Archive for February 16, 2008
Back to the classic days
The Hindu : FEMA and property transactionsN.C.S. RAGHAVANARVIND RAGHAVANThe legal status of an individual under the Foreign Exchange Management Act, 1999 (FEMA) and the related regulations, circulars and notifications are taken up for discussion with specific reference to capital and current transactions in foreign exchange including transactions in immovable property.Originally such foreign exchange transactions were covered by the Foreign Exchange Regulation Act, 1973 (FERA).This enactment focused on the protection and preservation of meagre foreign exchange reserves India had at that point of time.It was a very stringent legislation mainly intended to control foreign exchange outflows. However, in the wake of substantial remittances from Non-Resident Indians (NRIs) and from Foreign Direct Investments (FDIs) arising out of economic liberalisation policies, India has acquired substantial foreign exchange reserves and a very liberalised Foreign Exchange Management Act, 1999, came into force with effect from June 1, 2000. The emphasis has been one of management of foreign exchange rather than control.DefinitionsSome of the important definitions under FEMA are given below:“Person”: An individual, a Hindu undivided family, a company, a firm, an association of persons or a body of individuals, every artificial juridical person not falling within any of the aforesaid categories, any agency, office or branch owned or controlled by such person.“Person Resident in India”: It includes any person who has been residing in India for more than 182 days during the course of the preceding financial year.“Person Resident in India” includes any person or body corporate registered or incorporated in India and any office, branch or agency in India owned or controlled by a person resident outside India and any office, branch or agency outside India owned or controlled by an person resident in India.The term “immovable property” is used in FEMA but is not defined therein. However, the true meaning of the term as defined in Section 3 of the Transfer of Property Act, 1882, read with Section 3 (25) of…More
‘Building’ new hopes?
The Hindu : Determining stamp dutyThe Supreme Court in the case of State of Rajasthan vs Khandaka Jain Jewellers (2008 (1) CTC 60 C.A.No.5273 of 2007) has observed that the stamp duty is payable on the market value of property as on the date of execution of sale deed and not on the date of agreement for sale.In this case, the purchaser entered into two separate agreements with the vendor in 1983 for purchase of two property. However, the vendor failed to comply with the terms of the agreement and never executed the sale deed.The purchaser then filed a suit for specific performance which was decreed by the trial court in 1994. The purchaser filed another execution application in 1994 and the court directed the purchaser to submit stamp papers for execution of the sale deeds.The purchaser then submitted stamp papers based on the value as on the date of agreement for sale. The court executed the sale deeds and sent the same for registration to the Sub-Registrar of the Registration Department. However, the Sub-Registrar assessed the value of the property as on the date of execution and found that the documents were deficient in stamp duty.Writ filedThe purchaser subsequently filed a writ petition challenging the order. He argued that the pendency of litigation could not prejudice him by directing him to pay stamp duty on the date of registration of sale deed. Writ petitions were allowed and the authorities were directed to pass fresh orders regarding the levy of stamp duty.Date of executionThe authorities approached the Supreme Court where it was decided that the stamp duty is payable on the market value of property as on the date of execution of sale deed and not on the date of agreement for sale or on the date of filing the suit for specific performance. There is a difference between an agreement to sell and a sale.Stamp duty on…More
The key to safer civil works
The Hindu : As urbanisation spreads, layouts with individual sites and apartments are coming up all around our cities. It is clear that the mere presence of a large overhead tank or a brochure promising 24 hours water supply is not sufficient enough for buyers to be convinced that they will have water when they need it.What are the key questions that a potential site buyer or apartment owner should ask regarding water before making the big investment decision?What are the 10 key things that a developer has to address before a potential owner is satisfied with the way things are handled with water and its sustainability?1) What are the sources of water and how sustainable are they in the long run? Clearly multiple sourcing of water has come to stay. Water will be sourced through city mainlines, borewells, private tankers, bottled water and recycled water. How does one know that this mix is stable and will be available all through the year?Quality2) What is the quality of water in the borewell? What are the treatment systems for the various waters sourced? As borewells are the main source of water in the periphery of cities, the quality of water from them becomes important. What are the measures of monitoring water quality for everybody to know and take action accordingly?3) What is the dependency of supply during power failures on site? Are there back up generators or overhead tanks to assure you that water will be available even when there is no electricity?4) Does the layout have sewage collection and treatment plants?As the city of Bangalore itself is contemplating setting up recycling plants, treating sewage and putting it back into the catchments for reuse, it is important to know the level of sewage collection and treatment in the layout and apartments. Is it ensuring a quality of water high enough for it to be reused for at least non-potable…More
Work begins on green city in Gulf
The Hindu : Storage space is something that is subjective to one’s lifestyle. Creating a space for your home belongings depends on your inclination towards having and enjoying certain collections and of course the aesthetic sensibilities that drive one to fashion spaces to accommodate the same. Take, for example, books. One may stack them in a corner and just pick the ones needed from time to time or some may choose to have a beautiful rack made of wood to display, while still others may go in for a separate study area to get in the books, TV and computer together.Take care of clutterSpeaking to architect and interior designer R. Vivekanandan was an eye-opener as he says “Even for a snatch of sleep in these stress-filled times, one needs to deal with bedroom clutter, for the rejuvenation comes only from a tranquil atmosphere. The more the clutter, the more the chaos. If objects are strewn around, let alone sleep, we can’t manage even a catnap.” So, a serene ambience is what one has to wake up to.The mess and untidiness could also affect the free flow of positive energy according to Feng Shui expert S.BS. Surendran, who advocates good space management that will be pleasing to the eye and mind.Architect Vivekanandan lists some of the activities that a typical bedroom would demand for handling various types of storage niches. “Although it may sound preliminary, one needs to go about it diligently to plan a practical, yet appealing space-show,” he says.* Sleeping needs a cot of comfortable size, mattresses along with space for extra bedspreads, pillows and pillow covers.* Watching TV and listening to music means the TV has to be placed opposite the cot without hindering the pathway, with the music system stacked somewhere near the cot or the TV.* Writing and working on the computer require a table that’s spacious enough to bring in a CPU, keyboard,…More
A street called Lemur
The Hindu : Get prepared to meet strong leading ladies, their trouble-making offspring and the males in their lives in a unique and entertaining soap opera “Lemur Street”.Watch the story of love, loss and betrayal unfold in Animal Planet’s new drama packed series premiering on February 18 at 9 p.m.The stars of the series are 20 inches tall, with black and white tails, living in the south-east corner of Madagascar.Filmed over the course of a year, “Lemur Street” follows the lives of two rival groups of ring-tailed lemurs living in the beautiful protected reserve of Berenty on the island of Madagascar, off the coast of Africa.The gangs are each made up of about 20 ring-tailed lemurs, both ruled by a dominant female.Roving opportunistic males trying to join the troop, babies and juveniles causing havoc and the constant threat of eagles, hawks and territory wars ensure that the lives of lemurs are filled with colour and action.These unique and very social prosimians are habituated to humans.It enabled detailed filming of every aspect of their complex lives; from wars with neighbouring gangs and troop leadership battles to political alliances and illicit relationships.Territories are fiercely protected, mating rights passionately defended and with predators to watch out for and young to bring up, there’s never a dull day on Lemur Street. Dr. Alison Jolly who has been studying lemur behaviour since 1963, and has written many books including “Lords and Lemur”, “Lucy’s Legacy”, “Lemur Catta” and “Ring-tailed Lemur Biology”, is the scientific consultant of the series.Lemur Street airs on Animal Planet on Mondays at 9 p.m. with a repeat telecast on Saturdays at 8 p.m….More
Events
The Hindu : EventsActive Canvas is holding art classes where new batches for sketching and drawing, water colours, oil painting and acrylic colours with flexible time slots, weekend and weekday options are available. Call 41609122.* * *Shristi institute of dance therapy is launching dancetherapy 2008, a workshop to control diabetes, stress, obesity for physical fitness from February 17 at 10 a.m. at Sanathana Kalakshetra next to Jayanagar telephone exchange, 9th main, 4th block, 36th cross, Jayanagar.Call 984569808 and visit www.dancetherapyindia.com* * *The ITC Sangeet Research Academy is organising the 4th ITC Sangeet Sammelan on February 16 and 17 at Chowdiah Memorial Hall which will present Gurus Pandit Ajoy Chakrabarty and Pandit Buddhadev Das Gupta on Day 1, and Scholars Manali Bose and Joyeeta Sanyal followed by Pandit Shiv Kumar Sharma on Day 2.The event is open to all and begins at 6 p.m. on Day 1 and at 5.30 p.m. on Day 2.* * *Kynkyny Art Gallery is holding “Celebrating the senses” a solo exhibition of paintings by Beena Pradhan from February 18 to March 5 at 33/200 NS Iyengar Street, Nehrunagar, Kumarapark.Call 32914700/ 23449570 and visitwww.kynkyny.com/exhibition….More
