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Archive for August, 2009

Aug 26 2009

Infrastructure sector growth slows to 1.8%

Published by atreyee under News Edit This

The growth of six core infrastructure industries eased to 1.8 per cent in July, the lowest this fiscal, as petroleum refinery acted as a drag on the sector.

A 14.4 per cent contraction in petroleum refinery products constricted expansion of the six key industries in July, against 5.1 per cent a year ago.

The core sector, which comprises petroleum refinery, crude oil, coal, electricity, cement and finished steel and accounts for 26.68 per cent in the country’s industrial production, had grown by 6.8 per cent in June and had then raised hopes of industrial recovery.

Crude oil, though at lower rates, dipped by 0.4 per cent in July against minus three per cent a year ago. However, coal expanded by 9.7 per cent against 5.5 per cent, electricity by 3.3 per cent as compared to 4.5 per cent, cement by 10.6 per cent as against 5.5 per cent and finished steel by 1.2 per cent as against 6 per cent.

However, thanks to better showing in the previous three months, core industries improved performance by 4.1 per cent for April-July period, against the corresponding months in the last fis

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Aug 15 2009

Union Budget: What the FM has in store for you

Published by atreyee under News Edit This

Income tax incentives on education loans expanded to cover vocational studies after schooling.

  • Share of direct taxes has increased to 56 per cent in 2008-09 over 41 per cent in 2007-08.
  • Direct Tax code to be released in 45 days along with discussion paper.
  • To further improve the efficiency of tax system, I propose to set up two authorities for advance ruling, said Pranab.
  • Effort is to improve tax collection by eliminating distortions in tax system and expanding the base.
  • Proposal to incentivise business. I propose to start investment linked tax benefits in areas of agriculture and national grid, said Pranab.
  • Small businesses up to Rs 40 lakh (Rs 4 million) turnover exempted from filing advance tax returns.
  • Customs duty of 5 per cent being levied on import of set-top boxes used under Conditional Access System.
  • Allocation for market development assistance scheme enhanced by 148 per cent.
  • Extension of interest subvension scheme extended upto March 2010 to cover sectors like handicrafts and handlooms.
  • Extension of stimulus package for print media by another six months beyond June 30 in view of the economic downturn.
  • Subsidy regime for fertilisers to change to nutrient-based rather than price-based.
  • An expert committee to be set up to advise on viable and sustainable pricing system for imported petroleum products.
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    Aug 14 2009

    Kisan Sabha says Centre didn’t do enough for farmers

    Published by atreyee under News Edit This

    The All India Kisan Sabha has welcomed Prime Minister Manmohan Singh for admitting that the food grain production has been affected by a below average monsoon.

    In a statement the Sabha says that paddy cultivation has been severly affected and that the PM had not announced any hike in the Minimum Support Price for the growers, as sought by them. The Sabha also calls for the reccomendations of the MS Swaminathan Foundation on calculating MSP be implemented.

    The Kisan sabha welcomed the Centre’s move to reimburse 50 percent of diesel cost incurred by states. The National Food Safety Mission and the Rashtriya Krishi Vikas Yojana ( National Agriculture Development Scheme) were also targetted for not meeting their targets and failing to increase food production in the country. The lack of transfer of technology and information , especially by the Ministry of Agriculture has come in for a lot of flak.

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    Aug 02 2009

    Long cohabitation of couples is presumption of marriage, says Supreme Court

    Published by atreyee under News Edit This

    The Supreme Court has held that if a man and a woman are residing together for a long time and have been accepted by the society as husband and wife, a presumption of a valid marriage can be drawn.

    “A long cohabitation and acceptance of society of a man and woman as husband and wife goes a long way in establishing
    a valid marriage,” a Bench of Justices S B Sinha and Cyriac Joseph observed.

    The Bench said when disputes of valid marriages comes into question, courts can rely not only on the various material placed before it, but also draw a presumption on the basis of the conduct between the two parties. “In arriving at a finding of fact, indisputably the learned trial judge was not only entitled to analyse the evidences brought on record by the parties so as to come to a conclusion as to whether all the ingredients of a valid marriage as contained in Section 5 of the Hindu Marriage Act, 1955 stand established or not.

    “A presumption of a valid marriage having regard to the fact that they had been residing together for a long time and has been accepted in society as husband and wife, could also be drawn,” the apex court said.

    The Bench passed the ruling while dismissing an appeal of one Challamma, who questioned the claim of a woman’s marriage to her deceased son K Subramanya.

    Prior to his marriage, Subramanya had nominated his mother Challamma as nominee in his insurance policies. After his death, Challamma sought the entire survival benefit accruing from the insurance policies to herself. She claimed that the other claimant, Tilaga, was not married to his son as there was no valid proof of the same. But the trial court awarded Challama only one-fourth of the amount and the remaining went to Tilaga, whose marriage with Subramanya was accepted by the judge on the basis of the material evidence produced before it.

    Challama appealed to the Karnataka High Court but it dismissed her plea. She later approached the apex court. Rejecting her plea, the apex court said the question as to whether a valid marriage had taken place between deceased Subramanya and Tilaga is essentially a question of fact. In the present case, the wife had proved with material facts that she had married Subramanya and lived with him for over three years, the apex court said. Whereas, Challama could not adduce sufficient evidence to prove her charges, it noted. “A heavy burden, thus, lies on the person who seeks to prove that no marriage has taken place,” the Bench said. Further, the apex court said a nominee could not be treated as being equivalent to an heir or legatee. “The amount of interest under the policy could, therefore, be claimed by the heirs of the assured in accordance with the law of succession governing them,” the Bench added while dismissing the mother-in-law’s appeal.

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