Companies & Sectors
Maharashtra offers sop to single-screens, rate cap to multiplexes

In a bid to discourage high ticket prices , the Maharashtra government on Wednesday decided to give them a seven-year holiday on entertainment tax, and also set a cap of Rs200 for multiplex tickets

Mumbai: To encourage single-screen theatres in rural area, the Maharashtra government on Wednesday decided to give them a seven-year holiday on entertainment tax, and also set a cap of Rs200 for multiplex tickets, reports PTI.

 

The government also allowed single-screen halls to levy an additional service charge of Rs2 per ticket if they exhibit Marathi films during “prime time”.

 

In a bid to discourage high ticket prices, the government decided to stipulate “a maximum entry charge” of Rs200 in multiplexes and Rs100 in single-screen theatres.

 

The decisions were taken at a meeting of the state cabinet, chaired by chief minister Prithviraj Chavan, here.

 

The government expects that single-screens, which are losing business, will use the tax sop to adopt modern digital technology, an official release said.

 

The government also decided to waive entertainment tax for five years for single-screen theatres in A, B and C category municipal councils.

 

Maharashtra has 81 multiplexes and 549 single-screen theatres, from which the government earned Rs476 crore in revenue last year.

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Cabinet to consider holding co proposal for PSU banks

As per the structure proposed, 99% cent of government holding in the bank will be shifted to the holding company and the government will retain 1% with itself so that it remains a state-owned bank

New Delhi: The government is likely to consider within a few weeks a proposal for setting up a holding company for public sector banks to enable them to raise capital from the market instead of seeking funds from the exchequer, reports PTI.

 

“We are moving the Cabinet for setting up a holding company for the public sector banks,” said an official source.

 

It will take 2-3 weeks. There will be one holding company for all public sector banks, sources said.

 

They said the law ministry’s opinion has been sought for making legislative changes as various acts will have to be synchronised and amendments will be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.

 

Besides, State Bank of India Act, 1955, and SBI Subsidiaries Act, 1959, will have to be synchronised with the holding company structure.

 

“Law ministry has to vet the proposal first. Then it will go to cabinet.” the source said.

 

As per the structure proposed, 99% cent of government holding in the bank will be shifted to the holding company and the government will retain 1% with itself so that it remains a state-owned bank, sources said.

 

The company can be managed by three to four part-time officials, they added.

 

The Budget 2012-13 had proposed the setting up of a financial holding company that would help raise resources to meet capital needs of state-owned banks.

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Air India grounds all six Dreamliner planes

Air India officials said they have grounded all the six planes in its fleet with immediate effect following the FAA directive and the Director General of Civil Aviation (DGCA) advisory

New Delhi: State-owned Air India on Thursday grounded all its six Boeing-787 Dreamliner planes after a global directive by US regulator, Federal Aviation Administration (FAA), to stop operations of all the 50 such planes delivered so far to various airlines, reports PTI.

 

The FAA directive was immediately adhered to by aviation regulator of countries whose airlines have so far bought these latest aircraft.

 

On Wednesday, Japan had grounded 24 Dreamliner owned by two of its airlines—ANA (All Nippon Airways) and Japan Airlines.

 

Air India officials said they have grounded all the six planes in its fleet with immediate effect following the FAA directive and the Director General of Civil Aviation (DGCA) advisory.

 

They said that FAA has directed the grounding of the entire Dreamliner fleet till such time as the aircraft manufacturer Boeing “demonstrate compliance” of various measures the American regulator has asked it to carry out.

 

However, the officials maintained that its services will not be affected in any major way as flights to Paris and Frankfurt operated by the Dreamliner will now be serviced by Boeing 777.

 

While one of the six planes is always on a standby, three are used on the domestic sector and two on international including Paris and Frankfurt, they said, adding that domestic services would be absorbed by the existing fleet of aircraft.

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