Nasscom to hold roadshow in US
New Delhi: The National Association of Software and Service Companies (Nasscom) is holding a two-day roadshow in the US.

Nasscom is holding a one-day technology forum at the New York Stock Exchange (NYSE) and a networking meet with Nasdaq to highlight the domestic software services IT advantages.

The Union minister for communications and IT, Pramod Mahajan, who is leading a delegation of top Indian IT companies will ring the symbolic opening bell at NYSE.

The India Technology Forum at NYSE will highlight the cost effective, highly productive and quality services of Indian IT.
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JPC grills ex-UTI chief
New Delhi: The Joint Parliamentary Committee looking into the temporary freeze of Unit Trust of India's (UTI) flagship scheme US-64 grilled the sacked UTI chairman P S Subramaniyan and found his answers on certain investments unsatisfactory.

Subramaniyan was quizzed on UTI's continued investment in some funds despite there being a downward trend in their shares and their disinvestment, JPC Chairman Prakash Mani Tripathi told reporters.

"Subramaniyam had no answer. Replies were not found to be satisfactory", Tripathi said adding the former UTI chairman had maintained that the finance ministry was informed quite often on a regular basis about various developments in UTI.
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Court summons Reliance officials
New Delhi: A Delhi court has issued summons to three top officials of the Reliance Industries in connection with the Official Secrets Act.

Chief metropolitan magistrate Sangita Dhingra Sehgal summoned RIL president Balasubramaniam, group vice president A N Sethuraman and corporate affairs general manager Shaker Adawal to appear before the court on 29 April.

The court took cognizance of the complaint filed by the CBI after the agency counsel clarified that it was not time-barred.

CBI had started probe into the matter after Delhi police recovered four sensitive documents pertaining to internal decisions of the cabinet from a Reliance office in October 1998 while investigating the Romesh Sharma case.

CBI claimed the secret documents were recovered from a locked office table drawer of the group's office located at a five star hotel here, which could help the industrial group in its business.
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Foodgrain output to reach record high
New Delhi: Foodgrain output is estimated to touch an all-time record of 211.17 million tonnes in 2001-2002, about 15.25 million tonnes more than last year's production.

Performance of foodgrains production is led by an impressive rice output which is expected to be 90.75 million tonnes, about 5.88 million tonnes more than last year's level of 84.87 million tonnes.

As per the third advance extimates released at the end of the two-day national conference on kharif campaign here, the production of wheat at 73.53 million tonnes is expected to be higher by 4.77 million tonnes compared to last year's.
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India seeks changes in Trips
New Delhi: India along with other developing countries is seeking amendments in the present trade related intellectual property rights (Trips) agreement under the WTO for inclusion of provisions to protect traditional knowledge and check bio-piracy.

"India has taken the lead in making out a case for incorporating changes in Trips to ensure protection of traditional knowledge," Pedro Roffe, senior advisor to the secretary general UNCTAD said here.

India, Brazil and some African countries are also seeking changes in article 29, which makes it obligatory for applicants of patent to disclose the invention.
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IT exports up 43% in April-Feb
New Delhi: Exports of software and IT services recorded a growth of 42.8% at Rs 35,000 crore during the first 11 months of financial year 2001-02 as against Rs 24,500 crore in the year-ago period.

Electronics and software exports touched Rs 45,397 crore as against Rs 33,138 crore - reflecting a growth of 36.9% - in the corresponding period of the previous year.

In dollar terms, software exports growth was 34.1% at $7,143 million as against $5,326 million in the corresponding period of the last fiscal.

The growth in electronic hardware exports was 23.1% at Rs 5,157 crore when compared with Rs 4,188 crore in the year-ago period.
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Govt invites bids for Hind Copper
New Delhi: The government has invited preliminary bids for the sale of its entire 98.95% stake in Hindustan Copper.

The PSU had reported a turnover of Rs 950 crore in the financial year 2001-02.

A.F. Fergusson & Company are the advisors for the divestment.
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4% tax on CNG
New Delhi: The Delhi government has announced a 4 per cent tax on packaged and branded foodgrains, cereals, pulses and processed foodgrains, and a 20 per cent luxury tax on most tobacco products.

In the tax proposals for 2002-03, finance minister Mahinder Singh Saathi also announced a 4 per cent sales tax on compressed natural gas (CNG) and hiked the tax rate on imported vanaspati to 12 per cent from 4 per cent.

Packaged and unpacked flour had been exempted from the 4 per cent tax imposed on food products, he said.

The state government has also announced a 20 per cent luxury tax.on cigarettes, gutka/pan masala (without tobacco) and other tobacco products.
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RBI mops up Rs 30,000 cr through repo auction
Mumbai: The Reserve Bank of India (RBI) mopped up Rs 30,055 crore from the money market through a one-day repo auction.

The earlier highest mop-up through the repo auction was on 5 September 2000, when the RBI sucked out Rs 19,115 crore.

Meanwhile, the RBI has set the cut-off yield on the Rs 4,000 crore 10-year paper at 6.85 per cent. The cut-off for the Rs 3,000 crore, seven-year paper was set at 6.65 per cent.
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Govt may allow FDI in tea plantations
New Delhi: The government may allow fresh foreign investment in tea plantation companies.

A policy is at present being drafted and is likely to be forwarded by the group of ministers on FDI headed by finance minister Yashwant Sinha to the union cabinet.

In the past, proposals to allow fresh funds in the plantation sector have been turned down by the cabinet.

One major beneficiary will be Unilever, which has shown interest in the domestic tea business.
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Tax relief for New Jeevan Dhara, Akshay
Mumbai: The central board of direct taxes (CBDT) has notified that Life Insurance Corporation of India's (LIC) two plans -- New Jeevan Dhara and New Jeevan Akshay -- have been specified as annuity plans and will thus be eligible for income tax rebate under section 88 of the Income Tax Act, 1961.

This is despite the fact that neither of these plans carries any insurance cover.

All policyholders who bought the plans in 2001-02 can avail of section 88 benefit as the notification issued on 2 April 2002 is back-dated to the time when LIC re-launched the two schemes.
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GIC seeks $5 billion terror cover
Mumbai: General Insurance Corporation of India has decided to adopt a united approach to combat the rising prices of terrorist cover in the global reinsurance market.

The current cap of Rs 200 crore available to Indian corporates has seen a number of large-sized, high-risk companies approaching the overseas market for additional cover. GIC hopes to supplement terrorist cover up to a level of Rs 500 crore at an extra cost to meet the requirement of the Indian market.

The Tariff Advisory Committee has allowed all general insurance providers to obtain terrorist cover in excess of Rs 200 crore directly from overseas reinsurers.
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Delhi gets direct flight to Taiwan
New Delhi: Taiwans international carrier China Airlines has launched direct flights to Delhi. China Air is commencing operations with three flights a week between Delhi and Taipei, and intends to extend it to a daily trip over the next one year.

This is the second new carrier from East Asia, after China Eastern Airlines from mainland China, to commence flights to India this month.

The airline would initially operate flights on Sundays, Tuesdays and Fridays.
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