Trai extends deadline on SMS restrictions to March 1

CHENNAI: There might be some respite from the annoying text messages that clog your phone inbox, asking you to buy land or the latest brand of laptops for a steal, with the Telecom Regulatory Authority of India (Trai) instructing service providers not to provide packages that allow more than 100 SMSes per day from March 1, 2011. This is the third time the deadline has been extended though. Trai had earlier set January 1 as the date for imposing the restriction before it was postponed to February 1.

Besides, Trai has also said that a separate numbering series-beginning with '140'-will be allocated to telemarketers so that all telemarketing calls can be identified. Any call that comes from any number beginning with 140 will be a commercial call and the customer will have the choice of receiving it. In the same way, a unique SMS header has been prescribed which would make it easy to identify commercial text messages. These regulations have been ordered by the TRAI due to the increasing number of unsolicited commercial calls and messages.

"We have simplified the registration process for telemarketers and hopefully all of them will register with the Trai, but in order to minimize telemarketing calls and text messages from unregistered telemarketers, all service providers have been asked to restrict the number of text messages per day to 100," said TRAI advisor S K Gupta.

He also said that transactional messages would be exempt from this in order to allow communication between agencies such as banks, insurance companies, telecom service providers and providers sending train and flight schedules. "Even then only transactional messages which are relevant will be permitted and those which are promotional in nature will not be," said Gupta. He also said that the telemarketers' registration has already commenced from January 15.

According to TRAI data on SMS usage in urban India, it was found that an Indian sends an average of 29 messages per month but 75% of them receive a minimum of four marketing or promotional messages in a day.


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Strong farm sector to help GDP grow 8.5% in 2010-11

NEW DELHI: India`s agricultural sector, often branded as a laggard, has come to the economy`s rescue.

The government`s statistical office is expected to peg gross domestic product at 8.5% for the current financial year in the advance estimates that are due to be released on Monday. This reflects a mild slowdown from the 8.9% growth registered during the first half of 2010-11. During the last financial year, the economy had grown by 8%.

The growth will be powered by the farm sector. Helped by abundant rains this monsoon, the agriculture sector that now accounts for less than one-fifth of the economy, is expected to expand by 6-6.5% according to the first official estimates.

According to sources, per capita income is likely to grow at around 6.5-7% during 2010-11.

Manufacturing sector, seen as the main job creator, is also going to be the biggest worry for policymakers with the sector showing signs of slowdown as inflation, and the subsequent increase in interest rates, is affecting capacity addition in the sector.

The first estimates of GDP would be revised in May and again next January.

The advance estimates of GDP are near the levels announced by finance minister Pranab Mukherjee but lower than what has been projected by several agencies including the Reserve Bank of India. In its latest monetary policy review, RBI had retained its earlier projection of 8.5% with the possibility of an upward bias.

The Prime Minister`s Economic Advisory Council headed by C Rangarajan and the Asian Development Bank had estimated that the Indian economy would expand by 8.5% this year.

Among the international agencies, the World Bank had projected a growth of 8.7% this year in its estimates released in January, but it is lower than the International Monetary Fund`s 8.8%.

Economists say the robust domestic demand is the key driver for India`s growth as is evident from a spurt in the sale of cars and white goods. Though the worry is about growth being close to full capacity, the higher farm sector output would augur well for the industrial sector as rural income would get a boost.

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'15 Indian secret account holders in Liechtenstein bank'

NEW DELHI: A list of 15 individuals and trusts allegedly holding secret accounts in the tax haven of Liechtenstein was released by Tehelka news magazine on Thursday.

The list had been handed over to the Indian government in March, 2009 and the government had taken the stand that the names could not be disclosed because these had been given by the German government on confidential terms.

Investigation by the Central Board of Direct Taxes against the individuals and entities figuring in the list are believed to be close to completion. They are expected to be prosecuted under various provisions of Income Tax Act.

The list released by Tehelka contains the names of 12 individuals and three foundations without their addresses and the business they are involved in as also the amounts they have allegedly stashed in these accounts.

The list released by the magazine contains the following names:

1. Manoj Dhupelia

2. Rupal Dhupelia

3. Mohan Dhupelia

4. Hasmukh Gandhi

5. Chintan Gandhi

6. Dilip Mehta

7. Arun Mehta

8. Arun Kochar

9. Gunwanti Mehta

10. Rajnikant Mehta

11. Prabodh Mehta

12. Ashok Jaipuria

13. Raj Foundation

14. Urvashi Foundation

15. Ambrunova Trust

The magazine said it had approached each of the individuals involved and was awaiting their response pending which it is not giving details though it had given the names.

According to the magazine, the name of the chairman of a major Indian corporation was on the list but it had decided to hold back the name because it was awaiting "his full version".

CNN-IBN channel has named four trusts as belonging to Indians — Ambrunova Trust, Marline Management SA, Marnichi Trust and Socalo Stiftung.

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Rupee down by 4 paise against dollar

MUMBAI: The rupee fell by 4 paise to Rs 45.65 against the US dollar in early trade at the Interbank Foreign Exchange today, weighed down by gains registered by the greenback against other currency rivals.

Forex dealers said besides dollar gains against other Asian currencies, a weak opening in the stock market due to foreign fund outflows also put pressure on the Indian rupee.

The Indian rupee had ended flat at 45.61/62 against the US currency yesterday.

The Bombay Stock Exchange benchmark Sensex opened 58.35 points lower at 18,390.78 in opening trade today.

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PM favours waiving octroi, local taxes

NEW DELHI: Admitting that inflation posed a serious threat to the growth momentum affecting the poor and vulnerable sections, Prime Minister Manmohan Singh on Friday favoured waiving mandi, octroi and local taxes, which impede the smooth movement of essential commodities.

Addressing chief secretaries of states, Singh said that though the economy has been on a high growth trajectory for the past few years, inflation posed a "serious threat to the growth momentum".

"There seems to be a strong case for waiving mandi taxes, octroi and local taxes, which impede the smooth movement of essential commodities," he told the top bureaucrats.

He said there was a need for a "paradigm shift" in the institutional arrangements, for improving the availability of various commodities to meet the higher levels of domestic consumption.

Referring to the internal security situation, he said it was "tense in some parts of our country".

He said there has been an unacceptably high level of violence in areas affected by Left-wing extremism and in the Kashmir valley.

Singh also said that serious concern had been expressed in many responsible circles about the "lack of ethical conduct and probity in our public life".

The Prime Minister said though major anti-poverty programmes have achieved considerable success, the "quality of delivery of service has not been always as good as it could be, as it should be".

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Sensex tumbles 441 points on inflation, interest rate concerns

MUMBAI: After two-day upward movement, the BSE benchmark sensex dipped again today to 5-month low by losing 441 points to close at 18,008.15 as high inflation and rising interest rate fears gripped investors.

Prime Minister Manmohan Singh said inflation poses a "serious threat" to the nation's growth momentum.

Investors have also been concerned over the impact Egyptian crisis of the past few days may have on Indian firms with presence there, amid apprehensions that the political turmoil may spread across the region.

The Bombay Stock Exchange benchmark sensex, which had gained 427 points in the last two trading sessions, turned volatile and plunged 441.16 points to 18,008.15, a level last seen on August 31.

The gauge had dipped below 18,000 level in the last 30-minute trading after initially rising to 18,542.20. The benchmark, the world's worst performer so far this year, has dropped 13 per cent from November 5 record levels.

In a similar fashion, the broad-based National Stock Exchange index dipped below 5,400 points level by losing 131 points to settle at 5,395.75. It touched the day's high of 5,556.30 as market remained volatile.

The trading sentiment remained jittery over the interest rate hike as Singh said at a high-level meeting that inflation posed "a serious threat to the growth momentum".

Brokers were of the opinion that the current hefty fall was mostly attributed to the rising inflation and interest rates, besides mounting tension in Egypt.

They said foreign investors were refraining from enlarging their positions and taking out their funds from emerging markets on geopolitical tension also dampened the market sentiment.

The two most-heaviest counters with their 23 per cent weightage on sensex - Reliance Industries and Infosys Technologies declined to led the fall. RIL dropped by Rs 24 to Rs 919.50 and Infosys by Rs 69.50 to Rs 3,046.35.

The realty sector index suffered the most by losing 3.37 per cent to 2,199.24 followed by FMCG index by 3.08 per cent to 3,214.30. Teck index lost 2.28 per cent to 3,689.99 and IT index by 2.26 per cent to 6,258.50.

Corruption dents India's global image: PM

NEW DELHI: Expressing concern over the "menace" of corruption in the wake of a series of scams, Prime Minister Manmohan Singh Friday said it demeans and dents India's image.

"Corruption strikes at the roots of good governance. It is an impediment to faster growth. It dilutes, if not negates, our efforts at social inclusion. It dents our international image and it demeans us before our own people," Manmohan Singh said, addressing the second annual conference of chief secretaries of states here.

The prime minister said the "challenge" of corruption needed to "be faced frontally, boldly and quickly".

He said the government has set up a group of ministers to look "into all measures, legal or administrative, to tackle this menace".

He also mentioned two bills introduced in parliament relating to judicial accountability and the protection of whistleblowers.

"Along with legislation, the necessary revamp of administrative practices and procedures needs to be fast-tracked," he said.

He asserted that a systemic response needs to be put in place to reduce opportunities for corruption.

"It is now well documented that the introduction of competition, greater choice and modern technology can cut down the opportunities for corruption in a very meaningful manner."

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MiG-21 crashes in MP, pilot safe

NEW DELHI: An IAF MiG-21 'Bison' fighter aircraft crashed in Anupnagar district in Madhya Pradesh on Friday.

The crash occurred at around 11.20am at Anup Nagar, 150 km from Gwalior, an IAF spokesperson said.

"The pilot, squadron leader Roy, managed to eject safely," he said.

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