States to be allocated power from new projects
New Delhi: The government has drawn up a tentative allocation of 16,000 Mw from 4 ultra mega projects.

Out of the total demand of 27,400 mega watt (Mw) by 13 states, the power ministry has firmed up allocation for 16,000 Mw. This does not include allocation from the Akaltara ultra mega power project in Chhattisgarh. The power ministry has also firmed up the payment security mechanism for the projects.

Power ministry sources said the developers will have the right to sell power to any other distribution companies or to any high-tension consumers in the event of default.

The final distribution chart will be prepared after the government of Chhattisgarh conveys its acceptance and support for development of the ultra mega power project and the escrow capability and reform measures have been sorted out.

Maharashtra has received the maximum allocation of 3,800 Mw. While Rajasthan and Gujarat have been allocated 1,600 Mw of power each, Delhi, Uttar Pradesh, Uttaranchal, Punjab, Haryana, Madhya Pradesh, Chhattisgarh, Karnataka, Tamil Nadu and Kerala have been allocated 500 Mw, 800 Mw, 100 Mw, 1,100 Mw, 850 Mw, 1,700 Mw, 750 Mw, 2,000 Mw, 1,000 Mw and 200 Mw, respectively.

Under the payment security mechanism, there will be no state or central government guarantee and the payment security mechanism will consist of an irrevocable letter of credit and irrevocable arrangement of escrow account having claims on receivables for which a decision will be taken at the time of the power purchase agreement.
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Mobile base reaches 84 million
New Delhi: There were more than 84 million subscribers in India in February. While CDMA service providers added 1.1 million new subscribers in the month to take their total base to 19 million, GSM service providers added 3.2 million new customers last month.

However, the net additions both GSM as well as CDMA service providers fell in February against January. In January GSM added 3.5m subscribers while CDMA added 1.2 million new mobile customers.

GSM players recorded 5.1 per cent increase in subscribers in February over January lower than the 6 per cent growth clocked over December 2005. Overall, Bharti Tele-Ventures was the leader.
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Government to appoint unemployed graduates to prepare tax returns
New Delhi: Filing income will not become easier but also much cheaper as the finance ministry has finalised a public-private partnership scheme to appoint, train and certify unemployed graduates for the job. The "tax return preparers" scheme is slated to begin from June 1 this year.

The scheme, introduced in the Budget this year through Section 139 billion of the Income Tax Act, is similar to existing schemes in countries like Canada, Australia, the US and the UK. The new section stipulates enabling any specified class or classes of persons to prepare and furnish returns of income.

Government officials said the performance of the graduates to be trained to file income tax returns would be monitored by the revenue department. Sources said there will be strict enforcement of quality. If the preparer makes mistakes while filing returns, he or she will be held accountable, an official said adding that the tax return preparers would be suitably rewarded by the government to begin with and subsequently by the taxpayers who use their services.

Senior government officials said the revenue department was keen to introduce the scheme because it would help in widening the tax base by encouraging more small taxpayers to file their returns.
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India, Australia sign six agreements
New Delhi: Prime Minister Manmohan Singh and Australian Prime Minister John Howard have signed six agreements and memoranda of understanding. These include a trade and economic framework agreement, an MoU on defence cooperation, an MoU between the Central Board of Excise and Customs and the Australian Customs Services, an MoU on biotechnology and a Letter of Intent on an India-Australia Strategic Research Fund.

The two countries also signed a trade and economic framework which will facilitate business between the economies, as well as a customs agreement to improve the movement of goods between the two nations. The defence co-operation agreement covers maritime cooperation to check the terrorist threat in the Malacca straits, the key sea lane for trade.

The MoU, signed here by defence secretary Shekhar Dutt and Australian High Commissioner John McCarthy, provides for cooperation in military training, defence industries and defence research and development.

The two countries are also setting up a study group of officials to examine the Indo-US nuclear deal that was signed during the recent visit of US President George W Bush.
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