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12 Briefly India, Syria launch joint biz council Damascus: India and Syria on Sunday launched a Joint Business Council to double bilateral economic and trade volumes with visiting President Pratibha Patil saying that at current levels they were “far below potential”. – PTI NTPC signs pact with MP New Delhi: NTPC has inked a power purchase agreement (PPA) with Madhya Pradesh State Power Trading Company for sale of power from its upcoming facilities in Chhattisgarh and Madhya Pradesh. NTPC is developing Lara Super Thermal Power Project in Chhattisgarh and Barethi Super Thermal Power Project in Madhya Pradesh. – PTI Toyota gears up for Etios launch Bangalore: Japanese automobile giant Toyota Motor Corporation is gearing up for the launch of Etios car in India on Wednesday with its president Akio Toyoda flying down for the event. Bookings for the car will begin on December 1 with delivery will start from January 1. – PTI Interviews for Sebi chief on Dec 3 New Delhi: The government may soon decide on the successor for Sebi chief C B Bhave, with a selection panel scheduled to hold final interviews on December 3. Among those short-listed for the post, mutual fund industry body AMFI’s chairman U K Sinha, and corporate affairs secretary R Badyopadhyay are said to be the top contenders for the position. – PTI Nearly 100 malls to come up by ‘12 New Delhi: Nearly 100 shopping malls are likely to come up by 2012 in seven major cities of India on expectation of increased demand from retailers, according to a report from property consultant Jones Lang LaSalle. – PTI CERC hits out at states blocking power to grid Chennai: Power sector regulator Central Electricity Regulatory Commission (CERC) on Sunday warned states including, West Bengal, that investments in the sector could be hit if they continue to block electricity supply to the National Power Grid. “States like Tamil Nadu, Kerala, Karnataka and West Bengal have blocked access to the grid under the Section 11 of the Electricity Act 2003. You (states) cannot do that...”, CERC chairman Pramod Deo told reporters here. Certain states have blocked supply access to the grid, which runs against the spirit of Section 11 of the Electricity Act 2003, he said. Some of the states had blocked access citing power shortage in their respective territories. “In Karnataka, the High Court passed that order and we have challenged it in the Supreme Court. The Central Government had also joined in this.. Even Tamil Nadu under Sec 11 has blocked access and the reason given by the government is shortage,” Deo, who was here to participate in All India Conference of Chairmen of Central and State Electricity Regulatory Commissions, said. This kind of action by states would result in decreased investments, he said. “If state governments have a contract or Power Purchase Agreements (PPA), they cannot break it. But if they do not have a The Bengal Post Kolkata Monday November 29, 2010 BUSINESS contract, they can supply for anyone...,” he said. Deo also opined that each state should study availability of power. “You cannot say Chennai will get 24 hours power supply and a village outside Chennai will have it only for four hours. First you should study how much electricity is available”. He pointed out that it was the duty of the regulatory commission and distribution company to study the availability of power and said only Maharastra is currently following it. On the Renewable Energy Certificate Regulation, he said it would be implemented by January 2011 and the new PPA signed later would adhere to it. “If you had already signed a PPA, then they will still be governed by gross and returns. But those PPAs signed after January 2011 would follow the new norms,” he said. However, he clarified that the volume of REC that would come up for trading cannot be estimated. – PTI Houlihan Smith to float 3 funds, keen on acquisitions Madhumita Mookerji Kolkata: Houlihan Smith, a specialized investment banking firm, has major plans for panning out in India, where it has started its operations from May. It aims to shortly float three India-dedicated funds in the areas of manufacturing in the small and medium sector, managed healthcare and renewable energy. Speaking exclusively to The Bengal Post, Jaydip Sinha, managing director, Houlihan Smith & Co India, said the corpus of these funds will be around $50 million each for manufacturing and managed healthcare and $45 million for renewable energy. Sinha also said the investment banking company is looking at acquisitions in India as a means to growth. “We are looking to acquire a middle market investment banking company in India…We can invest around $30-40 million raised from our profits in making the acquisition,” Sinha said. In India, Sinha said, Houlihan is exploring sectors like manufacturing, telecom and infrastructure. In the eastern region the focus will be on manufacturing, infrastructure, education and auto components clusters (in Jameshedpur, for instance). “We are looking at facilitating funding of around $30-40 million in the eastern region in the next one year,” Sinha added. Nationally, it is looking at funding opportunities worth $180-200 million. Houlihan Smith offers financial advisory services Know taxes linked to your residential status Tarun Chaturvedi PERSONAL MATTERS Globally, taxability of an individual is linked to the residential status enjoyed by him under the domestic tax laws. India is no exception to this rule. An individual is taxed based on his residential status in India. An ordinary resident in India is taxed on his global income whereas a non resident Indian (NRI) is taxed on only that part of this global income which is earned / accrued in India. These concepts are generally to be understood and put into practice only under expert advice but nonetheless an individual should be aware of the basic rules and concepts in this respect. The residential status of an individual in India is determined based on the physical stay of an individual in the relevant financial year (tax year) as well as preceding ten tax years. This is particularly relevant in respect of Indians working overseas or having income/income earning assets outside India. Residential Status:- Broadly, and individual could be a resident or a non-resident in a particular tax year. Once an individual’s residential status is determined to be a resident, it is further examined whether he is an ordinary resident or not an ordinary resident in India. Physical Stay- Basic test:- An individual is said to be a resident in India if he fulfils any of the following two conditions. First, if he is present in India for a period of 182 days or more in that tax year OR second, if he is present in India for a period of 60 days or more during the relevant tax year and at least 365 days or more during the four preceding tax years. In case an individual does not satisfy any of the above two basic conditions, then he is said to be a non-resident. Concession for NRIs :- In the case of a citizen of India, who leaves India in any tax year for the purposes of employment outside India, the above said period of 60 days is substituted by 182 days. This is particularly beneficial for individuals going and working overseas in a particular tax year. Similarly, in the case of a citizen of India or a person of Indian origin who being outside India, comes on a visit to India in any tax year, the above said period of 60 days is substituted by 182 days. This is helpful for non-resident Indians who visit India for family or other purposes. Not Ordinary Resident:- In the case of an individual who is a resident, it is to be further determined whether he is an ordinary resident or not an ordinary resident. A person is said to be not ordinary resident if he satisfies any of the following additional conditions. First, if he has been a non-resident in India in nine out of the 10 previous years preceding the relevant tax year OR second, if he has been in India for 729 days or less in the seven tax years preceding the relevant tax year. If none of the above two conditions are satisfied, then a person is said to be an ordinary resident. Tax Incidence:- An individual who is an ordinary resident is taxable on his worldwide income, irrespective of the place of receipt or accrual of such income. Thus, broadly speaking, rental income, business income, interest, dividends, capital gains etc. earned / received overseas would be taxable in India. In the case of a person who is not Ordinarily Resident, any income other than income accruing or arising outside India is taxable in India. However, in the case of such income that accrues or arises outside India is derived from a business controlled in or a professional set-up in India, then the same would also be taxable in India. In case an individual is a non-resident, then only income received / deemed to be received or accrued / deemed to be accrued in India is taxable in India. Thus, broadly speaking, his overseas income would not be taxable in India, provided it is first received outside India. DTAA:- It is also important to examine the conditions laid out under the respective Double Taxation Avoidance Agreements (DTAAs), also know as treaties, which India has entered into with other countries to finally determine the taxability or otherwise for any particular source of income. Generally, the DTAAs provide for taxability of income in one country. Else, if the income is subject to tax in both the countries, then credit could be claimed for tax paid in the other country, subject to the prescribed conditions. and funding to middle market companies (with turnover ranging from $5- 50 million) in the US. In India, it is targeting those with a topline of at least `10 crore. It advises the top 20 hedge funds globally. Its various activities include valuations, mergers and acquisitions advisory, corporate finance, asset management services operational restructuring. It also manages funds registered in tax havens. Houlihan Smith recently participated in ENGEETECH 2010 expo and BACE EXPO 2010 (Building, Architectural, Construction & Engineering Expo), where Sinha spoke on “Business growth & financing needs of Indian SMEs through middle market investment banking”. DRIVING AHEAD Government tightens provident fund norms for foreign workers New Delhi: India has tightened norms for withdrawal of provident fund by overseas workers employed in the country, prohibiting them from taking back this money until they are 58 years old or are incapacitated. “An international worker may withdraw the full amount standing to his credit in the Fund : a) on retirement of services in the establishment at any time after the attainment of 58 years, b) on retirement on account of permanent and total in capacity for work due to bodily or mental infirmity,” said an amendment carried out by the Labour Ministry. However, analysts said that these norms have been tightened for those countries that don’t have social security agreements (SSA) with India and the move may prompt them to go in for such pacts. India has such agreements with 11 countries, but they are effective only with Germany and Belgium. “In general, international workers (IWs) coming from non SSA country will not be eligible to withdraw their PF accumulations before the age of 58. This may block huge amounts of contributions made by IWs and their employers,” said Vineet Agarwal, Director with consultant KPMG. This amendment, said Agarwal, will cause financial hardships to IWs who were making contributions to PF under the impression that they can withdraw the money on completion of their employment in India. The move will prompt countries who do not have SSAs with India to sign such pacts. “The amendment may put pressure on the countries which have not entered � Actress Gul Panag with Ulrich Hackenberg, board member of management of Volkswagen, during the 5th round of the Volkswagen-JK Tyre ‘Polo Cup India 2010’, on the outskirts of Chennai on Sunday. – PTI German carmakers upbeat on India Our Correspondent Kolkata: Encouraged by an upbeat response from the Indian populace, German luxury car makers BMW and Volkswagen have chalked ambitious growth plans. In October, BMW India sold 750 cars in a month, its highest ever figure in the world, and expects to touch 5,000-6,000 units in November- December. Volkswagen too is planning to double sales from 19,000 units. Maik Stephan, MD, Volkswagen India, said: “India and China have been the fastest growing market for us. We plan to double our sales volume from the current 19,000 units in India.” “We launched the Vento in August this year and the 2T will follow soon,” he said at the annual general meeting of the Indo-German Chamber of Commerce in the city on Saturday. The luxury car segment in the country is growing at a healthy 60 per cent. The company has, meanwhile, invested around `3,800 crore at its I-T dept introduces new number for taxpayers New Delhi: Taxpayers will now have to procure a ‘new number’ for filing returns and making any communication with the Income Tax department. The unique Document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on “every” income taxrelated communication, including returns to be filed next year for the financial year 2010-11. According to the new guidelines brought out by the Central Board of Direct Taxes (CBDT), the DIN will be mandatory “in respect of every notice, order, letter or any correspondence” with the department, by the taxpayers. “The DIN will be generated by the I-T department and will be useful, essentially, for error-free filing of tax returns, claiming refunds and other communication with the department by the assesses,” a senior Finance Ministry official said. The ‘Aykar Sampark Kendras’ will hand out the DIN from this month, the official said. Assesses will not be put to any trouble, as the numbers will be generated and allotted by the department itself. I-T officials will also be manufacturing plant at Pune, which has an installed capacity of 1.10 lakh units per annum. Its plant at Aurangabad is used for assembling Skoda and Audi models. Audi sold more than 1,600 units in the country last year. Skoda and Audi are the subsidiary brands of Volkswagen and are getting a hold in the market, whereas Volkswagen is a new entrant. However, the company is not considering brand mergers and wants to create a niche for itself. “We will concentrate on increasing our volume now,” Stephan said. BMW India will expand operations in India by opening four more outlets by the middle of 2011. This will take the company’s network to 22 cities from 18 at present. BMW sold 3,600 cars in 2009. Till October this year, it has already sold 4,721 units. “In November-December, we expect to touch 5,000-6,000 units. Our major markets here are New Delhi and Mumbai, accounting for 70 per cent of our total sales,” said Andreas Schaaf, They have been prohibited them from taking back money until they are 58 years old or incapacitated. However, analysts said these has been done for those countries that don’t have social security agreements with India The document identification number (DIN), on the lines PAN and TAN, will be quoted on “every” income tax-related communication allotted the numbers in order to streamline the process, the official said, adding, the number has to be produced thereon for every activity with the department. Taxpayers and tax collectors are currently required to quote Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) among others when returns are filed. According to section 282B of the Income Tax Act that deals with DIN, if the document sent to the tax authority does not bear this unique computer-generated number then “such document, letter or any correspondence shall be treated as invalid and shall be deemed never to have been received.” DIN is aimed at bringing more transparency in tax administration. A taxpayer deals with the department for various other financial services, which DIN will help to ease, the official said. – PTI president, BMW India. In Kolkata, it has sold 160 units. But the market is growing ‘by leaps and bounds’. “Our current market share is 39 per cent, at par with Mercedes Benz, India. During December-January, we will launch three new models including the X3,” he said. It will introduce a pre-owned car business with the launch of BMW premium selection by the end of 2010 and open for the first time in the luxury car segment in India, ‘exclusive’ pre-owned car showrooms in Gurgaon, Mumbai and Chennai. The BMW plant at Chennai produces the BMW 3 Series and 5 Series sedans and now will produce the new BMW X1. The plant can produce 5,400 units per year on a single shift basis. “We will go for a second shift as demand grows. We have purchased an additional 18 acres at an investment of `0.9 billion for further expansion. Our Indian investments stand at `1.8 billion, inclusive of the above,” Schaaf said. into SSAs till date, to now enter into such agreements with India,” Agarwal said. The tax consultancy firm Deloitte said the amendments will raise the cost structure of these workers in India. “This amendment will inflate the cost structure of Indian assignment of IWs and the employers will have to factor this additional cost in their financial budget,” it said in a statement here. IWs were earlier not covered under the Employees’ Provident Fund Scheme. In October 2008, India made changes in the scheme by bringing them under the purview of social security regime. Accordingly, IWs and the employers for whom they are working in India are required to make social security contributions. – PTI Market not to impact Godrej Properties Sandhya Sutodia Kolkata: Godrej Properties (GPL), a Mumbai-based real estate development company, plans to go ahead with its 82 million square feet in the next few years, despite a volatile market. Against the backdrop, where realty stocks are tumbling in choppy market, Milind Korde, managing director, GPL, told The Bengal Post: “The market is driven by its own forces. Due to the joint venture model we follow, there will be no impact of the liquidity crisis on us. We are working as per our plans.” Godrej is developing projects in 11 cities, which are at various stages of development. Korde said: “The demand for residential properties is strong. The parent, Godrej Industries, holds 80.26 per cent in the company. Some of the new projects being developed by the company include the Godrej Avalon at Mangalore, Godrej Frontier, Gurgaon, the second phase of a residential project in Bengal at Sodepur, which is five times bigger than the first one of four lakh square feet. Meanwhile, it also is developing Waterside and Genesis at Salt Lake’s Sector V. GPL, which has tied up with Larsen and Turbo for civil work in projects across the country, reported a net profit of Rs 122.81 crore in the 2009-10 (Rs 74.68 crore in 2008-09). Sahara rebuts Sebi order New Delhi: Stung by market regulator Sebi’s ban on its firms and supremo Subrata Roy from raising money from the public, the Sahara Group today dubbed the order as “irresponsible” and said it will soon challenge the order that reflected “malice and bias” on the part of officials. “Sebi has pushed us against the wall, that is why in the interest, image and goodwill of entire Sahara India Pariwar, we have been forced to come out with all the details... Now we shall soon appeal against Sebi’s action at an appropriate forum,” the group said in full-page advertisements in national newspapers. “... Certain individuals occupying their office (Sebi officials) act with malice and biased approach which serve no public good and earn only a bad name,” Sahara India said in its campaign, which has was launched within days of the order that barred and questioned the raising of funds by two group entities through a debenture instrument. – PTI
The Bengal Post Kolkata Monday November 29, 2010 BUSINESS Disgorgement body in the works New Delhi: In the wake of various financial frauds, including the `14,000 crore Satyam scam, the government is planning to set up an authority to compensate duped investors by recouping money from fraudsters. The disgorgement authority, which will be under the administrative control of the Corporate Affairs Ministry, was mooted in the aftermath of various stock market scams in which small investors lost crores of rupees. Disgorgement, as a financial term, means the forced giving up of profits obtained illegally or unethically. The Companies Bill 2009 has provisions for strengthening the disgorgement clause, which is at present “not precise” and “left to individual interpretation”, according to a senior official of the MCA. “What we are planning is to set up a body, in the lines of the Serious Fraud Investigation Office (SFIO), whose main purpose will mainly be to trace and collect money from wrongdoers and distribute it among the duped investors,” the official said. Clause 33 of the new Companies Bill “seeks to provide that any person who makes, abates making of an Sebi draft proposals getting lukewarm public response New Delhi: Poor public participation in stock market has always been a concern for the regulators, but even poorer seems to be the response to key draft regulations that are put out for public comments before becoming laws. A high-level committee formed by capital market regulator Sebi last week submitted its recommendations on changes in ownership and governance norms for stock exchanges and other market infrastructure institutions after analysing the comments from the public and various market players. However, the recommendations that suggested sweeping changes in the way stock exchanges are owned and earn profits among other issues were arrived at after only 29 responses received by the Sebi committee in over six months. The number of responses were even less than the total number of questions posed by the committee in a questionnaire it had put out for application in fictitious name or makes or abates making of multiple applications or otherwise induces companies to allot shares in fictitious name, shall be punishable with imprisonment and with fine. “The clause further provides that Court may order disgorgement of any such gain and seizure and disposal of such securities.” As per the present company law, the penalty for duping an investor is a maximum of two years’ imprisonment, or a fine of `5,000 or both. Following scam unearthed by Sebi in IPOs of 21 companies during 2003-05, the market regulator has Sandhya Sutodia Kolkata: West Bengal may have another reason for celebration as it is almost ready with the Durgapur incubation centre, which is set to be inaugurated on Monday, with the one at Siliguri to follow soon. The West Bengal Electronics Industry Development Corporation (Webel)-promoted incubation centres, being set up as part of the overall policy of developing technology parks in smaller cities, is the first such in tier-II and III cities across the state. The small and medium enterprises intending to set up their establishments there will be given built-up space with plug-and-play facilities to start their operations. The IT department had only 181 acres allotted to it till 2006, but now it has another 300 acres in Rajarhat, 130 acres in Bantala, 10 acres in Nonadanga and three acres each in Durgapur and Siliguri. Medical tech to see high growth Our Correspondent Mumbai: Owing to strong economic growth, higher public spending and private investments in healthcare, the Indian medical technology industry is expected to grow from $2.75 billion in 2008 to $14 billion in 2020, says Federation of Indian Chambers of Commerce and Industries’ and Pricewaterhouse Coopers’ latest report. The Ficci-PwC report on ‘Medical Technology in India: Enhancing Access to Healthcare through public comments. Besides ownership and profitability of the bourses, the recommendations were also made on issues like listing of the bourses, their regulatory role, foreign shareholding as also appointment and remuneration for the top management personnel. Similarly, another key regulation recently framed by the Sebi was allowing the retail investors to invest up to `2 lakh in initial public offers, while doubling the limit from `1 lakh earlier. The proposal for this was also put out for public comments, but a decision was taken only on the basis of 21 favourable comments as against as many as 260 comments made against increasing the limit. Sebi justified the decision of going against the majority on the ground that bulk of negative comments appeared to be coming from one or two sources. On the other hand, the Sebi committee on ownership and governance of market infrastructure institu- Innovation’ notes that success in medical technology innovation would be dependent on five pillars--powerful financial incentives, creating capacity for quality research, supportive regulatory system, demand and supply of health services and a supportive investment community. According to a survey conducted for nine countries -- America, United Kingdom, Germany, France , Japan, Israel, India, China and Brazil -- the advanced economies do not have the need for frugal innovation, hence the tions received total 29 responses to its questionnaire, including five from nation-wide and regional stock exchanges, seven from associations and four from market intermediaries. Responses came from only one domestic institutional investor, one investor association and six individuals. Industry experts said that the regulator needed to mull over ways to improve the public response to its draft proposals and the same could be done with ways like putting out the draft proposals mandatorily in the newspapers and other publications rather than only on the Sebi website. The regulator could consider taking steps for increasing the awareness about public comments alongside the initiatives about expanding the investor participation in the market, they added. An estimated one per cent population of the country is only said to be present in the capital market. – PTI epicenter of the innovation ecosystem is shifting towards emerging economies India and China. Also emerging economies will have a higher spending on R&D in the future that will provide the trigger for innovation. The report reveals that medical technology market commercialisation opportunity in India (both current and future) is the highest among the countries surveyed, indicating a pressing need for medical technology innovation to meet the demands of the local market. come out with a mechanism of disgorgement. In April this year, Sebi began with disbursing about `23 crore to 12.75 lakh investors from the amount disgorged in the IPO scam. The money was distributed to the unsuccessful IPO applicants in 21 IPOs. In April 2006, Sebi investigations found irregularities in allotment of shares to retail investors in 21 IPOs including that of IDFC, NTPC, TCS, YES Bank and Suzlon Energy. In November 2006, Sebi passed a disgorgement order, estimating the amount to be collected at `115.82 crore. – PTI Incubation unit set to start operation The report further notes that the government needs to take a leading role in addressing the bottlenecks that plague medical technology innovation. The industry will see greater support from the investment community through funding from venture capital, private equity, etc. The Ficci-PwC report further suggests that public spending in healthcare should increase from 1 per cent of gross domestic product (GDP) to 3 per cent of GDP. “We are ready to employ 600 people directly in the Durgapur IT Park spread across 56,000 square feet (sq.ft.) on three acres, to be inaugurated on November 29,” Debesh Das, IT minister told The Bengal Post. This project, which entailed an investment of Rs 20 crore, will be expanded up to three lakh sq.ft. at an additional investment of Rs 80 crore and employ 3,000 people in total, Das said. Till now, Itrix Technologies is among the three companies which has shown interest in the hub. The six-storied Siliguri centre, spread across more than 50,000 sq. ft. is also ready. Sources said Webel is in touch with many companies for setting up IT operations and Acclaris is planning to set up shop here. The IT department has also identified Kharagpur for supporting local call centres. “We have taken 3 acres in Kharagpur to build an IT park at an investment of Rs 100 crore.. work will start next year,” Das said. Centre plans study to ascertain black money New Delhi: After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject. Finance minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the quantum and nature of unaccounted money in the country. The National Institute of Public Finance and Policy (NIPFP), the Indian Statistical Institute (ISI), the National Council for Applied Economic Research (NCAER) and the National Institute of ROADIES Financial Management (NIFM) were told to submit their proposals by the end of this month, a key finance ministry official said. “Such a study would have a duration of one year and also include officials of the Central Board of Direct Taxes (CBDT), Central Board of Excise and Customs (CBEC), Enforcement Directorate and the Department of Economic Affairs, including the Federation of Indian Export Organisations,” he said. Besides, officials from the ministry of home affairs, ministry of external affairs, the Cabinet secretariat and the ministry of statistics and programme implementation would also be involved. The Parliamentary 13 Standing Committee on Finance had earlier mooted the proposal for this kind of study. The first study on unaccounted money was conducted way back in 1985. The proposal for the new study assumes importance in the wake of a report by Dev Kar, economist from the US-based Global Financial Integrity, which showed that $462 billion (over `20 lakh crore) was drained out of the country between 1948 and 2008. The report said that nearly 50 per cent of the total illegal outflows have occurred since 1991 and around a third of the money exited the country between 2000 and 2008. – PTI � A convoy of some 200 Harley-Davidson bikers from all over the world ride through the desert in Wadi Rum, on Saturday, during the 1st annual Harley Davidson rally in Jordan. – Reuters House panel recommends single regulator for ports New Delhi: A Parliamentary panel has asked the government to establish a single regulator with quasi- judicial mandate for settling disputes for all the ports in the country. Suggesting amendments to the Major Port Trust Act, 1963, the committee of estimates, which presented a report on the ministry of shipping to the Lok Sabha, has also asked the government to provide a level-playing field for country’s ports. “A level playing field should be there for all ports in the country, under a single regulator with a quasi-judicial mandate for settling disputes,” the panel said in its report. At present, the ports are decided into two categories: major ports, and minor and intermediary ports. While the central government manages and regulates the major ports, the minor and intermediate ports are administered by state gov- I did not need a car because I already had three. But, I was completely floored by its cute looks. I bought it with my own savings. The controversy surrounding it generated interest. But, I tell my husband to not go beyond 70 kmh. Otherwise, I find the vehicle extremely spacious considering its small size. ernments of the nine coastal states of West Bengal, Orissa, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa, Maharashtra and Gujarat. According to statistics, there are 13 major ports in the country including Nhava-Sheva, Mumbai, Kandla among others that are regulated by the Tariff Authority of Major Ports (TAMP). However, ports controlled by the State governments are not within the purview of TAMP. – PTI Nano thinks of out-of-box marketing strategies Shaoli Chakrabarty & Madhumita Mookerji The Nano, India’s iconic small car, may have given the Auto Expo in the city a miss, but dealers in Kolkata are pressing on the sales accelerator with never-seen-before marketing strategies. Eyeing the small-car market in Kolkata, which is pegged at 3.5 lakh units per month against 8.5 lakh units for the entire eastern region, the three city dealers are steering away from traditional pegs. Novel initiatives include displaying the little car in various apartment complexes and corporate premises to ensure that its popularity does not skid in a market flooded with swanky variants. Furthermore, they have joined hands for an “exchange mela” where they are wooing two-wheeler owners to graduate to the Nano. “We have had a good response and sold 30-odd cars in October when Tata Motors declared open sales. This month, we expect to sell another 40 units through the mela. Otherwise, we have been selling 100 cars a month on an average,” said Pradip Jain, proprietor, RD Motors. The dealer expects to sell an additional 100 units in November. Prior to open sales, 800 vehicles had been delivered from RD Motors. Binod Agarwal of Tata Lexus said BRAND-WIDTH his dealership is exploring tie-ups with 14 banks for easy financing options to prospective customers – a big jump from the initial loan tie-up with the State Bank of India. “The Grameen Bank has also been roped in to cater to rural customers,” Agarwal said. “Around 2,000 enquiries poured in, in October alone. It is difficult to say how many of these will actually convert into sales, but demand for the small car has been growing at around 20 per cent per month,” said Mahesh Rathi, assistant general manager at Lexus. Incidentally, the most popular in the city is the LX version, comprising 60 per cent of sales with the CX (20 per cent) and standard variants bringing up the rear. According to the Society of Indian Automobile Manufacturers, Nano features in the mini segment (upto 3,400mm in length) and has only the Maruti 800 from Maruti Suzuki’s stable as its competitor. However, with sales of the Maruti 800 being discontinued in 11 cities under the Euro IV norms, which includes the major metros, Nano still has an open playing field. From April-October 2009-10, around 10,518 Nanos were sold in India compared to 18,980 Maruti 800s. During the same period in 2010-11, about 40,467 Nanos were on the road against 14,744 Maruti 800s. AUTO-BIOGRAPHY COMPANYSPEAK Fuel efficiency 23.6 km/litre, certified by the Automotive Research Association of India under mandated test conditions, the highest for any petrol car in India. Emission The Tata Nano is BS-III* compliant and BS-IV* ready. Also available in BS-II* norms. Warranty 18 months or 24,000 km, whichever is earlier. Tata Motors is not recalling Nanos… There are no generic defects … We have noticed instances of additional foreign electrical equipment having been installed or foreign material left on the exhaust system.. We have decided to make the car even more robust by providing additional protection in the exhaust and electrical systems... Option lies with our customers on whether they would like to avail for these measures. This will be provided at no cost to customers. NANOSPEAK Debasish Bhaduri N K Jain (55, professional) Kabita Saha (62, housewife) When some Nanos caught fire, the company messaged me reassuring its safety. I have no complaints. For a middle-class background, this car is a wonder, but I could do with some more rear space. We could have gone for some other small car but my daughters insisted on buying Nano. Prabir Bhattacharya Tata hits at inconsistent, bias in govt policies New Delhi: Severely criticising the inconsistencies in government policies, industrialist Ratan Tata has said that India was going against former leaders Nehru and Indira Gandhi’s idea of being self-sufficient. Asked if he was seeing increasing unpredictability in the government policy from the point of investors, Tata said in an interview to a news channel: “Yes I think so, I’ve always felt and said this openly that behind it is not government policy, what’s behind it is the vested interests.” On the usage of natural resources, including exports, he said: “In fact we are going counter many years Mr Nehru’s and Mrs Gandhi’s national criterion of being self-sufficient, where we have the capability to be selfsufficient, where today we can equal the best manufacturing facility anywhere in the world.” Stating that he had told the policymakers that national resources should be one of their key issues, Tata said that one of the major problems relate to such subjects being vested with both Centre and states and “between them, sometimes nothing happens.” He also debunked reports that the group had paid a sizeable amount of money to former chief minister of Jharkhand Madhu Koda for acquisition of mining concessions. “It is absolutely untrue. As the chairman of Tata steel, I can say, we have not done any such thing - directly or indirectly... Actually we have got no leases in his (Koda’s) time which should in itself be an indication of the veracity, or the lack of veracity, of the stories being circulated.” He replied in the affirmative on if he ever regretted being in telecom business. “Yes, because of inconsistencies in the policy... because of the bias that exists... yes, sometimes I do, but it is a great area.” – PTI
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Page 3 and 4: Briefly Debate on AIDS at city hosp
Page 5 and 6: Briefly Shops gutted by fire in Sil
Page 7 and 8: Briefly � Playback singer Sukhwin
Page 9 and 10: It is quite symbolical that Chinese
Page 11: Briefly Heavy snow hits Chinese air
Page 15 and 16: The Bengal Post Kolkata Monday Nove
Page 17 and 18: Some video games depict and glorify
Page 19 and 20: Little bundles of joy Children had

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