she will not have to worry about earthly dangers like fire, theft or even rain washouts - t
hanks to the friendly insurance man.
Miscellaneous
Ministry cancels film festival
THE Information and Broadcasting (I&B) Ministry has decided to cancel the International Film festival of India (IFFI) to be held in Bangalore from October 10-20 due to drought in the State.
Mutual Funds
LIC MF to terminate Dhanavarsha (8)
LIC Mutual Fund (LICMF) has decided to terminate one of its close-end income scheme -- Dhanavarsha (8). The scheme, at the time of its scheduled redemption at maturity on September 30, 2001, would have investors' assets worth over Rs 84.75 crore spread o
ver 12,000 investors.
US-64 portfolio includes 81 non-existing cos
THE portfolio of the UTI's US-64 scheme consists of shares of 81 companies which have become `non-existing companies' in which the trust's investment have depreciated by Rs 127.67 crore.
PSU
Cabinet panel to sort out sell-off issues today
A FEW outstanding issues relating to disinvestment of Government equity in IBP Co Ltd, IPCL and the proposal to park divestment-bound companies with the Finance Ministry will be discussed at a meeting of the Cabinet Committee on Disinvestment (CCD) slate
d for Thursday.
Disinvestment funds -- Confusion over HCI remains
EVEN as confusion exists over where the proceeds from the disinvestment of Hotel Corporation of India (HCI) are to flow, a meeting was held here late last week to expedite the disinvestment process.
Petroleum
Deregulation of POL opposed
INDIA'S state owned oil companies have expressed grave reservations against the draft agreement mooted by the Petroleum Ministry for sharing of petroleum, oil and lubricant (POL) products, infrastructure and facilities in the post-administered pricing me
chanism phase, commencing early next year.
Policy
Draft rules notification
NEW DELHI: The Government has notified the draft rules to amend the Prevention of Food Adulteration (PFA) Rules, 1955, which seek the declaration with regard to the addition of fruit pulp, juice, colour and artificial sweetener (wherever permitted under
these rules) as also the `date of manufacture' and the `best before' date on the body of bottles of beverages and soft drinks, instead of giving such a declaration on the crown of the bottles.
Power
Ministry working on Dabhol sops
THE Power Ministry is in the process of finalising the concessions to be awarded to the Dabhol power project, largely on the basis of the report recently submitted by the financial institutions. A meeting with the Finance Ministry, slated for next week,
would sew up the concessions, sources said.
Plan to make power feeders profitable
THE Power Ministry will approach the Cabinet for a plan to enable all district-level power feeders to become profitable in the next three years, according to Union Power Minister, Mr Suresh Prabhu.
States
Booster plan for Dakshina Kannada
THE Kanara Chamber of Commerce and Industry (KCCI) has resolved to work towards the `improvement' of the business scenario in the Dakshina Kannada district of Karnataka, especially in the context of the ongoing global slowdown.
Tirupur knitwear seeks an image
TIRUPUR knitwear exporters on a pursuit to build a generic brand for Tirupur knitwear products are likely to set in motion over the next few weeks the process of identifying units that will participate in the common brand promotion exercise.
Opposition to Hyderabad airport expansion plan
CITIZENS Against Pollution (CAP), an environmental action group, has charged the Airport Authority of India (AAI) with initiating expansion work of the existing Hyderabad international airport without conducting proper statutory public hearing and mandat
ory environmental impact assessment (EIA).
Kerala okays pvt sector in road building
THE Kerala Cabinet has decided to allow private participation in road building and maintenance on an experimental basis. Also, the Public Works Department has been given permission to import bitumen by inviting global tenders. This is in the context of r
oad repairs in the State being delayed due to non-availability of bitumen, the Chief Minister, Mr A.K. Antony, told newspersons after the Cabinet meeting on Wednesday.
Hyundai keen on power plant in Jharkhand
THE Korean firm Hyundai Heavy Industries (HHI) has offered to set up a diesel power plant at Dumka in Jharkhand. Mr Lalchand Mahto, the Jharkhand Energy Minister, told Business Line that HHI had offered to set up a 120 MW diesel power plant on a turnkey
basis at a cost of $ 99.49 million.
Jharkhand Govt plan to end inspector raj
The Jharkhand Government is planning to ``ease some rules and amend acts'' in order to hasten industrialisation.
Karnataka relaxes norms for industries
KARNATAKA has decided to move further into a new industry-friendly regime by deregulating its industrial and business environment through a set of simplified rules and procedures.
Steel
US final dumping duty on Indian steel
THE US Commerce Department on Wednesday announced the final structure of the anti-dumping duty and countervailing duty (CVD) to be paid for importing Indian steel into the US. This replaces the preliminary duties imposed on Indian steel products on April
26.
Taxation
Govt plan to plug shortfall in indirect tax collections
WITH indirect tax collections so far falling way below the Budget target of Rs 1,40,000 crore for 2000-01, the Government today decided to evolve a mechanism to ensure that the shortfall is bridged.
No change in valuation of housing perquisite
THE Central Board of Direct Taxes (CBDT) has decided not to alter the present system of valuation of perquisites of accommodation for the Central and State Government employees.
Telecommunications
DoT reviewing its role in the new era of convergence
THE Department of Telecommunications (DoT) has embarked on an in-depth introspection exercise to brace itself up for its changed role in the new era of convergence.
Textiles
Viability study on NTC mills
THE Union Textiles Ministry has decided to run the viable mills of the National Textiles Corporation (NTC).
