Govt to check currency security features
New Delhi: Government will review the security features of the Indian currency notes following intelligence reports that Pakistan's ISI had already managed to copy three of the nine features.

According to sources, a report on Fake Indian Currency Notes (FICN), submitted by security agencies has said that three of the nine features of the currency notes had already been copied by the ISI-aided outfits, which were getting the notes printed at a press of a newspaper group in Karachi and Lahore.

The report said the ISI conduits had managed to successfully copy the security features of the currency notes after procuring the optically-variable ink. The ink is being made by SICPA, a Swiss company which supplies only to governments across the world.
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Al Jazeera to share news with India TV
New Delhi: Qatar-based news network Al Jazeera has signed an exclusive news bulletin-sharing agreement with Hindi news channel India TV, which would give the channels exclusive rights to telecast each other's bulletins.

The agreement, signed by the Al Jazeera Managing Director, Wadah Khanfar, and the India TV Chairman, Rajat Sharma, also provides for an exchange of real-time news updates from the respective regions.

The telecast of the Al Jazeera bulletins, dubbed in Hindi, would begin from Friday night. Later speaking to newspersons, Khanfar said the channel was keen to establish a full-fledged bureau in New Delhi and was also talking to other broadcasters for similar content-sharing agreements.
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48 FDI proposals cleared
New Delhi: Reliance Energy's proposal to bring in 50 per cent foreign equity in the company amounting to Rs.450 crore from Aranda Investments (Mauritius) Pte Ltd was among the proposals cleared by the Government on Thursday.

A total of 48 proposals involving foreign direct investment (FDI) worth Rs.793.9 crore were approved by the Finance Minister, P. Chidambaram.

The proposal of Deutshe Asia Pacific Holdings Pte Ltd to invest Rs.225 crore and set up a holding company - Deutshe Holdings Pvt Ltd - for financial investments too has been okayed by the Minister.

The Minister has also cleared Saint Gobain Weber SA's plan to set up a wholly-owned subsidiary - Saint Gobain India Ltd - for manufacture and sale of building material involving FDI worth Rs.30 crore.

A proposal from Allied Domecq Spirits and Wines (Overseas) Ltd to invest Rs 16.65 crore in its Indian subsidiary Allied Domecq Spirits and Wines (India) Ltd for blending and bottling of India made foreign liquor (IMFL) has also received the go ahead from the Government.
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Govt forms GoM to finalise fiscal incentives on Dabhol
New Delhi: The Cabinet has decided to constitute an empowered group of ministers (GoM) to resolve the Dabhol project imbroglio. The 2,184-MW project switched off supply and sale of power two years ago following a dispute over despatch schedules and payment liabilities.

The fate of the idling project is currently torn between domestic lenders and the erstwhile power purchaser, Maharashtra State Electricity Board, on the one hand, and foreign lenders and equity holders GE and Bechtel on the other.

As a first step, the Cabinet has decided to back the domestic lenders' efforts to buy out the foreign lenders.

To aid this process, the GoM will finalise and provide a set of fiscal incentives required to mitigate the cost of buying out the offshore lenders. The next step would be that of the domestic lenders buying out the foreign equity sponsors, GE and Bechtel.
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ONGC and Cairn blocks equity swap approved
New Delhi: The Cabinet has approved the acquisition of participating interest by Oil and Natural Gas Corporation (ONGC) and Scottish explorer Cairn Energy in each other's two oil and gas blocks.

ONGC has made an investment of $135 million for acquiring participating interests in two blocks - KG-DWN-98/2 in the deep water offshore regions of the Krishna-Godavari basin and the CB-OS/2 block in Cambay offshore area in Gujarat - from Cairn Energy, according to the Petroleum Minister, Mani Shankar Aiyar. Addressing press persons here after a meeting of the Cabinet Committee on Economic Affairs, Aiyar said ONGC will acquire 90 per cent participating interest in the KG basin block. In the Cambay basin block, ONGC will acquire a 15 per cent stake in the exploration area and another 10 per cent in the discovered areas of the block.

Cairn Energy, on the other hand, will buy 30 per cent participating interest in two exploration blocks - GV-ONN-97/1 in the Ganga Valley basin in Uttar Pradesh and CB-ONN-2001/1 in Cambay basin in Gujarat - for a consideration of $0.165 million.
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Henan province of China woos Indian investors
Hyderabad: Henan province in China has asked Indian companies to explore investment opportunities in over 400 projects covering a wide spectrum of sectors.

A high-level trade delegation, led by Xie Sengfu, and Li Chengyu, Governor of the province, is visiting States in India, scouting for collaborations.

Addressing a gathering of entrepreneurs at the Federation of Indian Chambers of Commerce and Industry (FICCI), Sengfu said the centrally located province held good promise in fields such as information technology, bio-engineering, mechanics, food processing, automobiles and tourism. Sengfu and Li Chengyu asked the FICCI to lead a business delegation to the Chinese province to see for itself the kind of opportunities the province offered.

Exports from Henan to India in 2002 and 2003 stood at $70.43 million and $79.88 million respectively, and imports from India were at $44 million and $99.58 million, growing at 51.1 per cent and 94.6 per cent respectively.

During the January-July this calendar year, exports were at $65.75 million and imports at $99.3 million.
C. Parthasarathy, Chairman of FICCI (AP State Council), said the bilateral trade between China and India was expected to reach $10 billion by the end of the financial year.
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SPV for Sethusamudram project
New Delhi: The Government has decided to set up a Special Purpose Vehicle (SPV) for implementing the Rs.2, 000-crore Sethusamudram project which involves the commissioning of a navigable channel from Gulf of Mannar to Bay of Bengal through the Palk Bay.

The SPV, to be known as Sethusamudram Corporation Ltd and headquartered in Chennai, will have equity shares of the Shipping Corporation of India (SCI), Tuticorin Port Trust and others. The decision was taken at a Cabinet meeting chaired by the Prime Minister, Dr Manmohan Singh.

The SPV will have an authorised capital of Rs.800 crore with a debt equity ratio at 1:1.5. While the SCI and the Tuticorin Port Trust would contribute Rs.50 crore each towards the equity while the remaining five organisations - DCI, Chennai Port Trust, Ennore Port Ltd, Visakhapatnam Port Trust and Paradip Port Trust - will contribute Rs.30 crore each. The balance will be subscribed by the Union Government and its other agencies.

The project envisages cutting of a ship canal to connect the Gulf of Mannar and Palk Bay so that most of the ships, depending on draft required, moving between the East and West coast of India could have continuous navigable sea route around the peninsula within India's own territorial waters.

This will save about 400 nautical miles and up to 36 hours of sailing time for ships between the East and the West coasts.
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Cabinet approves tax tribunal Bill
New Delhi: The Union Cabinet has approved a Bill that would pave the way for setting up of a National Tax Tribunal (NTT) having 25 benches across the country.

The tribunal would examine cases relating to both direct and indirect taxes.

Announcing the decision of the Cabinet, the Finance Minister, P. Chidambaram, told newspersons that the NTT was being set up for speedy disposal of tax cases that are pending before various High Courts of the country.

Besides the fast disposal of cases, the NTT is also expected to bring about uniformity in the decision making process. There are about 28,000 cases that are pending in various high courts of the country.

An appeal issued from an order passed by Income-Tax Appellate Tribunal and Central Excise and Sales Tax Appellate Tribunal would come to the NTT only on substantial question of law. The chairperson of the proposed NTT would be a retired judge of the Supreme Court or a retired Chief Justice of high court and would hold office for five years or till 68 years. The retirement age for other members would be 65 years. Each bench will have two judicial members.

A selection committee consisting of Chief Justice of India or his nominee, Law Secretary and Revenue Secretary would select the chairperson and members.
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