Times Chennai E-PaperApril 01, 2009Page 3
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New Delhi, April 01:
Ascampaigning picks up forthe Lok Sabha elections,the newly electedPresident of industry bodyCII, Venu Srinivasan, hassaid he will promote atransparent way ofdonations to politicalparties by businesshouses."Companiesshould do it (electionfunding) transparently. If itbecomes transparent it isgood for the polity, good forsociety," Mr. Srinivasantold PTI.He said theConfederation of IndianIndustry (CII) has beenpromoting the idea oftransparency in politicaldonations. In any case, hesaid, it has become difficultfor business houses to dealonly in cash."Companies haveshifted from cashpayments to cheques... thecash (transactions) havebeen reduced in theeconomy considerablysince liberalisation... ithas become difficult todeal with cash," he said.TheGovernment monitoringthrough differenttaxes likeBanking CashTransaction Tax isalso a deterrent tothe casheconomy, Mr.Srinivasan, whois also Chairmanof Chennai-basedTVS MotorCompany Ltd,said.The CII chiefsaid the chamber wouldlike its members toensure that the moneygiven away to politicalparties is properlyaccounted for in theirbooks.Some of thecountry's well-respectedindustrial houses havealready taken lead ingiving political donationsthrough cheques.On the state ofthe economy, he saidwhile the growth hasslowed down, the GDPtrends still remain in thepositive zone.However, heremained cautious aboutfiscal 2009-10 that begantoday. "(The) growth inthe next year may notmeet our aspirations, butI look at the world withcautious optimism," hesaid.Mr. Srinivasansaid the first-half of thefiscal is likely to be poorerbecause of the highgrowth in thecomparative period theprevious year. However,the economy is expectedto pick up in the second-half of the financial year2009-10."We havealready digested therecession...We are stillgrowing," he said.While the bigpicture remains positive,sectors likemanufacturing, exports,handicrafts, textile, gemsand jewellery remainareas of concern.After growingby a robust 30 per cent tillSeptember, exports havebeen shrinking in thesecond half. Thegovernment estimatesdo not project theannualised shipments togrow beyond 3-4 percent.Mr. Srinivasan,who is from theautomobile industry, saidit is early days to see arecovery in the sector.The commercial vehiclessegment is still reelingunder recessionarytrends.
-Agencies
New CII chief to promotepolitical donations by cheque
New Delhi, April 01:
President Pratibha Patil onWednesday inducted thenew state-of-the-art VVIP jets into the Indian AirForce before embarking onits maiden flight to Assamand Arunachal Pradesh.The new jets aredesigned to work as anoffice-in-the sky and alsoas a command centre inevent of an emergency, likea nuclear attack."The trip wouldnow be more business like.We will get more time tostudy, concentrate andapply our minds as flightwill be more smooth," saidMs. Patil at the ribboncutting ceremony.Standing proudon the tarmac, thesparkling white BoeingBusiness Jet has beenpatterned on the USPresident's famous AirForce One aircraft andcomes equipped with awide range of securitycover and latestcommunication devices."The aircraft hassome of the finest hightechnology systems and isequipped with excellentcommunicationsystems," Air ChiefMarshal Pradeep VasantNaik.The aircraft,which can seat upto 60passengers, has foursections with the first onebeing that of Presidentwhich is decorated withlight and dark woodenpanels with six leatherseats.The sectionalso has a bedroom forthe President along withall the majorentertainment andcommunication facilities.The newBoeing 747/700christened as 'Rajdoot' isone of the three suchaircraft that have beenbought by the country tocater to the VVIPs,including the PrimeMinister.The aircraft issaid to be equipped withmodern hi-tech missiledefence system whichincludes a protectionsuite and chaffdispensers to ward offmissile threats besidesother security gadgets.It has a securesatellite basedcommunication systemin addition to VHFcommunication systemwhich helps the travellingdignitary to be in touchwith ground as and whenthe need arises.The jets,powered by two CFM-56engines respectively,manufactured by USGeneral Electric andFrench Snecma, aredesigned to have longrange flights and caneasily pull off 6,000nautical miles (11,100kms) with refueling.The planes canfly at the height of 41,000feet at a speed of 410knots.Upon entering,one encounters luxuriousplush beige leatherinteriors. The aircraft hasbeen speciallycustomised for thePresident, Prime Ministerand special guests andsenior ministers and canaccomodate 60passengers in fourcompartments.
-Agencies
New VVIP jets in IAF
New Delhi, April 01
The National HighwaysAuthority of India (NHAI)expects to exceed its tollrevenue target in the2008-09 fiscal and crossover Rs 1,700 crore onthe back of increasedcollections."We expect atoll collection of morethan Rs 1,700 crore forthe fiscal 2008-09 asagainst a target of Rs1,600 crore," an NHAIofficial, who did not wishto be named, told PTI.Claiming thatthe collection may evensurpass Rs 1,700 crore,the official said collectionof data from variousplazas indicated that thetarget was almostachieved sometime backalthough the final figuresare yet to be compiled.The NHAI haswitnessed increase in tollcollections from existinghighways and itsrevenues have alsoswelled up with theaddition of new tollplazas in fresh highwaystretches, including theGolden Quadrilateral.Enthused bybetter results in tollcollection during fiscal2007-08, the NHAI hadincreased the target for2008-09 to Rs 1,600 crorefrom previous fiscal's Rs1,400 crore, the official saidpointing out that theachievement in 2007-08was Rs 1,415 crore."One of the keyreasons that we couldsurpass the target is thatseveral new stretcheswere added for tollingduring the year," the officialsaid.As per a data,only 6,212 km of the totalnational highway networkof 66,000 km is currentlytolled.
-Agencies
NHAI expects over Rs 1,700-cr toll collection
New Delhi, April 01:
Beginning today, youneed not have to sweat itout looking for an ATM ofyour own bank as youcan use ATMs of yourchoice without shellingout any extra money.Thanks to anRBI directive, much to therelief of common man,banks have beenprevented from chargingany fee for cashwithdrawals using ATMand debit cards issued byother banks from April 1onwards.However, bankscan still charge extra forservices like cashwithdrawal with the useof credit cards and atATMs located outsideIndia.Last year onMarch 10, the RBI hadcome out with guidelineslimiting the fee chargedby banks for using theirATMs by clients of otherlenders to Rs 20. It hadalso allowed the use ofATM for purposes likebalance enquiry free ofany charge.This was toensure greatertransparency and tofacilitate usage of anyATM installed within thecountry by customerswithout shelling out more,the central bank had said.Till yesterday,banks were charging Rs 20per transaction when acustomer used the cashmachine of any bank otherthan the one in whichhe/she has an accountwith.At the end ofDecember 2007, therewere 32,342 ATMs in thecountry and various bankshave entered into bilateraland multi-lateralarrangements with otherbanks to have inter-bankATM networks.
-Agencies
Free cash withdrawals from allATMs beginning today
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