J&K avalanches take at least 140 lives
Srinagar: As of now more than 140 people have been killed in avalanches in Jammu and Kashmir, with at least 138 bodies being recovered from south Kashmir. Reports also said that many villages in the Pir Panjal ranges have been flattened by avalanches.

Indian Air Force planes carried out several sorties bringing in vegetables, milk and other essential commodities to the valley. With weather clearing, flights have begun to operate out of Srinagar airport after several days. Essential commodities are currently in short supply in the city and in other parts of the state. There are long queues for kerosene and cooking gas in Srinagar.

Over 300 ITBP personnel, still trapped in the Jawahar tunnel on the Jammu-Srinagar highway, are receiving food and supplies through Army airdrops.
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Iran eases visa and stay permit regulations
New Delhi: Iran has announced its decision to grant multiple-visit three-year visas to Indian businessmen and investors and also liberalise stay permits for increasing business ties between Iran and India.

The visiting Iranian Minister for Foreign Affairs, Dr Kamal Kharrazi, disclosed this at the eighth India-Iran Joint Business Council meeting under the aegis of the Federation of Indian Chambers of Commerce and Industry of India (FICCI) here. He said that the decision to liberalise the visa and stay permit regime comes in the wake of the huge potential for raising the level of bilateral business ties.

Dr Kharrazi also said that "despite sanctions, the flow of foreign investments into Iran and business collaborations have remained unaffected in small, medium and mega industrial projects."

He attributed the sustained interest in Iran to the enactment of the Investment Protection Act; the four-10-year tax exemption, especially in Special Free Trade Zones; the abolition of non-tariff barriers; the reduction of taxes from 65 per cent to 25 per cent; the speeding up of privatisation; the establishment of private banks; the unification of the foreign currency rate and the drop in inflation rate.

The Iranian Minister also said that recent developments had laid the foundation for closer cooperation among the countries in the region. He said the time is now ripe for the formation of an economic bloc in the South Asia axis for regional convergence and establishing links among similar blocs in South-East Asia, the Persian Gulf and Europe. Dr Kharrazi said New Delhi's approval of the Iran-Pakistan-India gas pipeline had created an encouraging atmosphere for pushing ahead the project.

He said the close Indo-Iranian cooperation is due to an agreement among Iran, India and Russia on the international North-South Transport Corridor. By the inclusion of eight other nations in the agreement, the corridor has improved the connectivity between Asia and Europe, reducing considerably the cost as well as the time for movement of merchandise.
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Economic Survey to be presented on February 25
New Delhi: The Economic Survey will be tabled in Parliament on Friday (February 25). Originally it was to be tabled on Saturday (February 26) after the presentation of the Railway Budget.

The Survey would be tabled when both the Houses meet after the President's address to the joint sitting, according to sources. The Union Budget for 2005-06 will be presented as scheduled on February 28, sources said.
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EPFO appoints Mercer for investment advice
New Delhi: The EPFO Board has appointed the global consultancy firm, Mercer, to suggest more lucrative investment strategies, for the investment of its funds.

However, majority of the trade unions opposed the CBT's decision to appoint Mercer, saying it should have been left to the Finance Ministry, which approves the EPF's investments, to take a decision.

Asked about the ways and means to bridge the Rs 927 crore shortfall due to hike in EPF rate to 9.5 per cent for this fiscal, he said `Government will manage to pay the money. It is better people stop worrying about it.'' He said the nitty-gritty of mobilising additional resources to bridge the shortfall would be taken up at the next CBT meeting in March, in view of the model code of conduct in force, because of the ongoing elections in some States.

The Minister said Mercer would submit a report, based on which the CBT would take a view on the restructuring of investment patterns, including parking funds in equities, postal deposits and NSCs.
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