India to acquire Russian transport planes
Moscow: India is to acquire up to 45 Antonov AN-38-100 transport planes from Russia to phase out ageing Soviet-supplied fleet with the Indian armed forces.

According to the Novosibirsk-based aircraft manufacturer NAPO, currently AN-38-100 plane is undergoing airworthiness certification tests in India, which are expected to be completed by the end of the year.

This plane has the range of 1,800 km and is capable of ferrying cargo and 27 passengers.
Hindustan Aeronautics Limited (HAL) had entered into a joint deal with Russia's Irkutsk-based IAPO aircraft plant last summer. India has 47 per cent stake in the $350-million project and the multi-role transport plane is expected to make its maiden flight in 2005.

The jointly developed plane would be simultaneously produced at HAL factory in Kanpur and Russian town of Irkutsk.
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India to consider UAE satellite system
Dubai: India will consider a proposal of the Thuraya Global Satellite telecommunication system of the UAE to extend its operations into the subcontinent including the sale of its handsets.

Minister of state for telecommunications Tapan Sikdar has invited the chairman of the TGST Mohammed Omran to visit India and make a formal proposal on how the system can extend its operations in India within the country's telecom policy guidelines.
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Long-distance lease lines to cost less
New Delhi: Long-distance leased lines will be 30 per cent cheaper following Bharat Sanchar Nigams decision to offer huge discounts.

BSNLs new tariffs will be effective only on high-usage routes. It would offer 30 per cent discount on leased lines of a capacity of 2mbps and above on very high usage routes including those linking New Delhi, Mumbai, Calcutta and Chennai.
It would offer a discount of 20 per cent on leased lines of a capacity of 2mbps and above linking state capitals which are not covered under the 30 per cent discount scheme.
The new leased line rates would be applicable from 14 January.

Bharti Tele Ventures, Indias first private NLD operator, will soon offer leased lines to the corporate subscribers and ISPs. It has already signed agreements with cellular operators for STD calls.

BTVL is expected to offer leased lines at a rates much lower than that offered by the BSNL.
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VAT deferred by a year
New Delhi: The Centre and States have decided to defer introduction of value added Tax system that was to replace sales tax to 1 April 2003.

VAT was originally scheduled to be put in place by 1 April 1, 2002.
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ADB evinces interest in ARC
New Delhi: Asian Development Bank has evinced interest in the proposed Asset Reconstruction Company for tackling the over Rs 56,000-crore non-performing assets.

The ARC, for which a presentation had been made to the finance minister, would be set up with an initial equity capital of Rs 200 crore, while the government might provide some funds for the equity of the company, which would be mainly floated by banks.

The working group on ARC comprised officials from RBI, banking division of finance ministry, Indian Banks Association and select banks.

The government intends to ensure that the ARC, which would buy out NPAs of banks and try to recover it, does not get sick itself after some years.
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Customs seeks DPC clarification
Pune: The Customs department, suspecting massive duty evasion, has asked Dhabol Power Company to furnish details of critical imported components, allegedly shifted from its plant.
DPC had reportedly shifted some critical components from its 2,814 MW Guhagar plant to a 'secured' location `to prevent vandalism and pilferage at its 1,700 acre site'.

Customs commissioner, S D Majumdar said that in a letter to the managing director of DPC, the department has sought clarification within five days.
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