Under-Valuation of Land Under PSUs




Under-Valuation of Land Under PSUs

The valuation of land held by Public Sector Undertakings (PSUs) is done as per the provisions contained in the Companies Act, 2013 and relevant Accounting Standards and amendments issued thereunder from time to time. The same norms are being followed by the PSUs under the Department of Heavy Industry.


PSUs are free to get their assets including land, assessed at current market value as per accounting standards while accessing bank finance on the basis of their net worth.

This information was given by Minister of State in the Ministry of Heavy Industries and Public Enterprises, Shri G.M. Siddeshwara in a written reply in Rajya Sabha today.

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On Fourth Day of e-Auction of FM Channels, Total Provisional Winning Price surpasses Aggregate Reserve Price of First Batch, 16 Rounds of Bidding Completed So Far

         E-Auction of the First Batch of Private FM Radio Phase III Channels re-commenced today on 30th July 2015 at 09.30 A.M. and during the day, four rounds of bidding took place.

At the close of the fourth day of bidding, 80 channels in 55 cities became provisionally winning channels with cumulative provisional winning price of around Rs 643 Crore against their aggregate reserve price of about Rs 391 Crore. Thus the summation of provisional winning prices surpassed Rs 550.18 Crore, which is the total reserve price of 135 channels.

Till now, 16 rounds of bidding are over. The first batch auction for 135 FM Channels in 69 existing cities of Phase II began on 27th July 2015.

        The Auction Activity Requirement of 80% set at the beginning of the auction continued to remain the same on the fourth day. Daily auction report for day 4 of e-Auction has been put on MIB website, www.mib.nic.in. Bidding will re-commence tomorrow on 31st July, 2015 at 09.30 AM.

The following Table summarizes first four days of bidding:

Sl No
Date of Bidding
No of Rounds during  the day
No of Provisionally Won Channels
No of Cities
Cumulative Reserve Price of Provisionally Won Channels (In Crore Rs)

Cumulative Provisional Winning Price (In Crore Rs)

1
27.07.2015
4
78
54
357
395
2
28.07.2015
4
79
55
377
479
3
29.07.2015
4
80
55
377
549
4
30.07.2015
4
80
55
391
643

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Special Scheme to Brand and Sell Khadi Abroad


Khadi and Village Industries Commission (KVIC) has been participating in International Trade Fair/ Exhibitions in India & abroad to market KVIC products all over the world. KVIC has also been assisting KVI Institutions to participate in such Exhibitions to provide markets for their products as well as promote Khadi abroad. KVIC has applied to the World Intellectual Property Organization (WIPO) for International registration of Khadi as Brand name for various Khadi & Village Industries products.

Khadi has been registered as a Brand in Germany by a German company viz. M/s. Khadi Natruprodukte GmbH & Co KG Zur weser 5, 31737 Rintein and is being used for selling its products.

There are three Community Trade Marks (CTM) viz. (i) CTM 8216343 registered on 26.01.2010, (ii) CTM 10479954 registered on 02.05.2012 & (iii) CTM 13118724 registered on 13.11.2014 in the European Union in Brand name Khadi.  KVIC has filed an invalidation action against all three CTMs by engaging an expert legal agency for deregistration of these three Community Trade Marks.

The following initiatives are being taken by KVIC to brand and sell Khadi all over the world.

Ø                  Registration of Khadi as Brand under WIPO to promote KVI products worldwide.
Ø                  Marketing of KVI products online domestically and internationally.

This information was given by the Minister of State, Micro, Small and Medium Enterprises, Shri Giriraj Singh in a written reply to a question in Rajya Sabha here today.

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Capital Infusion in MSME Sector

To facilitate an easy access to finance by MSMEs, the Government/RBI has:

(i) launched Credit Guarantee Fund Scheme for Micro and Small Enterprises to provide guarantee cover for collateral free credit facilities extended to micro and small enterprises (MSEs) upto Rs. 1 Crore.

(ii) issued guidelines in mandatorily requiring banks to dispense with collateral requirement for loans upto Rs.10.00 lakh to MSEs.

(iii) set up a Micro Units Development & Refinance Agency (MUDRA) Ltd. which would be responsible for refinancing all Micro-finance Institutions (MFIs), which are in the business of lending to micro / small business entities engaged in manufacturing, trading and services activities upto Rs.10.00 lakh.

This information was given by the Union Minister for Micro, Small and Medium Enterprises, Shri Kalraj Mishra in a written reply to a question in Rajya Sabha here today.

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Impact of NPA Guidelines on MSMEs

The Reserve Bank of India (RBI) has issued detailed guidelines to all scheduled commercial banks on lending to micro, small and medium enterprises (MSME) sector which, inter alia, provide for a time frame for disposal of loan applications, loan limit for dispensing the collateral requirement and sub-targets for micro enterprises within the MSE lending. In terms of the recommendations of the Prime Minister’s Task Force on MSMEs (2010), the RBI has advised the banks to achieve a 20 per cent year-on-year growth in credit to micro and small enterprises, to allocate 60% of the MSE advances to the micro enterprises and to maintain 10% annual growth in number of micro enterprise accounts.

This information was given by the Union Minister for Micro, Small and Medium Enterprises, Shri Kalrja Mishra in a written reply to a question in Rajya Sabha here today.

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Credit Facility to Unregistered Entrepreneurs

Government of India (GOI) has set up a Micro Units Development & Refinance Agency (MUDRA) Ltd. which would be responsible for refinancing all Micro-finance Institutions (MFIs), which are in the business of lending to micro / small business entities engaged in manufacturing, trading and services activities for loan upto Rupees Ten lakh.

This information was given by the Union Minister for Micro, Small and Medium Enterprises, Shri Kalraj Mishra in a written reply to a question in Rajya Sabha here today.

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Problems being Faced by MSME Sector

MSME entrepreneurs are facing several problems i.e.

(i) lack of adequate capital,
(ii) Poor infrastructure
(iii) Access to modern technology
(iv) Access to markets
(v) Getting statutory clearances related to power, environment, labour etc. etc. etc.

To obviate these problems, the Ministry of Micro, Small and Medium Enterprises (MSME) is implementing a number of Schemes & Programmes like Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme, Cluster Development Programme and National Manufacturing Competitiveness Programme etc. Furthermore, the Ministry has been interacting with various concerned Ministries/Departments/State Governments/Banks and other stake-holders to streamline the mechanism for grant of loans, simplify labour laws and other procedures to facilitate the growth of MSME units.

This information was given by the Union Minister for Micro, Small and Medium Enterprises, Shri Kalraj Mishra in a written reply to a question in Rajya Sabha here today.

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Payment of Marketing Development Assistance (MDA) Dues

Khadi spinning and weaving is a subsidiary activity. The artisans associated with Khadi Institutions are self-employed persons. They operate charkha/looms depending upon the free time available to them. The artisans are paid on piece rate basis i.e. number of hanks of yarn spun and meters of cloth woven. Hence, the wages of Khadi artisans are not strictly comparable to minimum daily wages.

Khadi spinning is mostly a subsidiary activity which is performed by Khadi artisans in their spare time. It is noticed that Khadi weavers are able to earn wages comparable to daily wages if they perform the activity for 8 hours. MDA is allowed @ 20% on cost of production of Khadi (Cotton, Silk, and Woolen) and Polyvastra to the extent of production target approved by the Standing Finance Committee (SFC) of KVIC for the year. As per MDA Guidelines, 25% of total MDA amount is passed on to the spinners and weavers in the form of incentive or ‘bonus’ through their bank or post office accounts, in addition to their normal earnings. It is observed that the amount works out to be 15% of the average earning of the artisans. Hence, it is not feasible to link release of MDA with minimum daily wages. Further, KVIC has advised Khadi Institutions to adopt market oriented pricing so as to increase the earning opportunities of the artisans.

This information was given by the Minister of State, Micro, Small and Medium Enterprises, Shri Giriraj Singh in a written reply to a question in Rajya Sabha here today.

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Potential of Food Processing Industry in MSME

Potential for setting up of micro and small enterprises / rural village industries in the country, which are agro-based, is huge given the fact that India is predominantly an agri-based economy as well as the fact that this potential has not been fully exploited.

For the holistic development of the economy, it is essential that the micro and small industries should co-exist with the big industries. However the micro and small industries need to be nurtured and are provided Government support in the form of financial assistance for Term loan, working capital, machinery and technology upgradation, quality and efficiency improvement, Intellectual Property Rights registration and credit rating. The Ministry of MSME has two schemes namely, Prime Minister’s Employment Generation Programme (PMEGP) and Scheme of Fund for Regeneration of Traditional Industries (SFURTI) which provides assistance for setting up of individual enterprises as well as cluster based enterprises in the non-farm sector. The Ministry has also recently launched A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship (ASPIRE) which provides for setting up of incubation centres in agro-based industry for innovation and enterprise creation in micro and small scale industry including food processing. The Ministry of MSME is also assisting micro industries in selling their agro-based products like pappad, masala, jam, jelly, etc. by offering them support for sale of their products through sales outlets of Khadi & Village Industries Commission (KVIC). Assistance is also offered for participation in domestic fares and international exhibitions for enabling the micro small and medium enterprises to market their products.

This information was given by the Minister of State, Micro, Small and Medium Enterprises, Shri Giriraj Singh in a written reply to a question in Rajya Sabha here today.

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Roadmap for development of Eastern and North Eastern Region

An exercise has been initiated by the NITI Aayog to prepare a roadmap for development of Eastern and North Eastern States of the country and comments/suggestions from the concerned Ministries and State Governments have been sought. This information was given by the Minister of State (Independent Charge) for Planning, Shri Rao Inderjit Singh in a written reply in Rajya Sabha today.

The Minister said that the development of physical and social infrastructure, sustainable utilization of natural resources, expeditious implementation of the projects to improve road, rail, air, waterways connectivity, enhancement in agriculture productivity, promotion of organic farming, expansion of digital/telecom network, etc. are some of the important sectors which have been identified for rapid development of Eastern and North-Eastern States.

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Indian Railways conducts survey on the consumer preference of Bedroll

          Ministry of Railways has started a survey on the consumer preference of bedrolls (bed-sheets, towel, pillow, blankets) required during the travel on trains. For this purpose, the Ministry of Railways has made available a detailed questionnaire Performa on the homepage of its own website www.indianrailways.gov.in for online submission of replies by the consumers. The performa can be filled up online by 17th August, 2015. The questions asked in this survey include all aspects pertaining to bedrolls like cleanliness and hygienic conditions, colour preference, size preference, design preference, fabric preference, possible charges etc. etc.  Consumers have been requested to spare some time and fill in the questionnaire. It has been assured that the information so collected could be used only for research purpose and would remain private and confidential. Indian Railways has signed an MoU with National Institute of Fashion Technology (NIFT) to work on quality and design of bedrolls and related issues. The survey has been designed in consultation with NIFT.  The data collected through the survey will also prove to be as useful inputs in this exercise.
Minister of Railways Shri Suresh Prabhakar Prabhu has always been emphasizing on having a better connect between the Railway Administration and the railway users and has been insisting on collecting passenger’s feedback on various issues with a view to improve passenger’s amenities and services in all respects.   The present survey is in line with these directions.

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Promotion of Yoga to Boost Tourism

Promotion of tourism including Spiritual Tourism such as Yoga, Meditation, Pilgrimage etc. and development of its infrastructure is primarily undertaken by the State Governments/Union Territory Administrations (UTs). The Ministry of Tourism (MOT) under its various schemes including Swadesh Darshan Scheme extends Central Financial Assistance (CFA) to them for development of infrastructure related to Spiritual tourism such as Yoga Centres, Meditation Centres, facilities/amenities at Pilgrim Centres etc. subject to adherence to the existing scheme guidelines, availability of funds and submission of Utilization Certificates for funds released earlier.

The Ministry of Tourism promotes India as a holistic destination in the domestic and international markets that include various tourism destinations, wellness & medical tourism and other tourism products of the country. The steps taken by the MoT to promote yoga and spiritual tourism include promotion in overseas markets through its overseas offices, road shows, participation in travel marts, production of brochures, films and other publicity material.

This information was given by The Minister of State for Tourism (Independent Charge), Culture (Independent Charge) and Civil Aviation, Dr. Mahesh Sharma in reply to an unstarred question in the Rajya Sabha today .

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MBA Course in Tourism

The Indian Institute of Travel & Tourism Management (IITTM) has started MBA Program in Tourism in partnership with Indira Gandhi National Tribal University (IGNTU), Amarkantak. The salient features of the said programme are:

(i) Two year duration with minimum qualification of graduation (Final year students may also apply) in any stream.

(ii) Total 618 seats for Gwalior, Bhubaneswar, Noida and Nellore centres.

(iii) Specializations in Tourism & Travel, International Business, Services, Tourism & Leisure and Tourism & Cargo.

(vi) Joint Coordination Committee (JCC) constituted of Representative from IGNTU and IITTM to monitor and oversee the entire activity of the programme in accordance with the statutory framework of IGNTU and IITTM.

(v) The MOU shall remain valid for a period of two years from the academic year 2015-16 and 2016-17 and may be renewed further on terms and conditions mutually agreed upon.

The Memorandum of Understanding was signed on 28th May, 2015 between IITTM and IGNTU for Cooperation in Joint Degree Programme; Joint Research Programme, Joint Holding of Conference/Seminar/Workshop/Training/Symposia etc.; Faculty Exchange Programme; Student Exchange Programme; Research Scholar Exchange Programme and Exchange of Knowledge Resource.

The academic session of two years MBA Programme in Tourism has already started from the current year i.e. 2015-16.

This information was given by The Minister of State for Tourism (Independent Charge), Culture (Independent Charge) and Civil Aviation, Dr. Mahesh Sharma in reply to an unstarred question in the Rajya Sabha today.

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Tax Benefits to Tourism Industry

The Tourism Industry has requested the Government of India for the following fiscal benefits including tax rebate and relaxations:

i. Inclusion of tourism infrastructure like hotels/resorts/tourist lodges/banquet halls/convention and exhibition centres etc. for benefits of Section 32 AC of Income Tax Act 1961 by lowering the minimum threshold investment limit to Rs.5.00 crores.

ii. Extension of benefits under Section 35 AD of Income Tax Act 1961 to business concerns who are making capital investment in setting up of smaller category of hotels/guest houses/dharamsalas/tourist hostels/motels/wellness facilities/medical facilities and other associated infrastructure like installation of house boats/ adventure and leisure tourism facilities.

iii. Weighted deduction of 200% in line with Research & Development sectors in India for expenditure incurred towards marketing and promotional activities of the country as inbound tourism destination.

iv Establishment of special tourism zones in India.

v. Lower withholding of tax and interest paid to foreign banks or financial institutions for loan taken in tourism sector.

vi. Deduction in respect of profit and gains from taxable income for business of hotels, convention centres and other tourism specific infrastructure.

vii. Foreign exchange earning linked deduction on profits for Income Tax computation.

viii. Exemption on Service Tax from Heritage Hotels and Heritage Trains.

ix. Exemption on Service Tax on room tariff to be increased.

x. Service Tax to be exempted for unit to be set up within special tourism zones.

xi. Exemption on Service Tax on all the incidental activities or services like hotel stay, Rent a Cab, Tour Operators etc. if the main event is exempted by Government from the ambit of Service Tax.

xii. Extend CENVAT credit on the entire tourism components of Travel intermediaries on abated value (tour operators, travel agents, rent a cab operators) as against just on the same line of business.

In order to ascertain the incidence of high taxations on tourism sector and its impact in making Indian tourism industry products un-compatible, a study on Taxes levied on tourism sector vis-à-vis Export sector has been conducted, and the findings of the study have been shared with the stakeholders

This information was given by The Minister of State for Tourism (Independent Charge), Culture (Independent Charge) and Civil Aviation, Dr. Mahesh Sharma in reply to a starred question in the Rajya Sabha today.

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Chinese Tourists to India

The year 2015 is being observed as the “Visit India Year” in China. Various promotional activities are being organized to showcase and promote the varied tourism destinations and products of India in China, with the objective of increasing foreign tourist arrivals from China to India. These include advertising in the local print and outdoor media, participation in travel fairs and exhibitions; organizing Know India seminars & workshops for Chinese Tour Operators in different cities; publication of brochures; joint advertising and joint promotion with tourism stakeholders, airlines etc. and inviting media personalities, tour operators, opinion makers etc. to visit the country under the Hospitality Scheme of the Ministry.

Ministry of Tourism organised a Chinese Tourist Facilitator Programme in 2014 for the executives and tour managers of tour operators handling Chinese tourists. The participants were nominated by Indian Association of Tour Operators. A total of 118 Chinese tourist facilitators were trained through this programme.

This information was given by The Minister of State for Tourism (Independent Charge), Culture (Independent Charge) and Civil Aviation, Dr. Mahesh Sharma in reply to a starred question in the Rajya Sabha today.

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Under-Valuation of Land Under PSUs Under-Valuation of Land Under PSUs Reviewed by Ajit Kumar on 10:38 AM Rating: 5

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