Uzbek Ambassador Farhod Arziev Lures Businessmen with Exclusive Special Economic Zone For Indian Companies

By Deepak Arora

NEW DELHI, Sept 12: To boost trade with India, Uzbekistan Ambassador Farhod Arziev on Tuesday announced opening Special Economic Zone in Uzbekistan, especially for Indian pharmaceutical companies which are keen to set up manufacturing facilities in Uzbekistan.

While luring Indian businessmen with lucrative offers and safe and secure work environment at an interactive session on 'Investment Opportunities' in Uzbekistan, Ambassador Arziev assured to increase frequency of flights between the two countries beginning of 2018 and simplifying its visa regime.

The interactive session organised under the aegis of BRICS Chamber of Commerce and Industry at NBCC Bhawan here. It was presided over by President of BRICS CCI Anoop Kumar Mittal (CMD of NBCC). Besides Ambassador Arziev, also present were BRICS CCI Secretary General Dr. BBL Madhukar, Vice President BRICS CCI Ashok Kumar Singh, and Uzbekistan Counselor (Trade & Economic) Avaz khodjiev.

In response to a query, the Ambassador assured to reduce its tourist visa related administrative fee for visitors soon.

Ambassador Farhod Arziev also emphasized on setting up of waste management base in Uzbekistan along with Indian companies dealing in the same field.

In order to foster educational cooperation with India in solar training and other vocational courses, the Ambassador willingly invited team of educationists from India to explore possible opportunity in the said field.

Uzbekistan has already done tie up with leading foreign universities like Westminster International University; singapore Institute of Management development; South Korean Inha University, he added.

Counselor Avaz khodjiev lured the members and emphasized on possible tie up between two nations. He also invited Indian companies for investing in Uzbekistan and further garnering the trade relations.

He encouraged the gathering and gave assurance for business friendly environment, reduction of regulatory complexity and protecting investors. Uzbekistan stands at top five in the world for law enforcement and security, he added.

In his welcome address, President BRICS CCI Dr. Anoop Kumar Mittal highlighted the importance of promoting MSMEs in all developing economies. He also focused on extended cooperation in the field of defence, Cyber security to promote long term association between two nations.

In his concluding remarks, Secretary General Dr. BBL Madhukar urged the dignitaries for special benefits for members of BRICS Chamber who will be investing in Uzbekistan.

His proposal was acknowledged by the Ambassador. This conference would pave way for leveraging India's increasing clout in Uzbekistan, he added.

DLF gets environmental nod for Goa project

MUMBAI, Sept 12: DLF has received the environment clearance for its Rs 240 crore commercial project which is to come up in Patto village, Goa. The proposed commercial complex, to be constructed on a 18,120 square meter plot, would have eight small screen multiplexes for small gatherings and it will be the first of its kind in Goa.

The DLF's proposal was first examined by a green panel and based on its recommendations the Union Environment Ministry has given the final green clearance, reported a national news agency.

Meanwhile, on bourses, the stock gained 2% at Rs 196.75 per share at 1520 hours on BSE attracting a total traded quantity of 7.87 lakh shares. The company has been maintaining a dividend payout of 61.87% and has a return on equity of 1.97% for last three years.

DLF Limited, real estate company is primarily engaged in the business of colonization and real estate development. The company is primarily engaged in development business focuses on the development and sale of the residential real estate, which includes plotted developments, houses, villas etc.

Centre clears bill to double tax-free gratuity to ₹20 lakh

NEW DELHI, Sept 12: The Centre on Tuesday approved an amendment bill that seeks to double tax-free gratuity for formal sector employees to ₹20 lakh.

“The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to introduction of the Payment of Gratuity (Amendment) Bill, 2017, in Parliament,” an official statement said.

The amendment will put the maximum limit of gratuity of employees of the private sector as well as public undertakings and autonomous organisations under the government who are not covered under Central Civil Services (Pension) Rules, at par with Central government employees, which is ₹20 lakh.

The current upper ceiling on gratuity under the Act is ₹10 lakh. The provisions for Central government employees under Central Civil Services (Pension) Rules, 1972, with regard to gratuity are also similar.

Before implementation of the 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972, was ₹10 lakh.

However, post rollout, in the case of government servants, the ceiling stands at ₹20 lakh, effective January 1, 2016.

Considering inflation and wage increase even in the case of employees engaged in the private sector, the government is of the view that the entitlement of gratuity should be revised for employees who are covered under the Payment of Gratuity Act, 1972.

Accordingly, the government initiated the process for amendment to the Payment of Gratuity Act, 1972, which applies to establishments employing 10 or more persons.

The main purpose for enacting this Act is to provide social security to workmen after retirement, whether it is because of rules of superannuation, or physical disablement or impairment of vital parts of the body.

Therefore, the Gratuity Act serves as a key social security legislation to wage earners in industries, factories and establishments.

Realtor KP Singh’s granddaughter buys property on Prithviraj Road for Rs 477 crore

NEW DELHI, Sept 8: Another record has been broken in Delhi’s toniest neighbourhood. Anushka Singh, granddaughter of DLF chairman KP Singh, has acquired a bungalow on Prithviraj Road in the Lutyens’ Bungalow Zone (LBZ) for Rs 476.50 crore, the highest price for a home in the national capital.

The bungalow located on a 7,143-square-metre plot with a built-up area of 780 square metres was sold by the family of the late war hero Air Chief Marshal Pratap Chandra Lal.

The plot was sold at Rs 6.36 lakh per square metre, after deducting around Rs 22 crore for stamp duty, which was paid by the seller. The transaction value of the deal was lower than the property’s cost based on the existing circle rate, which was around Rs 554 crore. ET reviewed a copy of the sale deed.

KP Singh’s daughter Renuka Talwar bought a 1,189-sq-metre bungalow on a 4,925-sq-metre plot on the same road last year for Rs 435 crore, at the rate of Rs 8.8 lakh per square metre. The seller was Kamal Taneja, managing director of builder TDI Infracorp.

There was no response to questions sent to DLF. The Lal family could not be reached for comment.

The DLF chairman owns two bungalows on Dr APJ Abdul Kalam Road in the Lutyens’ Bungalow Zone (LBZ). Property prices in the LBZ have dropped around 20% in recent times, according to Arjun Kohli of Arkoh Realty, a central Delhi brokerage. “It has completely become a buyer’s market and proper negotiations are reaping results at present,” said Kohli, who has handled big-ticket transactions in the area.