India no tax haven: Pranab Mukherjee

NEW DELHI, May 8: India's Finance minister Pranab Mukherjee on Tuesday offered no relief to British telecom major Vodafone on its five-year-old tax dispute with the Indian government, making it clear there was no rethink on the proposal to allow authorities to tax older corporate deals. The remarks are seen as a message that the government is unlikely to budge from its position to clamp down on deals that are structured to evade taxes by creating a web of subsidiaries registered in offshore tax havens.

“There cannot be a situation that somebody will make money on an asset located in India and will not pay tax either in India or to the country of its origin,” Mukherjee said in his reply during the Finance Bill debate in the Lok Sabha. The bill was passed by a voice vote.

Vodafone had in January won a Rs. 11,200-crore tax battle after the Supreme Court ruled it was not liable to pay any taxes under prevailing laws. The finance ministry then proposed in the budget to impose a retrospective provision for tax on some types of international mergers.

The government expects to collect Rs. 35,000-40,000 crore by taxing older corporate deals.

“We are not in that desperate a situation that a country of 120 crore people will be treated as a tax haven like Cayman Islands, Isle of Man or Virgin Island,” Mukherjee said.

On the court’s verdict, he said: “The Supreme Court may interpret law, but Parliament equally has the legislative right to express its intention by making amendment to correct the judgment.”

The UK and US have cautioned that the tax proposal could dent India’s image as an investment hotspot.

Canara Bank cuts lending, deposit rates

By Deepak Arora

NEW DELHI, May 1: Public sector lender Canara Bank has reduced lending and deposit rates from Tuesday. Canara Bank said the base rate, which is the new benchmark for pegging lending rates, has been reduced 25 basis points from 10.75% to 10.50% (100 basis points make a percentage point).

Similarly, those using the benchmark prime lending rate, saw the rate drop from 15% to 14.75% with effect from May 1. Deposit rates have also being reduced by 10-50 basis points, according to a statement from Canara Bank.

Canara Bank joins Andhra Bank, Bank of India (BoI), Oriental Bank of India (OBC) IDBI Bank, Punjab National Bank (PNB), Bank of Baroda (BOB) and ICICI Bank in cutting interest rates after the Reserve Bank of India reduced the repo rate by 50 basis points earlier this month.

Most banks now have a base rate of 10.50 per cent except State Bank of India and other private sector banks, which have lower base rate than the industry average.

Almost all banks have now reduced their base rates in order after the Reserve Bank of India cut the key policy rate by 50 basis points on April 17, 2012.

ICICI Bank had lowered its base rate by 25 basis points to 9.75 per cent while Punjab National Bank and Bank of Baroda too dropped their base rates by 25 basis points to 10.5 per cent.

Union Bank of India has reduced the deposit rates in the short maturities by 15-25 bps and in the long maturities by 25-40 bps.

ATA Carnet to boost Kashmir exports

By Deepak Arora

NEW DELHI, April 11: ATA carnet, a temporary admission document which simplifies custom procedures and clearances in a foreign country, is expected to boost exports from Kashmir. This was the view of the leading exporters of Jammu and Kashmir, who participated in a workshop organised by FICCI here on ATA carnet -- a boon for exporters and exhibitors.

ATA carnet is a temporary admission document which simplifies custom procedures and clearances in a foreign country. The ATA carnet allows the goods for which it has been issued to enter any of the participating country up to one year. This saves the exporter and exhibitor from the hassle of custom declaration or deposit of guarantee money.

At present 71 countries recognise ATA carnet including Australia, Canada, France, Germany, Japan, Korea, Malaysia, Spain, UAE, United Kingdom and USA. The move to expand the scope of ATA Carnet is under active consideration of the Government. In the workshop Director FICCI Nirankar Saxena spoke about the working of the ATA carnet and its advantages.

In his address, President of Kashmir Chamber of Commerce and Industry Abdul Hamid Punjabi said that Jammu and Kashmir exports many high valued goods. He said that the state suffered because no assistant Commissioner of customs was permanently stationed in Srinagar. He said that exports from State can grow if the formalities were simplified.

Chief Commissioner Customs, Excise and Service Tax for Punjab, Himachal Pradesh and Jammu and Kashmir P.S. Pruthi advocated the need for expanding the international trade by use of items like ATA carnet for temporary admission. He said that the Government has simplified the procedures to encourage international trade including temporary admission of goods for exhibitions and their sales.

Bankers hope for interest rate cuts by RBI on April 17

By Deepak Arora

NEW DELHI, April 12: Leading bankers today hoped the Reserve Bank of India (RBI) will lower interest rates in its forthcoming monetary policy review to help ease credit flow to micro, small and medium enterprises (MSMEs) as high cost of funds in the past two years has dented their competitiveness.

High inflation and tapering of demand in interest-sensitive sectors amid gloomy global macro-economic conditions are not conducive for raising low-cost funds, said Mr M. Narendra, chairman and managing director of Indian Overseas Bank while addressing a workshop organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

“Liquidity in the market has been tight in spite of cash reserve ratio being cut from 5.5 to 4.75 per cent on March 10. While the MSME sector continues to struggle for bank credit, repo rates should be reduced further to bring down cost of borrowing, encourage investments and boost growth.”

Mr Narendra said the economy needs to kick start the investment cycle. Bankers, at the same time, should reach out to rural areas to ensure that savings go beyond gold and real estate in formal financial instruments.

Mr A.K. Gupta, executive director of Canara Bank, said the government should provide two to three per cent interest subvention for MSMEs for at least three years as they contribute 45 per cent to industrial production and 40 per cent to exports.

It is one of the most crucial sectors of Indian economy, employing 60 million workers and producing more than 6,000 quality products. “MSMEs are a major source of entrepreneurial skills and innovation. Their contribution of 17 per cent towards GDP last year is expected to increase to 22 per cent in 2012.”

Mr R.C. Khurana, general manager at the Bank of India, said there are 30 million MSME units in India and 12 million people are expected to join the workforce by 2015. He said banks should encourage cluster-based lending approach and extend the credit period beyond seven years.

ASSOCHAM president Rajkumar Dhoot said multiple regulating agencies lead to harassment and inspection with greater impact on operations of MSMEs than on larger units. “If the country has to achieve double digit growth, then it is important to extend them the much-needed infrastructure and finance.”

Banks need to promote non-traditional proposals and enable MSMEs become globally competitive in terms of product quality, marketing stragegy and product positioning, said Mr Dhoot who is also member of Parliament.

Mr P.K. Jain, chairman of ASSOCHAM national council for MSMEs, said the Rs 10 crore cap for bank credit MSMEs should be raised so that they can deploy the latest technologies and become a part of the global supply chain.

ASSOCHAM secretary general D.S. Rawat said the chamber has signed a memorandum of understanding with the United Nations Industrial Development Organisation (UNIDO) to establish clusters of small and medium enterprises in two districts of various states.

He said the government should increase procurement of its required goods and services from the MSME sector from 20 to 30 per cent and make the scheme operational soon.

GlacialLight Releases New T8 LED Tube Light Series Worldwide

NEW DELHI, April 12: GlacialLight, a sub-division of the experienced technology manufacturer GlacialTech Inc., is pleased to announce a new T8 LED Tube Light Series – Castor Series. Available in two sizes (2ft” and 4ft”) with three color temperature variations (3000K, 4000K, and 6000K), the castor series is a simple and more energy efficient replacement for traditional T8 fluorescent tubes.

Fitting standard G13 with an AC voltage of 100-240V, the Castor Series T8 Tube Lights are ideal for commercial, local, and public indoor settings. Consuming less energy than fluorescent T8 tubes, the 2ft” and 4ft” Castor Series T8 tubes only use 10W and 20W, respectively. Additionally, these LED T8 tube lights have a shine bright natural-looking light for a minimum of 30,000 hours. This translates to fewer T8 tube replacements saving time and cost.

With the environment in mind GlacialLight designed the Castor Series to contain no hazardous chemicals, such as mercury, or harmful radiation emissions such as UV or IR, making more eco-friendly than traditional lighting. The Castor Series is also more economically friendly and has a higher luminous efficacy than traditional tube lighting.

DLF to develop 1,000 acres in UP by 2015

NEW DELHI/ Lucknow, April 10: With the change of political scene in the Uttar Pradesh, realty major DLF Limited is bullish on the State, including National Capital Region of Noida, in the next two to three years. DLF has envisioned almost 1,000 acres of land under development in major towns of Uttar Pradesh including Lucknow, Allahabad, Kanpur, Varanasi and some other tier-2 and 3 towns.

Recently, DLF had launched its first residential project ‘Gardencity’ in Lucknow spread over 248 acres on Rae Bareli road. It has collaborated with Shapoorji Pallanji & Co Ltd as construction partners for the project estimated at Rs 450 crore.

“We have received overwhelming response for our Lucknow project,” according to DLF director (sales and marketing) Ananta Singh Raghuvansh. “Almost 85 per cent of it has already been sold out,” she said. The company had offered to sell over 1,000 plots of sizes starting from 250 square yards in Gardencity.

Raghuvansh said the company was in talks with landowners at other places in UP, and things would start to take shape in the near future. “Acquiring land is a big challenge for real estate developers, especially in the aftermath of Noida land issue,” she added.

DLF vice president (operations) Rajeev Singh said the commercial market was “rather subdued” currently due to over-supply in both metro and non-metro centres. “We are waiting for the market to improve further. Once that happens, we will launch more projects in the region,” he added.

Commenting on the change of guard in UP, Raghuvanshi said the company hoped the process of industrialisation and economic development would gather pace under the state’s youngest-ever chief minister Akhilesh Yadav. “If the state invites the industry for suggestions regarding new policies, we would be most willing to come to the table,” she added.

GlacialTech Unfurls its latest V-Shield Series Laptop Cooling Pads

NEW DELHI, April 11: GlacialTech Inc., a diverse provider of cooling, power supply and PC enclosure solutions for consumer and industrial applications and a world-class provider of cost effective cooling components announces the launch of its latest V-Shield series Laptop Cooling Pads, the V8 and the V7 Plus. GlacialTech's V8 and V7 Plus Laptop Cooling Pads features a comfortable and ergonomic tilt work surface while keeping your laptop cool with efficient yet silent fans designed for effective heat dissipation.

In order to achieve the best cooling performance, GlacialTech has introduced latest V-Shield series cooling pad in the title of V3 Pro which fit laptops up to 17 inches or below to include a patent-pending Air Flow Wing that delivers huge air flow and smooth flow path with LED silent fan and metal grids. This combination of features optimizes circulation to let hot air flow up and away from your laptop.

The V8 Laptop Cooling Pad USB-powered Cooling Pad can be used comfortably on a desk or on your lap. The V series have high quality brushed aluminum, neoprene and iron mesh design that looks good in any home or office. Its brushed plastic body features a mesh pattern that helps it work more efficiently and smoothly while its back props the pad and the laptop up at about a perfect-degree angle, both to increase airflow and to give users a better typing position. The Anti-slip design with rounded corners ensures the laptop safety and the soft neoprene material provided at the base prevents scratches.

This V-Shield Series laptop cooling pads from GlacialTech is solidly built and is very stable. In fact, it is the most attractive looking cooling pads that are available in the market with slim and smart design for notebook models. For the convenience of the users, the V7 Plus Laptop Cooling Pad exhibit an ergonomic design and are comfortable and user-friendly. Available in black colour the V-Shield series has LED silent fans with metal iron mesh design, which provides a large heat dissipation area.

DLF to open Mall of India in Noida

NEW DELHI, April 10: DLF will open Mall of India in Noida, Sector 18, spread in the total built-up area of approx 27,07,575 sq.ft. and a gross leasable area of 16,00,000 sq.ft. To become operational by July 2013, it is touted as India's first mall to offer six floors of shopping and entertainment.

According to Pushpa Bector, Mall Head and Head- Leasing and Marketing, Mall of India: “The Mall of India is a very prestigious project not just for DLF but also for India. We are positioning our mall as a microcosm of India, the way it is perceived globally – young, vibrant, progressive, deep rooted in our traditions, and yet very cosmopolitan and international. It is not just its huge size that will make it special, but also a whole range of brands and choices that it will offer to the customers. Apart from world class shopping, family entertainment, and dining, the visitors will also enjoy art and culture along with a plethora of other services which will make Mall of India a complete family and tourist destination.”

The mall will be maintained and operated by DLF, while both interior and exterior architecture is taken care by Benoy. TBD will look after landscaping, security, and parking management of the mall. The lighting will be provided by Lichtvision.

There will be 13 lifts and 68 elevators in the mall provided by Thyssen and three entry and exit points. The number of stores in the mall would approximately be 500 with 14 anchors stores. Mall of India will have a food court called “Eat Food Lounge” spread across 13,271 sq.ft. with a 1,000 seating capacity. It will also house a five-screen multiplex provided by DT Cinemas Premium, spread across 93,517 sq.ft. with a seating capacity of 1,000. There will be three-level basement parking facility and the mall is also planning to provide shuttle service providing pick and drop facility to its customers.

Talking about the location of the mall, Bector said: “Delhi is mostly saturated in terms of land availability for a project of this size. Hence moving to a satellite town, conveniently connected with the city was a natural choice. Our catchment area is huge because it starts not just from Noida and Greater Noida but also touches east along with affluent South Delhi. Noida Expressway and metro connectivity will make the accessibility easier."

The Mall of India is a 100 percent leased mall. In the words of Bector: “The methodology will be in sync with the latest international norms of leasing, offering a customer a holistic mix of value zones, the best of indigenous brands on an exclusive floor called the 'Indian Boulevard' and international brands across two floors named as 'International Chic’. Superior entertainment for kids, multifarious foodcourts and dining options, casual leasing of exciting carts and kiosks will complete the leasing cycle.” The leasing process will start in July, 2012.

The mall is said to be country’s first Gold Leed certified building, high on energy efficiency and will be positioned on the tourism map of India like its befitting counterparts - Mall of Dubai and Mall of America. The project expects a footfall of 80,000 on weekdays and 1,25,000 on weekends.

On the competition from the other huge malls in the same vicinity, Bector said: “The Mall of India owing to its well planned leasing and marketing strategy including customer sensitive services and other offering will not significantly get affected by other malls in the vicinity. However, we perceive this as healthy competition and will be glad to be a part of a large, wholesome shopping and entertainment destination which has a huge catchment and potential.”

GlacialLight to Exhibit at MosBuild 2012

NEW DELHI, April 4: GlacialLight, a sub-division of the experienced technology maker GlacialTech Inc., is exhibiting at MosBuild, to be held at Expocentre in Moscow, Russia from April 10 to 13.

MosBuild is the largest building and interiors trade exhibition in Russia and the CIS. In 2011, over 104,000 visitors attended with 2472 exhibitors from over 49 countries showcasing their lighting solutions. It is the perfect platform for GlacialLight to showcase their slim, compact and fashionably designed product ranges as well as new technology innovations to visitors from around the world.

GlacialLight will be featuring their newly released LED flood light series using Philips Lumileds LED chips, Arcturus GL-Baylight series, Pollux series LED panel lights, and Capella series down lights . GlacialLight will also be displaying a number of other LED lighting solutions including: LEDs with dimming functionality, high bay lights, lamp lights, LED tubes, light bar display lights solutions.

GlacialTech Unveils Igloo S26 Series CPU Cooler

NEW DELHI, April 3: GlacialTech Inc., a diverse provider of cooling, power supply and PC enclosure solutions for consumer and industrial applications and a world-class provider of cost effective cooling components, launches the latest Igloo S26 Series CPU coolers for varied socket types ranging from Intel LGA775/1155/1156 and AMD FM1, AM2, AM2+, AM3, AM3+. The unique design provides good cooling effect to the components around the CPU.

GlacialTech Igloo S26 Series with its technicalities is designed exclusively to reduce noise generated from the cooling fan. GlacialTech's products’ three philosophies of Price performance, noise performance and weight performance are available in Igloo S26 Series CPU Cooler. The unique design is four ways flow paths provide good cooling effect to the components around the CPU.

GlacialTech comes out with a product that provides highest quality materials and workmanship. With dimension (mm) of 80(W)× 65(L)×125(H),and weighing 260 grams only the Igloo S26 Series CPU Cooler is extremely light weight and consumes less electricity. GlacialTech is known for delivering reliable value to the customers through its varied range of products designed for different class of its customers. Due to its unique design, light weight and cost effectiveness features, the Igloo S26 series enhances the CPU’s long working hours. With Igloo CPU Cooler, one can work in a quiet and peaceful environment with optimal price performance benefit.

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