AUTONOMY FOR MAHARATNAS

The government’s decision to allow greater operational and financial freedom to the public sector companies that qualify as ‘Maharatnas’ — a new category that will have higher performance criteria than applicable to the existing ‘Navratna’ — is a step in the right direction.In 2009, the government established the Maharatna status. What are the norms for elevation as Maharatnas? The six point eligibility criteria are:
1. an existing Navratna status;
2. listing on the stock exchanges with minimum public
shareholding as prescribed by the SEBI;
3. annual turnover of more than Rs.25,000 crore for the last three years;
4. average annual net worth of at least Rs.15,000 crore;
5. average annual net profit of more than Rs.5,000 crore for the last three years.
6. a significant global presence. NAVRATNA Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market.The number of PSEs having Navratna status has been raised to 18, the most recent addition being Coal India Limited. CRITERIA Navratna status is conferred by Department of Public Enterprises. To be qualified as a Navratna, the company must obtain a score of 60 (out of 100). The score is based on six parameters which include net profit to net worth, total manpower cost to total cost of production or cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes) to capital employed, PBDIT to turnover, EPS (Earning Per Share) and inter-sectoral performance. Additionally, a company must first be a Miniratna and have four independent directors on its board before it can be made a Navratna.
MINIRATNAS
In addition, the government created another category called Miniratna. Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. In 2002, there were 41 government enterprises that were awarded Miniratna status. CATEGORY I This designation applies to PSEs that have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years. These miniratnas granted certain autonomy like incurring capital expenditure without government approval up to Rs. 500 crore or equal to their net worth, whichever is lower. CATEGORY II This category include those PSEs which have made profits for the last three years continuously and should have a positive net worth. Category II miniratnas have autonomy to incurring the capital expenditure without government approval up to Rs. 300 crore or up to 50% of their net worth whichever is lower. CHINA SET TO OVERTAKE INDIA AS WORLD’S BIGGEST GOLD CONSUMER China, the world’s largest producer of gold, is set to overtake India as the metal’s biggest consumer for the first time in history.
China’s gold consumption in 2009 has now been estimated at 450 tonnes, according to data released this week. This exceeds estimates for India’s net consumption last year, which is forecast at around 380 tonne.
According to recently released statistics by the China Gold Association, the estimated demand for gold touched 450 tonnes last year, up from 395.6 tonnes in 2008. China has been the world’s largest gold producer since 2007, when the country overtook South Africa.
ALL IT RETURNS OPEN TO PUBLIC SCRUTINY  Are income-tax returns filed by individual citizens open to public scrutiny under the Right to Information? Yes, says the Central Information Commission. 

 The ruling by Information Commissioner Shailesh Gandhi came on a specific application filed under the RTI Act, 2005 
EURO IV FUEL FOR 13 CITIES FROM APRIL 1 He held that filing tax returns was a statutory obligation and must be treated as a public activity open to scrutiny. As a tax assessee had already provided information to the state as part of his or her legal duties, its disclosure to "another person cannot be construed as an unwarranted invasion of privacy of the individual."  The government announced that the state-run oil firms will start supplying Euro-IV grade petrol and diesel in 13 big cities and Euro-III compliant petrol in rest of the country from April 1.  Euro-IV petrol and diesel will be supplied for sure in 13 designated cities that include Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad from April 1.  As per fuel specifications committed to the Supreme Court, oil firms are to sell petrol and diesel meeting the stringent Euro-IV specifications in 13 major cities from April 1 while Euro-III grade fuel is to be supplied in rest of the country. In a controversial December 14 ruling with far-reaching implications, the CIC held that individual assessees could not invoke privacy concerns to prevent an unrelated "third party" from inspecting returns filed with the Income-Tax Department. Sources in the Commission said the ruling must be seen as a trendsetter that could eventually lead to the tax returns of all citizens being put up on the department’s website.