WBMDTC set to clock profit after 35 years

Press Trust of India

Finance Act, 2012, introduced the concept of Advance Pricing Agreements (APA). APAs are common in other developed countries.An Advance Pricing Agreement (APA) is an agreement between the taxpayer and the tax authorities on the pricing of international transactions between the taxpayer and its associated enterprises (AE). An APA provides certainty on the pricing to be adopted for the covered intercompany transactions. Further, a bilateral/multilateral APA eliminates the risk of potential double taxation arising from controlled transactions.The government has framed rules for APAs. Rule 10H is a very interesting rule which deals with pre-filing consultation. Every applicant is required to apply for pre-filing consultation. Pre-filing consultation shall, among other things, (i) determine the scope of the agreement (ii) identify transfer pricing issues (iii) determine the suitability of international transaction for the agreement (iv) discuss broad terms of the agreement.An assessee has an

Rule 10H on pre-filing consultation: A unique feature of Advance Pricing Agreements

Business Standard

In 2003 around 11 per cent of the total 57 seats was won uncontested, mostly by the ruling Left candidates. In 2008 the percentage of uncontested seats came down to 5 per cent. This year the nomination process for the first two phases of three phase panchayat elections have just been concluded. Already, 15 per cent seats of the first phase and 7 per cent of the second phase went uncontested.The nomination process for the third and final phase will be over on 17 June. The Opposition apprehend that this time the number of uncontested seats would surpass even the record of 2003 election. To avoid this state election commission and the opposition parties had demanded adequate deployment of central paramilitary forces from the beginning of the nomination process, but the state government did not oblige. Now that the Calcutta High Court has clarified  that "there can be no controversy that primacy in such matters vests in the state election commission", the commission might move court again

Number of uncontested seats rising due to terror

The All India Congress Committee (AICC) today effected large scale organisational changes to prepare the party for 2014 polls. As per the reshuffle, Odisha congress observer Jagdish Tytler has been replaced by B K Hariprasad, a Rajya Sabha member from Karnataka.Apart from Odisha, Hariprasad has been directed to look after Jharkhand and Chhattisgarh affairs of Congress.The party's organisational changes came just ahead of Central cabinet reshuffle. Speculation is rife about the Balasore MP Srikant Jena, who is currently minister of state for chemical and fertiliser and statistics and programme implementation being elevated to cabinet rank.

Hariprasad new Cong observer

BS Reporter

Advance ruling is binding on the applicant and on the commissioner of Customs, Excise and Income Tax and the authorities subordinate to them in respect of the applicant

Appeal against Advance Ruling before HC

Barely a week after Biju Janata Dal (BJD) staged a rally in New Delhi voicing concern over the Centre's discrimination against Odisha in providing financial assistance, the state Congress today hit back saying that the ruling party was misleading the public by giving wrong information."The BJD chief Naveen Pattnaik staged a drama in Ramleela Maidan in Delhi by spending huge amounts of money and taking thousands of BJD workers in seven special trains and criticised the Centre's step motherly attitude towards Odisha. But as per authenticated statistics, out of 28 states in India, Odisha got the highest Central per capita aid," said Jayadev Jena, president, Pradesh Congress Committee.Quoting figures released by the Centre for Budget and Governance Accountability, a New Delhi-based think-tank, Jena said, the per capita Central aid to Odisha stood at Rs 1,688, followed by Andhra Pradesh (Rs 1,333) and Haryana (Rs 1,165).He alleged that the Centre has never neglected when it came to assistin

BJD claim on central bias misleading: Cong

The construction of the proposed integrated titanium plant by Saraf Agencies Private Limited (SAPL) near Chhatrapur in Odisha's Ganjam district has hit another roadblock with the land losers of the project demanding fresh agreement with them before commencement of the project work.The land-losers' welfare association has submitted a memorandum to the additional district magistrate, Ganjam in this regard. They also stalled the construction work of the project on Friday.The Kolkata-based company had decided to set up the plant near Chhatrapur on its own after break up its joint venture agreement with Russian partners. Around 260 acres of land, including 230 acres private land, had been acquired for the project about five years back. Nearly 300 people of 4 villages - Tikiria Berhampur, Kanamana, Chandrapada and Mayipatna had lost their land for the project."We want a fresh agreement with the company. New agreement is required as five years has elapsed since the first agreement in 2008," s

Titanium plant land losers want fresh pact with promoters

In an effort to expedite the establishment of the Xavier University, the state higher education department has asked the management authorities of the institute to submit a status report on the proposal at the earliest.In a letter to the Director, Xavier Institute of Management (XIM), the department has asked for the time schedule for completion of phase wise construction works and opening of various streams of the varsity.M Kissan, additional secretary, state higher education department, has south to know whether an administrative office of the university is functioning in Bhubaneswar and to share the details of the office address and office bearers.In addition, the department has also asked for the details of the progress made in development of infrastructure of the university and status on the formation of the board of governors.The letter has urged the university authorities to intimate the department about the setting up of endowment funds.The university, coming up at Nijigarh in

State govt seeks details on progress of Xavier University

Only those unapproved colonies or buildings constructed before April 1 will be considered under the policy. This would be a big relief to about 5,000 colonies and 0.2 million individual plot-holders or building owners across the stateThe Punjab cabinet yesterday approved the policy for regularisation of unauthorised colonies and buildings under the Punjab Laws (Special Provisions) Act, 2013.Only those unapproved colonies or buildings constructed before April 1 would be considered under this policy.Disclosing this here today, a spokesperson of the Chief Minister's Office said this would be a big relief to about 5,000 colonies and two lakh (0.2 million) individual plot holders or building owners across the state. The policy focuses on bringing all unauthorised colonies/buildings into the planning framework and to regularise development, which would further facilitate the smooth implementation of master plans across the state to ensure urban development in a holistic manner.Apart from thi

Punjab to regularise unauthorised colonies

Odisha Power Generation Corp (OPGC) and NTPC Ltd are facing coal shortages at their coal-fired power plants in the state

OPGC, NTPC plants facing critical coal stock

In Andhra Pradesh, around 2,500 mechanised boats, 40 trawlers and over 10,000 catamarans are engaged in sea fishing with a total  shrimp catch at 40,000-45,000 tonne and 300,000 tonne of fishIn a major jolt to the mechanised boat operators and their marine catch, the seafood exporters of Andhra Pradesh have expressed their inability to take the former's material as exporters are now inclined towards procuring aqua-cultured shrimp, according to the Andhra Mechanised Fishing Boat Operators Welfare Association."Over the last several years, we have depended only on the seafood exporters to sell our shrimp catches. Now, they are not coming forward to take our material, at a time when there is a huge demand for marine shrimp in the international market," the association said.In Andhra Pradesh, around 2,500 mechanised boats, 40 trawlers and over 10,000 catamarans (small fishing boats) are engaged in sea fishing with a total  shrimp catch at 40,000-45,000 tonne and 300,000 tonne of fish."Tradi

Crisis grips Andhra mechanised marine boat operators

As part of its six-point programme on EE and EC (energy efficiency and energy conservation), the Andhra Pradesh government is planning to notify  the energy conservation building code (ECB code) for enhancing energy efficiency in all large buildings such as multiplexes, malls and hospitals, according to chief secretary and chairman of the State Energy Conservation Mission SECM) PK Mohanty."AnÂ ECB Code is in the offing forÂ incorporatingÂ energy efficiency components. The code will beÂ applicable to all non-residential buildings with more than 1,000 square metre of plot area or 2,000 square metre of built-up area, whichever is higher.Â Initially, a single-star energy conservation shall be made mandatory in respect of all these structures. Certification of energy conservation for these buildings will be issued by the Bureau of Energy Efficiency (BEE)-empanelled architects," he said here on Sunday.The state government will be finalising a 'Green Factory Building Code' for promoting energ

AP set to notify GO on energy conservation building code

Liberty Videocon General Insurance Company Ltd, a joint venture between US-based Liberty Mutual Insurance Group and Videocon Industries Ltd, is targeting to achieve a premium of Rs 100 crore this year.The company expects to break-even in six years of operations, said a senior official from the company.The company, which had launched its operations with commercial products on January 2013 and motor insurance in February 2013, is also expected to expand its geographical presence from the present eight branches to 25 branches during the second year of operations.It has branches in Mumbai, Delhi, Gurgaon, Bangalore, Pune, Ahmedabad, Hyderabad and Chennai.Speaking to the reporters here, Roopam Asthana, CEO and director of Liberty Videocon, said: "Considering that the general insurance companies break-even at a gross premium of Rs 1,200 crore, the company expects to reach the mark in six years' time. The capital base of the company would be around Rs 600 crore by that time".Presently, the co

Videocon Insurance JV targets Rs 100-cr premium this year

The plant has been delivered ahead of the schedule and the entire output will be allotted to the Tamil Nadu state utilities at Rs 5.50 per kilowatt hourOPG Power Ventures has commissioned a new 80 Mw thermal power plant in Chennai. The company in a statement said the Chennai III plant has been synchronised and has become fully operational and the commercial sales have now begun.The power producer has agreed to supply the plant's entire output to the state utilities in Tamil Nadu at Rs 5.50 per kilowatt hour.According to OPG, the Chennai plant has been delivered ahead of the schedule and within the estimated budget. Chennai III is a replica of the two other plants on the site, and the company says the total capacity of the Chennai plant is now 234 Mw.Overall OPG's total operating capacity now stands at 270 Mw and it has a further 472 Mw in advanced construction.OPG is operating and developing power projects in India under the group's captive model with 270 Mw in operation. For the year

OPG Power commissions 80 Mw Chennai thermal unit

Tamil Nadu chief Minister J Jayalalithaa today asked the Centre to rollback the petrol prices. In a statement, she said instead of resorting to frequent hikes in petroleum prices, the Centre should take steps to explore new oil and gas fields and control the falling Rupee.Jayalalithaa also asked the Centre to change the way fuel prices were fixed. It may be noted that petrol prices were hiked by Rs 2.54 per litre on Saturday, the second increase this month, as a falling Rupee made imports costlier."Considering the welfare of the nation, the Centre should take steps to change the way petrol prices are fixed. The government should also explore oil and gas fields in the country and prevent depreciation of the Rupee against the US Dollar," she said.The chief minister said that the increase in petrol price will lead to a further increase in the prices of essential commodities, depreciate the value of the Rupee and erode the Indian economy.On petroleum minister M Veerappa Moily's statement t

Jayalalithaa for rollback of petrol price hike

Kochi Metro Rail Limited (KMRL) has assigned CDM Smith, a US-based company that provides integrated solutions in environment, energy and transportation, to carry out a detailed survey for the forecast of reduction of carbon emission along the metro alignment from the year 2018 to 2048.The study would give an idea about the probable reduction in the daily use of vehicles due to commencing of metro and how much pollution would come down as a result of this.Â This will help KMRLÂ in earning carbon credits. The scope of workÂ includes study about multimodal integrated approach with buses, boats,Â auto rick-shaws etc and about integrated ticketing linked with metro development.

Kochi Metro assigns consultant for carbon emission reductions

Alarmed by a sharp rise in power consumption in the state, Kerala government is seriously considering clean energy alternatives to overcome widening power deficit in the state.In this regard, minister for Power and Transport Aryadan Mohammed today said, although Kerala generates 28 times more power than it did six decades ago, the sharp rise in consumption is the biggestÂ concern in the energy sector. The number of consumers has increased by a massive 100-fold during this period."At this rate our power deficit will only widen in the future. If we cannot address the issues of energy availability and pricing urgently, we are headed for an even bigger crisis. We have projects with a total capacity of around 700Mw, awaiting environmental clearances. Environment degradation is a genuine concern and we must do all we can to minimise the impact on it. However, it is vital that these energy projects get off the ground if we are to sustain economic development, he added.Addressing the inaugural

Kerala to focus on clean energy to avert power crisis

The Hyderabad-based company's group insurance segment currently contributes Rs 150 crore

Shriram eyes Rs 500 cr from group insurance

Subsidy burden could rise to Rs 1,200 crore

Dairies seek extension of milk subsidy to private players

Chief minister Siddaramaiah said there was a deficit in inflows and storage level in reservoirs in state and hence it was not feasible for sharing Cauvery water with Tamil Nadu.Karnataka today asserted it has never violated any Supreme Court order on the Cauvery water sharing issue and rejected the Tamil Nadu's contention that it had committed contempt of court."Karnataka government has not violated the Supreme Court order on Cauvery issue. I have never said that I will not release Cauvery water to Tamil Nadu," Chief Minister Siddaramaiah told repor-ters at Davanagere, some 265 kms from here. Siddaramaiah said there was a deficit in inflows and storage level in reservoirs in Karnataka and hence it was not feasible for sharing Cauvery water with Tamil Nadu."There is hardly any water available in Kabini, Cauvery, Hemavathy and Varahi dams in the state. In this context is it feasible for us to release Cauvery water to Tamil Nadu? We have placed these details before the apex court as well,

State hasn't violated SC order on Cauvery: CM

Move is aimed at check-mating mafia which has been mining sand unchecked from rivers and lakes

State proposes new sand policy

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