PETROLEUM
OIDB my be used to set up strategic oil reserves
THE Government is examining the possibility of using the Oil Industry Development Board (OIDB) as a mechanism for setting up strategic oil reserves in the country instead of framing a separate legislation in this regard. The OIDB was set up ... More

Kerosene, LPG subsidy phase-out by 2007
THE Government on Friday said that it would phase out subsidies on LPG and Kerosene by 2007. "It is the Government's stated intention to remove subsidies by 2007 and we are working towards that," the Petroleum Secretary, Mr S.C. Tripathy said ... More

Shell returns to fuel retailing
ANGLO-DUTCH oil major Shell has staged a return to auto fuel retailing in India after a gap of nearly three decades, opening its first petrol pump in Bangalore last week. ``We have commissioned the first of our retail outlets at Bangalore last ... More

PHARMACEUTICALS
`Govt must clarify on Patent Amendment Bill draft'
THE Left parties have serious reservations on the draft of the third Patent Amendment Bill of 2003. Dr Sujan Chakraborty, CPI (M) MP and Chairman of the organising committee of 56th Indian Pharmaceutical Congress, told Business Line here ... More

Ensure drug availability at affordable prices: Bengal CM
THE West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, has made out a strong case for drugs to be available at affordable prices. Inaugurating the 56th Indian Pharmaceutical Congress here, Mr Bhattacharjee said, in view of the forthcoming ... More

POWER
DGFT clarifies on deemed export benefits for supplies to nuclear power projects
THE Government has clarified that deemed export benefits would not be available on goods supplied to nuclear power projects prior to December 21, 2001. It has also held that supplies made on or after this date would be eligible for deemed export ... More

SHIPPING
Sharp growth seen in shipping tonnage
WITH the Indian shipping industry acquiring over 1.5 million GRT (gross registered tonnage) to its fleet during the last one year, the Indian National Shipowners Association (INSA) has projected that if this trend in tonnage acquisition were to ... More

TAXATION
Service tax: Trade urges Govt not to accept panel proposals
THE Merchants Chamber of Commerce (MCC) has urged the Union Finance Minister, Mr P. Chidambaram, not to accept the ex-parte recommendation of the expert committee seeking a change in the onus of collection and deposit of service tax. ... More

Assocham for removal of double taxation on dividend distribution
THE Associated Chambers of Commerce and Industry of India (Assocham) has urged the Government to remove double taxation on dividend distribution in its forthcoming Budget proposals for 2005-06. In a statement, the Assocham President, Mr ... More

COAL
T.L. Sankar heads coal sector panel
MR T.L. Sankar, Senior Advisor (Energy Group) and former Principal of the Administrative Staff College of India (ASCI), here has been appointed as Chairman of the 7-member, Expert Committee constituted by the Centre for in coal sector. The ... More

MEDICAL INSTITUTIONS & HOSPITALS
Surgeons' meet in Hyderabad tomorrow
THE XI National Conference of Royal College of Surgeons of Edinburgh (Indian chapter) will be held in the city on December 5 and 6. Around 200 delegates from India and the United Kingdom are expected to attend, Prof G. Sham Sunder, former ... More

REAL ESTATE & CONSTRUCTION
`Central aid for asset-creation projects may be linked to reforms agenda'
THE Centre is mulling linking assistance for all asset-creation projects to a multi-pronged reform agenda, Mr Anil Baijal, Secretary, Ministry of Urban Development and Poverty Alleviation, today said. Addressing the International Real Estate ... More

Hike in interest rates not to hit housing demand: Realtors
"A 0.5-1 percentage point hike would not have much effect." More

GOLD & SILVER
NMDC eyes gold exploration in Tanzania
THE Central public sector unit, National Mineral Development Corporation Ltd (NDMC), is actively considering going on a gold exploratory mission in Tanzania. However, this is not the first venture of NMDC in the African continent. It has ... More

PAPER, BOARD & NEWSPRINT
Rising production costs — Paper cos mull further price hike
PAPER manufacturers are hoping to increase prices further early next year as increasing costs of production erode margins. Raw material shortage and price increase have hit both the conventional wood pulp users and those dependent on ... More

CINEMA
Box office hits signal revival of film industry in Kerala
AFTER a couple of years of slump, the Malayalam film industry is showing signs of a revival with a series of box office hits setting the film world buzzing with activity. The number of films released in 2004 may be fewer than last year's 76, ... More

PRINTING
Labelling industry seen to cross Rs 5,000 cr in 3 yrs
THE Rs 1,800-crore Indian labelling industry is expected to cross Rs 5,000 crore within the next three years, according to industry estimates. Along with a healthy growth of the domestic market, the country has also begun to export labels ... More

EVENTS
Business plan contest evokes spirited response from students
MERA Gaon Mera Desh, a business plan contest with the intent of bringing out unique business ideas that have the potential to create value for rural India, commenced in October 2004 across 22 premier business schools in the country and 12 ... More

INCOME TAX
Filing of annual information returns — CBDT specifies 7 categories
THE Finance Ministry has now specified seven categories of persons who are required to file annual information return (AIR) with the Income-Tax Department. The Central Board of Direct Taxes (CBDT) has also amended Income-Tax Rules to stipulate ... More

When attachment causes misery
T. C. A. Ramanujam on the limitations of garnishee proceedings More

PAN made mandatory for more transactions
THE Finance Ministry has expanded the list of transactions for which permanent account numbers (PAN) will have to be specified in all documents pertaining to such transactions. A person making an application to a bank or a credit card company ... More

EXPORTS & IMPORTS
Good potential for egg exports to Gulf
INDIAN eggs have a good market in the Gulf countries with more potential for growth and, in fact, it enjoys almost a monopoly in the region with a daily shipment of three containers. Of the total exports, 16 per cent goes from Namakkal ... More

ALTERNATIVE MEDICINES

TOURISM
Goa, Karnataka tour operators may join hands
TOUR operators in Goa want to develop tour packages together with Karnataka as part of the coastal tourism circuit. Tour operators there feel that Karnataka has a lot to offer in the tourism sector, according to Mr C.S. Kedar, Tourism ... More