High Commission of India,
London
Economic &
Commercial
Important Information/Notices
| India Millennium Deposits (IMDs) | |
The post-issue publicity of the Resurgent India Bonds (RIBs) and the good investment that it has proved, has resulted in several inquiries at NRI fora about the possibility of a similar issue. As such, the need for a similar foreign currency denominated deposit instrument has been felt for some time. Keeping in view these requests, State Bank of India has decided to come out with a programme of a 5-year foreign currency denominated deposit, named "India Millennium Deposits (IMD)" for mobilising funds from Non-Resident Indians. Highlights of the scheme are:
Open to NRIs, OCBs and banks acting as fiduciaries.
Coupon rate US$ 8.5% per annum; GBP 7.85% per annum; and Euro 6.85% per annum.
Can be held jointly with NRIs/Indian Residents.
Full repatriation benefits for both principal and interest to NRIs and OCBs.
Interest payment as half-yearly income or cumulative option.
Exemption from income and Wealth Tax in India. Regarding incidence of local tax, please consult your Tax Advisor.
Tax benefits will also be available to transferees, donees, returning NRIs and survivors.
Transferable amongst NRIs/OCBs.
Premature encashment facility after six month in Indian Non-Repatriable Rupees.
Loan in non-repatriable Indian Rupees from State Bank of India.
Redeemable after 5 years.
The Depositors’ Meets are being held as per the following schedule in connection with the proposed deposit programme: -
|
London |
London |
Birmingham |
Leicester |
Manchester |
|
Friday |
Monday |
Saturday |
Saturday |
Friday |
|
Hilton Plaza Hotel |
Partap Community Hall |
ASRA Community Centre |
Leicester Stage Hotel |
Lal Qila |
The resources raised will be invested to the extent of 40% in Government securities and the balance utilised for financing infrastructure. Government of India has given its approval for the terms and conditions of the IMDs and has given a commitment to bear foreign exchange variation risk on the total pool of foreign currency resources raised through IMDs beyond 1% p.a. (cumulative). RBI has also accorded its approval for the programme.
Deposit Acceptance Commences : October 21, 2000
Deposit Acceptance Ends : November 20, 2000
Earliest Closing : October 31, 2000
For further information, please call
Freephone in UK – 0800 0155 754
Setting up of a "Regulations Review Authority" by the Reserve Bank of India (RBI)
In order to fulfil its responsibilities in diverse fields, such as, supervision and regulation of banks and other financial entities, public debt management, issue of bonds to the public, exchange control, regulation of some financial markets, issue of currency and coins etc., the RBI has issued a large number of circulars, directives, notifications for compliance by banks, regional offices of the Reserve Bank, market participants and, in some cases, the general public. Banks, financial institutions, market participants, firms and individuals are also required to file various types of returns, either on regular basis or while seeking a specific approval from the Reserve Bank.
As part of this review exercise, the Reserve Bank has decided to set up a "Regulations Review Authority" to seek suggestions from the public and various agencies for elimination of unnecessary circulars, cumbersome procedures and forms which do not fulfil their stated purpose, or which are no longer required in view of the changes that have taken place in technology, regulatory framework or market development. The objective is to make the Reserve Bank regulations effective and simple and to reduce unnecessary paperwork by the Reserve Bank and others involved.
Dr. Y.V. Reddy, Deputy Governor, Reserve Bank of India has been appointed as the Regulations Review Authority.
The Authority would welcome any suggestions & comments including deletion or modification, of any regulation, circular or return issued, or required by the Reserve Bank for reasons such as, (a) the regulations/circulars/forms do not serve their stated purposes, (b) they are cumbersome and time consuming, (c) they are duplicates and (d) the same objective can be achieved in a much simpler and cost-effective way.
The Authority is not a forum for grievance redressal against the decision of any authority in any individual case.
Suggestion & comments on a plain paper containing the name and address of the sender may be sent to:
Reserve Bank of India
Regulations Review Authority
16th floor,
Central Office Building
Shahid Bhagat Singh Road
Mumbai - 400 001
India
The Authority would examine the suggestions/comments and convey its views to the concerned department of the Reserve Bank within 45 days and also apprise the sender of its views.
Encashment of
Foreign Currency
Notes and Travellers Cheques
The Reserve Bank of India has recently advised the banks that in terms of the Notification No. Fera 158/94-RB dated 24th February 1994, residents (individuals, shops, hotels, etc.) are permitted to receive payments in foreign currency/travellers cheques from persons who are on a visit to India for services rendered or in settlement of lawful obligations. In order to encourage residents who receive such payments to fearlessly encash such amounts through the banking channel, banks have been advised to freely accept auch tenders at their branches.
With a view of ensuring prompt and efficient encashment facilities to tourists and Non Resident Indians visiting the country the Reserve Bank has specifically directed the banks to:
1. Accept without limit foreign currency notes/travellers cheques if the proceeds are to be credited to the tenderers.
2. Accept for cash payment at least US$ 1000 or its equivalent in major cities and tourist centres and US$ 500 at other centres.
3. Prominently display the rules for encashment, rates as also the brand names of Tcs accepted.
Investment Opportunity
Rock Castle Breweries Ltd.
A progressive business group is setting up a state-of-the art brewery of 500 000 Hectoliters capacity in the state of Maharashtra, a major beer consuming market in India in collaboration with the world’s 4th largest brewing group is interested in seeking NRI investment up to 3 million US$ for which 30/ equity will be offered and also executive management positions on the board.
40% return on investment in the fourth year can be assured and the trading break even of the project before financing costs, would be reached with utilisation of around 50% of capacity.
This is an excellent opportunity absolutely hassle free for NRI’s interested in making investment in brewing Industry in India.
The project cost would be around 15 m US$, with a debt equity rate of 1:1,7.5million will be the equity shared between the international brand owner, Indian promoters and NRI’s. The brewing group will invest 4.5m US$ and will hold 60% of the equity, the balance 40% will have to be raised between the Indian promoters and the NRI’s i.e.3mUS$.
should you need any further information please contact:
Mr. Leonard Menezes
Director
Rock Castle Breweries Ltd.
A/4 Nandkishore Industrial Estate
Off Mahakall Caves Road
Andheri (East)
Mumbai 400 093
Tel: 91 22 834 0375/834 7835
Fax: 91 22 821 7835
Email: leonardmenezes@hoimail.com
Constro 2000, the 7th International Exhibition & Seminars on construction, technologies, machinery, materials, methods and building services is being organised by the Pune Construction Engineering Research Foundation, Office No. 6, Shriniwas Building S.No.10, Erandawane Housing Society Patwardhan Baug, Erandwane,Pune 411 004 India It will offer an excellent platform for projecting and highlighting various upcoming consturction and project activities, seek solution to the constraints encountered by the Construction Industry as well as to accelerate Research and Development work & need for technological upgradation and modernisation of machinery and methods for qualitative development of infrastructure in the country.
We coordially invite you to participate in the Constro 2000 at New Delhi, India. Brief Details of the Constro 2000 and a copy of the brochure, application form and exhibition layout is enclosed for your kind perusal and further action. Space will be allotted on first come first serve basis.
For further informations and enquiries on participation please contact :
TAFCON GROUP
C-60 Nizamuddin East
New Delhi 110 013, India
Tel. 0091 11 4692182,4633881,4633889
Fax 0091 11 4635215,4644077
Internet Website: http://www.tafcon.com
E-Mail: tafcon@del2.vsnl.net.in
Land for Sale
National Instrument Ltd.
National Instrument Ltd. (a Govt. of India Enterprises), Jadavpur, Calcutta-700 032 has decided to sale more than two acres of surplus vacant land.
The land is very well suited for residential or office/factory use. Situated on the 90 ft. wide Raja S.C. Mullick Road., it is near the well known Gariahat Junction and "DAKSHINAPAN", the largest shopping complex in Calcutta. Prince Anwar Shah Road and E.M. Bye-pass Connector is at the doorstep. It is extremely well connected by bus routes to different parts of the city and suburban areas. Nearest railway Station (Jadavpur) is hardly 1 km away and connects areas in and around Calcutta. Situated opposite to Jadavpur University, the neighbors are prestigious organizations like Central Glass & Ceramic Research Institute, Indian Association for Cultivation of Science, Indian Institute of Chemical Biology etc. Jadavpur P.S. is in the adjacent premises. Metro Rly. Station is hardly 2 km. Howrah and Sealdah Rly. stations are only 16 km. & 10 km. away respectively. Calcutta Airport is on 28 km milestone from. The location is prime and has all facilities and amenities nearby. this area enjoys an uninterrupted power supply from CESC.
Interested companies may contact at the follow address:
Mr. P.K. Datta
Chairman & Managing Director
National Instruments Ltd
(A Govt. of India enterprise)
Jadavpur
Calcutta - 700 032
Tel: 91-33-473 4301
Fax:: 91-33-473 4501
We are pleased to inform you that Confederation of Indian Industry is organising "India Expo 2001" at Pragati Maidan, New Delhi (India) from 15-19 February, 2001. It will be the first show of its kind in the new millennium – Asia’s largest international exposition of Products, Services and Technologies. Spain is the Partner Country at the India Expo 2001. In the largest ever display by a Partner Country, Spain plans to exhibit its latest technologies and products at the Expo. Specialiased concurrent shows; major international conferences/seminars, Press Conferences; meetings with government & business delegations from overseas; cultural events, etc will also be held along with India Expo 2001
We request your participation in the India Expo 2001 the CII International Trade Fair.
For any further information you may contact:
Confederation of Indian Industry,
Trade Fair Division, Gate No. 31,
North Block,
Jawaharlal Nehru Stadium
New Delhi 110 003, India
Phone 0091 11 4367826, 4367906/22 m 4366225/73/76/81/82
Fax 0091 11 4366271/4367844
E. Mail: roy@sai.cii.ernet.in
Internet: www.ciionline.org
Software Technology Parks of India (STPI)
We are pleased to inform you that Information Technology, which is one of the largest, fastest growing and the most profitable industry in the world today, is emerging as a dominant industry in the global economy. In India, IT is the fastest growing and trend-setting industry over the past years. Indian software companies are providing a competitive edge on many fronts through costs and quality advantages, state-of-the-art capabilities, technical trained professionals, high reliability and the ability to deliver projects on time. In India the industry has witnessed more than 50% annual growth.
2. It is also one of the major thrust areas identified by the Government of India for exports and with a view to give a further boost to software exports, the Indian Government have formulated a "Software Technology Park (STP)" Scheme which is designed to help software export industry in general and small and medium enterprises in particular, by including basic amenities required for export operation through Software Technology Parks of India (STPI), established and registered as a Society under the Department of Electronics, Government of India. The Scheme also provides infrastructural facilities and marketing support etc.
3. STPI has also been working on promoting off-shore software development and virtual software organisations which have been made possible due to its SoftNet High Speed Data Communication Services (HSDC).
4. STPI is keen to further develop and strengthen its co-operation with its overseas customers and also to introduce itself to new customers. I shall be most grateful if this information is circulated among the esteemed members of your organisations and if any one is further interested to communicate in this regard may be advised to do so either directly to the STPI at their under mentioned address or through this Mission :-
Mr. Subir Hari Singh,
Director-General,
Software Technology Parks of India (STPI)
Department of Electronics, Electronics Niketan,
6,CGO Complex Lodi Road
New Delhi 110 003.Tel. No. 00 91 11 436 3108,436 4034, 436 3596
Fax No.00 91 11 436 3436, 436 4336E.Mail : subir@stpi.soft.net URL : http://www.stpi.soft.net
To project India as ‘Emerging Destination for the Chemical Industry in the new millennium’ Federation of Indian Chambers of Commerce and Industry (FICCI), with the support of the Government of India and the 12 National Industry Associations representing all the specific sectors is organising the first ‘India-Chem 2000’ – International Exhibition and Conference on Chemicals, Petro-Chemicals and Pharmaceuticals at Pragati Maidan, New Delhi from October 6-8, 2000.
The event will comprise of an exhibition, conferences, buyer-seller meets and networking opportunities. It will provide an extremely useful platform for international and domestic companies to showcase their capabilities and to forge new business ties. It will also highlight the innovations and latest developments in chemical, petrochemical and pharmaceutical industry.
Prime Minister of India is expected to inaugurate this event. Foreign companies engaged in manufacturing or exports of technology, machinery, plant, equipment, engineering projects and consultancy, research and development facilities and investments are expected to participate in the event.
We cordially invite you to participate in the ‘Emerging Destination for the Chemical Industry in the new millennium’ at Pragati Maidan, New Delhi from October 6-8, 2000.
For any further information you may contact:
Trade Fair
Secretariat
Federation of Indian Chambers of Commerce & Industry
Federation House
Tansen Marg
New Delhi 110 001, India
Phone 0091 11
3738760 – 70/Fax 0091 11 3320714/3721504
Web Site: http://www.indiachem2000.com
E.Mail: ficci@bisnetindia.com
HUDCO's Individual Housing Loan Scheme for NRIs
The Housing and Urban Development Corporation Ltd. (HUDCO) is offering financial assistance to individual families of NRIs to enable them to acquire a home in India of their own through its "HUDCO NIWAS SCHEME". Under this Scheme, NRIs could construct a house, buy a house or flat and purchase a plot from public agencies.
The loan application, with supporting documents, is to be submitted to the Housing and Urban Development Corporation Ltd., HUDCO Bhawan, India Habitat Centre, Lodhi Road, New Delhi-110003.
Full details, along with a copy of the application, can be obtained, free of cost, from the Economic & Commerce Wing of the High Commission.