“You should understand the central role insurance plays in commerce, trade and economic activities. Planes don’t fly, ship don’t sail in global commerce without insurance,” Michael Camunez, a senior official in the US Commerce Department said at a CII function in Delhi
New Delhi: Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5% to the country’s economic growth, reports PTI.
“India imposes substantial foreign direct investment (FDI) caps in the financial services sector particularly in the insurance sector...
insurance penetration is very low (in India)...
“You should understand the central role insurance plays in commerce, trade and economic activities. Planes don’t fly, ships don’t sail in global commerce without insurance,” a senior official in the US Commerce Department said here at a CII function.
Michael Camunez, assistant secretary for market access and compliance in the US Commerce Department said that liberalising FDI policies will also help in creating funds to invest in the infrastructure sector.
Mr Camunez said that India is going to invest about $1.2 trillion in infrastructure sector in the coming years.
“...if India wants to substantially liberalise FDI caps in its financial services sector, generally it should contribute as much as 1.5% to India’s GDP growth, that’s remarkable statistics,” he added.
US business houses wants India to increase the FDI cap in insurance sector to 49% from 26%.
The Insurance Laws (Amendment) Bill, 2008 is pending in Parliament. The Bill, when enacted, would allow raising the FDI cap for the industry to 49%. However, it has been awaiting approval since 2008, as it was delayed by strong opposition from the Left parties.
He said that according to a study, India is going to be one of the top insurance markets in the world and further opening the sector “will be a win-win for both India and the US”.
Further, Mr Camunez said that protectionist policies are increasing in India in areas like foreign technology transfer, intellectual property rights and manufacturing.
“...these policies are hampering India’s domestic competitiveness...,” he added.
ED counsel, Ujjwal Nikam contended that both the accused had hatched a criminal conspiracy with international arms dealer Adnan Khashoggi in the trade of weapons. Thus logical inference could be drawn that they had indulged in conspiracy to ‘wage war against the nation’
Mumbai: A sessions court today rejected the bail plea of Pune stud farm owner Hassan Ali Khan and his associate Kashinath Tapuriah, arrested in March by Enforcement Directorate (ED) which alleged that they had laundered $93 million in foreign banks and indulged in conspiracy to ‘wage war against the nation’, reports PTI.
The bail petitions were rejected by principal sessions judge, Swapna Joshi, who agreed with the prosecution that granting them liberty at this juncture was not justified.
Opposing their bail, ED counsel, Ujjwal Nikam, alleged that Mr Khan and Mr Tapuriah had laundered $93 million in foreign banks.
He also alleged that $300 million had been obtained by Mr Khan from sale of weapons. This, Mr Nikam said, was reflected in some documents recovered during investigation which were signed by him and notarised in London.
Mr Nikam contended that both the accused had hatched a criminal conspiracy with international arms dealer Adnan Khashoggi in the trade of weapons. Thus logical inference could be drawn that they had indulged in conspiracy to ‘wage war against the nation’, a serious offence under the Indian Penal Code (IPC).
The ED counsel said that Mr Khan had acquired passports by submitting forged and fabricated documents from various regional passport authorities like Hyderabad, Patna, Mumbai, Pune and London. Various offences were registered against Mr Khan, Mr Nikam said.
He alleged that Mr Khan had transferred $7 lakh from his Swiss bank account to the account of SK Financial, London.
Mr Nikam submitted that notarised documents seized from the possession of Mr Khan mentioned that Mr Tapuriah was his advisor.
I P Bagaria and Girish Kulkarni, lawyers of Mr Khan and Mr Tapuriah respectively, argued that the offences alleged to have been committed by the accused pertained to the period prior to the enactment of Prevention of Money Laundering Act of 2002, under which they had been charged.
The provisions of this Act could not be invoked even if it is presumed that charges against the accused were true because the PMLA did not have retrospective effect, the defence lawyers submitted.
Lawyers Mr Bagaria and Mr Kulkarni argued that the alleged offences against Mr Khan and Mr Tapuriah were not scheduled offences under part A of PMLA. Hence, the accused may be released on bail.
The lawyers argued that the ED had already contemplated action against the accused under Foreign Exchange Management Act (FEMA) and questioned how on the same set of facts the agency could prosecute the accused under PMLA also.
They contended that the ED had filed complaint against the accused only under Section 3 of PMLA and had not filed any further complaint under IPC for offence of ‘waging war against nation’. Therefore the accused could not be charged with the IPC provision.
Countering the arguments, Mr Nikam argued that the objective of PMLA should be considered by the court. He said Section 3 of PMLA is contemplated in such a manner that continuity in action is necessary and therefore Section 3 has retrospective effect.
Tata Motors exports grew by 21% last month to 5,094 units from 4,222 units in the same month last year
Tata Motors’ total sales (including exports) of Tata commercial and passenger vehicles in June 2011 were 66,358 vehicles, lower by 1% over June 2010. The company’s domestic sales of Tata commercial and passenger vehicles for June 2011 were 61,264 units, lower by 2% over 62,602 units sold in June last year.
Cumulative sales (including exports) for the company for the fiscal are 194,461 units, a growth of 8% over 180,210 units sold last year.
The company’s sales of commercial vehicles in June 2011 in the domestic market were 39,271 units, a 13% growth compared to 34,791 vehicles sold in June last year. LCV sales were 23,197 units, a growth of 18% over June last year. M&HCV sales stood at 16,074 units, a growth of 6% over June last year.
Cumulative sales of commercial vehicles in the domestic market for the fiscal are 115,172 units, a growth of 18% over last year. Cumulative LCV sales are 68,956 units, a growth of 25% over last year, while M&HCV sales stood at 46,216 nos., a growth of 10% over last year.
The passenger vehicles business reported a total sale and distribution offtake of 23,499 units in the domestic market in June 2011, lower by 22% compared to 29,948 units in June last year.
The company's sales from exports at 5,094 vehicles in June 2011 registered a growth of 21% compared to 4,222 vehicles in June last year. The cumulative sales from exports for the fiscal at 14,182 units are higher by 32% over 10,747 units in the same period last year.
On Friday, Tata Motors ended 0.10% up at Rs994.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.44% to 18,762.80.