Space-age answer to grain pilferage

The Indian government sets apart Rs 65,000 crore every year for food subsidies, but more than half of the grains meant for the poor never reach them, thanks to mass pilferage and diversion to open markets. Now, satellite technology and barcoding may be able to wipe out this menace at a fraction of the subsidy cost, if a recommendation from the Unique ID Authority of India goes through.

At an approximate cost of Rs 500 crore, five lakh trucks ferrying goods for the targeted public distribution system (TPDS) can be outfitted with global positioning system (GPS) units, which track vehicles in real time as they ply the length and breadth of the country. At any moment, authorities can track the exact location of a truck fitted with GPS.

According to technical experts, GPS devices installed in trucks cost around Rs 10,000 per unit. Barcoded bags may cost another Rs 800-Rs 1,000 per unit as they will have to be specially made for mass usage. Currently, only a few logistics companies and trucks owned by certain corporate houses in India use GPS technology to track goods movement. GPS is a global satellite-based navigation technology, which provides reliable location and time information in all weather and at all times.

The initiative stems from the government’s move to ensure food security for the poor by strengthening the existing TPDS scheme. The suggestion to install GPS in trucks carrying goods meant for below-poverty-line (BPL) families comes after repeated reports of leakages and grains getting diverted to open markets.

“Installing GPS and using barcoded special storage bags for foodgrain are among measures mooted by the UIDAI,” a government official told FE.

According to a Planning Commission report, 57% of grains meant for BPL families never reach them. Under the proposed Food Security Bill, the government will ensure 35 kg of foodgrains at Rs 3 per kg to over 74 million BPL families. The success of the legislation will depend critically on ensuring that TPDS foodgrains reach the intended recipients. The government, through Food Corporation of India, on an average allocates 2.7 million tonne of rice and wheat to states every month.

The Indian Foundation of Transport Research and Training (IFTRT) estimates that there are 5 million trucks in India with 4-49 tonne capacity used for transporting goods, including food grains. “Of the 5 million, there are only 1.6 million trucks which have national permits and of these, 65-70% transport non-food items. There would be around 4 lakh trucks with national permits and another lakh in the states that transport food grains,” SP Singh, senior fellow and coordinator of IFTRT, told FE.

TPDS covers around 20 crore poor families in India. There are around 5 lakh fair price shops, which stock foodgrains and distribute them to poor families at subsidised prices.

Hafeez to play for Bangladeshi T20 team in Sharjah

Islamabad, Mar 8 (ANI): Pakistani all-rounder Mohammad Hafeez will be seen in action during Bangladesh’s T20 championship, the Port City League (PCL), scheduled to held in Sharjah later this year.

Hafeez will be playing for the Tigers, and will join fellow national team-mates Rana Naved, Imran Nazir, Shahid Afridi and Abdul Razzaq amongst many others, who have been signed by different teams in the championship.

The Chittagong District Sports Association had inaugurated the PCL with eight teams in May 2009.

The tournament will see the participation of Chittagong Abahani, Chittagong Mohammedan, Chittagong Brothers Union, Chittagong Port and teams sponsored by four corporate houses: Ispahani Tea, Elite Paint, Partex and Gazi Tank. (ANI)

Earthquake insurance of houses in Assam

Guwahati, Sep 9 (ANI): As experts claim that a big earthquake might hit Assam region shortly, locals are rushing to get their houses insured while the authorities are conducting sensitization campaigns as a precautionary measure.

The region was rocked by four earthquakes in past three weeks, including a tremor with 5.9 magnitude, the biggest in past nine years in the area.

People are not just getting their houses insured but advising others to do so as well.

“We are advising other people in the (housing) society to insure their flats also so that we can fight such disasters together. Precaution is important at this time. People have become alert and there is a general atmosphere of fear that prevails,” said Ravishankar Ravi, a resident.

Even builders in the city are taking all precautions while constructing buildings. The last and the strongest of the recent four earthquakes have literally shaken the people.

“We are really concerned about the earthquake because in the last month, we have already had four earthquakes, it worried us a lot because we are staying in apartments and it becomes tough to manage while there is (constant fear) of earthquake going on. We are really worried because we have a history of major earthquake in 1950. And there are some rumours also going on that there might be a earthquake, a big earthquake might happen in the course of time,” said Adreena Bora, another resident.

Meanwhile the authorities are gearing up for any such situation as well. They are conducting sensitization and awareness campaigns across the city in schools, housing societies, government and corporate houses.

“We are having sensitization meetings amongst them (schools and societies). We are telling them, those who are living in multi storey buildings because they will be more vulnerable to damage because of an earthquake, as to what they should know about the quality of buildings and what they should do to minimize casualties like hiding or coming under a beam,’ said Pratik Hazele, Deputy Commissioner, Kamrup.

Assam is seated on the highly volatile seismic zone five. Among all the earthquakes that Assam has experienced, the earthquakes of 1897 and 1950 are among the ten biggest earthquakes in history.

Study reveals that Assam records a major earthquake every fifty years, the last being in 1950. (ANI)

Mohammad Kaif hopes for a comeback

Chandigarh, Sep 4 (ANI): Indian batsman Mohammad Kaif has said that he was hopeful of making a come back to the national squad.

Talking to reporters here Kiaf said he was hopeful of making a come back to the national squad.

“You can just perform, that’s only thing in your hand. A lot of players who used to play with me are making a come back. That’s a good thing. Like I said that so many tournaments are taking place that any good performance can provide you a place in team. I am hoping for a come back. I am working hard for this,” he added.

Kaif who represents Air India (Blue) was practising at the nets for Board of Control for Cricket in India (BCCI) corporate cup.

The eight day ‘Inter-Corporate National Cricket Tournament’ featuring 12 corporate teams being held at four centres, is expected to generate employment opportunities for domestic cricket players in India’s corporate houses.

Kaif played last of his 125 one-day internationals on November 2006 against South Africa in Port Elizabeth.

The BCCI corporate cup began simultaneously in Bangalore and Dharamshala on Tuesday.

India declared the squad for the Sri Lanka tri-series followed by the Champions Trophy in August. (ANI)

Corporate trophy to boost employment opportunities for cricketers

Dharamsala, Sep 2 (ANI): The eight day ‘Inter-Corporate National Cricket Tournament’ featuring 12 corporate teams to be held at four centres, is expected to generate employment opportunities for domestic cricket players in India’s corporate houses.

The tournament began simultaneously in Bangalore and Dharamshala on Tuesday.

The participating teams are set to compete for the winning amount of Rupees 1 crore.

Cricket players believe that the tournament, given official status by the Board of Control for Cricket in India’s (BCCI), is a good opportunity especially for domestic cricket players.

“It is a very important tournament, the BCCI has given it official status, even if it hadn’t it would still be important for cricketers as they are playing for their company. It is also an opportunity for cricketers to get employment and it will be good for them, so it is a good tournament,” said Rohan Gavaskar, cricketer.

A season starter, the tournament is believed to be good for the players who haven’t played for the past few months and a warm up for top players before the one-day tri-series in Sri Lanka starting on September 11 and the ICC Champions Trophy in South Africa.

“Keeping in mind the timing of the tournament, the guys have had a couple of months break, they haven’t played for a couple of months before the season starts again. So it will be a good time for them to have a hit and also for the selectors to have look at some of the new youngsters,” said Hemant Badani, another cricketer.

Known players such as Harbhajan Singh, Mahendra Singh Dhoni, RP Singh, VVS Laxman, Mohammad Kaif, Rahul Dravid, Ajit Agarkar are also participating in the tournament. (ANI)

Govt. plans 2,500 model schools on PPP model in two years: Sibal

Koraput (Orissa) , Aug.29 (ANI): Union Human Resource Development (HRD) Minister Kapil Sibal on Saturday said the Government was planning to set up over 2,500 model and 200 central schools on public-private- partnership (PPP) basis in the country in next two years

Inaugurating the much-awaited central university in this tribal-dominated town, which often witnesses Maoist violence, Sibal informed that the proposed model schools would be set up in the backward areas to provide primary education to all as “higher education has no meaning unless primary education was strengthened.”

“The schools would be set up in PPP as part of our efforts to strengthen the human resource base,” Sibal said during the function.

Sibal also asked corporate houses to invest in a big way in the education sector.

Corporate houses should come forward to invest in the education sector as developing human resources is the key to the success of any nation, Sibal said.

He remarked that though the country made progress in the field of education in the last 62 years, it required much more.

“About 1.5 lakh Indian students are going abroad for education. We will like to provide all facilities in the country so that students need not go to foreign countries.”

Sibal also said only 12 out of 100 students reach the graduation level in India, while the figure was 85 in the US and added that the Central universities in backward places like Koraput could help students get into higher learning. (ANI)

IIM hosts golf tournament in Shillong

Shillong, Apr 27 (ANI): The Indian Institute of Management (IIM) in Shillong hosted a golf tournament recently in an effort to bring a closer corporate house and business schools of the country.

At least 20 corporate houses and 120 students across the country took part in the golf tournament held at the Shillong Golf Club.

The club has one of the best golf courses in Asia and third oldest in the world.

“Golf is one way in which the students could get in touch with the corporate world,” said Ashok Dutta, director, IIM.

A number of participants said that playing golf is a new and novel way to connect the business world with the sport, which has the capacity to foster teamwork and partnership.

“It is a very innovative concept. If we look at the B-school, it is an ideal platform the golf course has introduced.

Tomorrow, when you are mingling with corporate, I think the golf plays an important role in networking,” said Gourav Sinha, a participant.

The business school has decided to make it an annual event and look forward to sponsor tournaments across the country.By Hempi D. Henpilen(ANI)

RCom Buys Back US$5 Million FCCBs

In a significant move, country’s second largest mobile-phone operator, Reliance Communications (RCom) has decided to repurchased US $ 5 Million (about Rs 25.26 crore) foreign currency convertible bonds (FCCBs) at discount from the international markets.

In a disclosure to the Bombay Stock Exchange, the Mumbai based company, owned by Anil Ambani said that it has bought back 50 zero coupon FCCBs aggregating Rs 25.26 crore.

The filing further added that the repurchased bonds are expected to extinguish on April 15, 2009.

It can be recalled that country’s central bank, RBI in 2008 had given the permission to the corporate houses to buyback FCCBs from the foreign markets provided they are trading at a discount of 25 per cent from their book value.

At present, Reliance serves, with its wireless network, fully digital voice and high-speed data spread over 20000 towns and 6 lakh rural hamlets, which constitute 95% of the country’s population.

Hotel Leelaventure buyback FCCBs worth 50 million dollar

Hotel Leelaventure, one of the leading players in the Indian hospitality industry, has bought back nearly 50 million dollars foreign currency convertible bonds (FCCBs) at discount price from the international markets.

The company stated in a release, that till March 31, 2009, the company has bought back and cancelled FCCBs worth $33 million, constituting 33 per cent of its $100 million bonds due in April 2012.

Similarly, the company has also bought back FCCBs worth Euro 12.20 million (about $16.53 million), which constitutes 23.7 per cent of the Euro 51.40 million bonds due in September 2010.

Replying to a query, Mr. Vivek Nair, Vice Chairman and MD said, “Our FCCB buyback exercise will not only add to our bottomline, but also generate good savings in the redemption premium which would otherwise have been payable on maturity.”

It may be recalled that last fiscal, the RBI had allowed the corporate houses to buyback FCCBs from the foreign markets if they are trading at a discount of 25 per cent from their book value.

Shares of Hotel Leelaventure closed on Monday at Rs 21.45 on the BSE, up 4% compared to previous close of Rs 20.55.

Govt. not selling Satyam Computers Ltd.: P. C. Gupta

New Delhi, Jan.21 (ANI): Minister of Company Affairs Prem Chand Gupta on Wednesday said that there was no government move to sell IT company Satyam Computers.

Replying to a query in New Delhi, Gupta informed there were many corporate houses interested in buying out Satyam. Earlier, Tarun Das, one of the directors on the board of Satyam had stated potential buyers had approached the company. (ANI)

Independent auditors let us down in corporate frauds: Kapil Sibal

New Delhi, Jan. 20 (ANI): Union Science and Technology Minister Kapil Sibal on Tuesday expressed government’s disappointment over the Satyam Computers fraud by stating that independent auditors in frauds involving corporate houses let the government feel down. The system needs to be changed.

Sibal said, “You have the independent regulators, the independent directors, independent auditors in the context of the Companies Act. And what have these independent auditors done? I don’t want to take examples. But they have let us down.”

Sibal also suggested setting up a body on the lines of the Election Commission to oversee auditors’ functioning.

“We need to change the system, on the basis of which we appoint these independent regulators. We need to make sure that they are not necessarily accountable directly to government or that they have a secure tenure through which they can attain independence like for example the Election Commission, where term of cannot be interfered with except through very stringent procedures or removals,” Kapil Sibbal added. (ANI)