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OUTCOME and not outlay is important for which we need to bring about major reforms in the ‘designs of delivery’ and concentrate on institutional reforms, said Pranab Mukherjee, Finance Minister of India. He was speaking at a function organised by Lokmat Group of Newspapers at Dr Vasantrao Deshpande Sabhagruha on Saturday evening.

Union Finance Minister Pranab Mukherjee called upon the fresh batch of IRS officers to accept newer challenges emerging out of foreign capital influx as India would be most sought after investment destination among Asian countries. Due to unfavourable atmosphere, there is uncertainty of investment in European countries. The issue was discussed at length at the recently held Governors’ meeting of the Asian Development Bank (ADB), he added.

The latest move of Insurance Regulatory and Development Authority (IRDA) asking agents to disclose commission has initiated new set of arguments. Reacting sharply on the matter, most of the insurance sector union leaders in the city said that the step would prove a major hindrance in the growth of the sector. The new rule will come into effect from July 1, 2010. The decision to disclose commission comes at a time when market regulator Securities and Exchange Board of India and IRDA are locked in a battle for control over equity linked insurance plans.

The latest move of Insurance Regulatory and Development Authority (IRDA) asking agents to disclose commission has initiated new set of arguments. Reacting sharply on the matter, most of the insurance sector union leaders in the city said that the step would prove a major hindrance in the growth of the sector. The new rule will come into effect from July 1, 2010. The decision to disclose commission comes at a time when market regulator Securities and Exchange Board of India and IRDA are locked in a battle for control over equity linked insurance plans.

The new Bill to amend the Minimum Wages Act 1948, and Payment of Wages Act 1936, passed by the Legislature during the recently concluded Budget session has invited strong condemnation from trade and industry. As per the new ruling, it will become mandatory for payment of wages through banks and cheques to all labourers in the organised and unorganised sectors who are in continuous employment and who earn wages of more than Rs 3,000 per month. State’s basic objective is to provide benefit to contract workers, daily wage workers and all the workers in continuous employment even in unorganised sector and therefore, these workers will get their full wages through their bank account. This measure would also benefit their families because of the money being deposited directly into their bank accounts.

Although green house gases are essential for the exisitance of life on the earth, excess of it may cause grave danger to the life,” said Dr Raja Iyer, an internationally acclaimed Quality and Environmental Management Expert.

Orange City Hospital and Research Institute (OCHRI) has launched dedicated Joint Replacement Surgery Unit. Dr Alankar Ramteke, an Orthopaedic Surgeon has joined OCHRI as a specialist in Joint Replacement and Reconstruction surgery.

In a joint operation, the officers of the Directorate of Revenue Intelligence, Mumbai and Central Excise and Customs Commissionerate, Nagpur seized huge quantities of psychotropic substances from the factory of M/s Vineet Organics Private Limited, Amravati and M/s Manish Garden, Akola on November 23 and 24, 1995. The haul consisted of about 1.7 MT of Methaqualone powder, 2.04 MT of Methaqualone tablets (popularly known in the illicit trade as Mandrax Tablets) and about 1500 litres of Methaqualone liquid. A total of nine persons were arrested from these premises. The prosecution was launched against these persons in the court of Additional Sessions Judge, Akola under the provisions of the NDPS Act, 1985. The Additional Sessions Judge, Akola had convicted six persons and sentenced them to undergo rigorous imprisonment for 10 years and also slapped them with varying fines. The names of the accused persons convicted in the case are Ramesh Kumar Agrawal alias Kaliya, Nilkanth Sitaram Gawde, Bhaskaran Nair Anil Kumar, Anil Shankarrao Zade all from Akola and Prashant Thakurdas Rathi, Suresh Poonamchand Sharma both from Amravati.

M D KABRA, Chief Commissioner of Income-Tax (CCI-T), Vidarbha called upon members of Nag Vidarbha Chamber of Commerce (NVCC) to create awareness among traders to compulsorily file returns. Karbra, who was interacting with the NVCC members on Tuesday, continued that if returns are filed on time, it will help in widening the tax base and also the collection will swell. He said that if the NVCC members find someone who had various sources of income and is not filing the returns or not paying the real taxes, they should inform the Income-Tax Department. “We will keep informer’s name secretly. Informer is also one of the sources of information to flag off the search and seizure operations,” Kabra said. He said that those who falls in the bracket for the payment of Income-Tax (I-T) should regularly pay taxes as they are used for setting up social infrastructure in the country. “It is your duty to pay taxes and it is our duty to collect it as both of us are rendering services towards our own country,” he said.

EVEN as the proposal to enhance infrastructure spending and focus on inclusive growth by Finance Minister Pranab Mukherjee has seen steel manufacturers smiling, the prices of steel have gone up sharply. The rise is in the range of Rs 800/- to Rs 1,000/- per tonne on all products, it was learnt. Steel prices are likely to rise further in the months to come due to rising input costs. Manufacturers believe the rise in fuel prices will also affect their cost of production and freight. “Prices have gone up by Rs 800/- to Rs 1,000/- per tonne on all products,” said K K Bagaria, Managing Director, Shilpa Rerollers Pvt. Ltd.

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Marketing

Khandelwal Steel & Allied Industries closed its unit on April 15, 2003 without complying with the provisions of law, the petition alleged. The petitioners were not given closure compensation and other benefits. Even when it was in operation, the company did not pay them monthly wages regularly. Their dues are in the region of Rs 7.32 lakh. They challenged the closure by filing a complaint in the Labour Court, which is still pending

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Personalities of the day

· Kanchi