Indian Register of Shipping to tap US, Canadian markets

A ship classification society establishes and maintains standards for the construction and classification of ships and offshore structures

The Indian Register of Shipping (IRS), an independent ship classification society, has entered the US to tap the North American markets by making the major shipping city of Houston its home, reports PTI.

A ship classification society establishes and maintains standards for the construction and classification of ships and offshore structures.

IRS, an associate member of the International Association of Classification Societies (IACS), made the announcement at a formal reception organised jointly by consul general Sanjiv Arora and IRS chairman, J C Anand on 18th May.

The reception saw several local dignitaries including Harris County commissioner's court judge Ed Emmett Peter Brown, chairman of the Mayor's Trade and Development Council Noboro Ueda, chairman and president of Japan's Nippon Kaiji Kyokai (ClassNK), who has been instrumental in launching the IRS office in the US, flying in from Tokyo for the opening.

Describing the entry of IRS as a milestone in Indo-US commerce and trade, consul general Sanjeev Arora said, "The opening of an office of the IRS would make a positive contribution in promoting India-US business cooperation."

The distinctive advantages of Houston, a major port and a leading global centre of oil and gas, were taken into account in choosing the location for an IRS office covering North and South America, he said, adding there are sizable trade and investment flows between companies in India, and in Texas and beyond.

"Houston’s proximity to the Gulf of Mexico also offers considerable business opportunities for the IRS office here," said Mr Arora.

Explaining the activities and areas of operations, chairman of IRS J C Anand said, "We are looking forward to provide quality services to out clients and foster closer and enduring ties with them. IRS will act as a catalyst of self-regulation by Indian shipping industries and to serve as a forum of research and development".

"The services are designed to meet ISO 9001 specifications (the International standard on quality management systems) and thereby help achieve high levels of quality and reliability, while maintaining project schedules and integrity.

Further, they are proven to be cost-effective and meet timelines efficiently, Mr Anand said.

Introducing S B Paranjpe, country manager of IRS, Mr Anand said the organisation will flourish under his stewardship.

Judge Emmett said the Texas Gulf Coast should be the gateway to North America, as India expands its trade with the US, Mexico and Latin America.

He said that after Jindal Steel and Mahindra Tractors, the IRS is an important contribution from India to Indo-US trade.

The Indo-American Chamber of Commerce of Greater Houston (IACCGH) welcomed the organisation and offered all possible assistance.

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TRAI recommendations on 4G services by the year-end

The 4G telecom technology, known as ultra-broadband, offers downloads at much faster speeds and high definition video on demand, among other services

Close on the heels of a highly successful third generation (3G) spectrum auction, telecom regulator Telecom Regulatory Authority of India (TRAI) on Thursday said it plans to bring out the recommendations on the fourth generation (4G) technology or ultra-broadband by the end of the year, reports PTI.

Chairman JS Sarma also said that TRAI plans to bring out a consultation paper on the 4G in the next two-three months.

"Before the year-end we should be ready with recommendations on 4G," he added.

The fourth-generation telecom technology, known as ultra-broadband, offers download at much faster speeds and high definition video on demand, among other services.

The 4G services are a successor to 3G and 2G standards, with the aim to provide a wide range of data rates up to ultra-broadband (gigabit-speed) Internet access to mobile as well as stationary users.

Concerned over the slow offtake of broadband services, the telecom regulator also plans to bring the consolation paper on pan-India broadband soon. "We want to give the recommendations on the National Broadband Plan by July," he said.

On 4G, TRAI would look into the various aspects, including spectrum band to be allotted and the quantum and mode of allotment to operators. A number of foreign players like US-based Motorola and Ericsson have already started testing the 4G technology in various parts of the world.
 

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RBI may permit Islamic NBFCs

Under the Indian banking rules, depositors have to be paid interest for their money in banks, which is not permitted under Islamic banking principles

The Reserve Bank India (RBI) on Thursday said it is considering the possibility of allowing Islamic financial institutions to function as non banking financial companies (NBFCs) since Islamic banks are not permitted under the present laws, reports PTI.

Under the Indian banking rules, depositors have to be paid interest for their money in banks, which is not permitted by Islamic banking principles, RBI Governor D Subbarao told reporters after the central bank's board meeting in Thiruvananthapuram.

RBI, however, was examining the possibility of allowing Islamic financial institutions to function as non-banking finance companies (NBFCs), he said.

Sharia (Islamic law) does not allow charging or paying interest rates.

In India, there are two types of NBFCs—those who accept deposits and others which do not.

Mr Subbarao said the Centre will have to enact a separate legislation in case Islamic banking is to be allowed in the country.

The question on Islamic banking came up in the backdrop of Kerala government taking the initiative to set up a joint venture financial institution based on Islamic banking principles.

The proposal was stayed by the Kerala High Court, while admitting a petition filed by Janata Party leader Subramanian Swamy on the Constitutional validity of the proposal a few months ago.
 

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COMMENTS

Fayaz ahmad

7 years ago

it is misreprented that there is no any increase in the deposited amount invested in islamic banks. Islamic banks work on profit and loss sharing principle which means , the rate of interest in islamic banks may very from zero to hundred percent. the rate of interest in islamic banking depends upon the performance of the business for which islamic banking had provided finance under mudarabah scheme. the rate odf interest in islamic banking is not fixed as is in conventional banks. it is biggest solution for the poverty of the world.

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