You can find exclusive showrooms of Killer,Pepe,Levis, United colors of Benneton, Reebok, Puma, Mega Mart, Wrangler, Frisson,Peter England. John Players is also opening shop soon.

Earlier the branded showrooms (especially textiles) were situated in main business market like Ramdev Galli, Khade Bazar areas.

Ambedkar road a new shopping areaBelgaum city has grown(and is growing) and in the recent past business activity has spread to many suburban areas as well.The best example of this growth is the JNMC and Nehru Nagar. To add to this growth in the past one year Dr.Ambedkar Road(civil Hospital road) has seen some up springing of high end branded garment outlets on the entire stretch of the road and is seeing some great growth in commercial development.You can find exclusive showrooms of Killer,Pepe,Levis, United colors of Benneton, Reebok, Puma, Mega Mart. John Players is also opening shop soon. We also have F square which recently opened on the same road. The entire stretch upto Krishnadevraya circle(Kolhapur cross) is seeing a faceoff with these branded showrooms. Earlier the branded showrooms (especially textiles) were situated in main business market like Ramdev Galli, Khade Bazar areas. But with growth and people having more money to spend these high end branded outlets have opened shops in a area once considered not good for business with a Civil hospital on one side.But things have changed the BIMS is on the same road which has given the road a new look and feel altogether. CCD was opened here first and people said who will buy a Rs.40 coffee, but it is doing good for years now. If we further go up towards JNMC the entire stretch, one can see MORE, Reliance fresh, Rose boy, Adishwars and so many hotels. The Phoneix school from here has been shifted and sources say the the place would be a big mall in the days to come.
The Estimated Demand for Retail Space @ 2 sq. ft. per Person is about 1,209,526. There is an estimated 350,000 sq.Feet of retial commercial space currently but with the current growth of population the Effective Demand for Retail Space (in sq. ft.) would be a whopping 859,526 sq.Feet.(All these were estimated in 2008)A Bangalore based company in its estimated the indicative rentals on Ambedkar Road to be around Rs. 40 to 60 per sq.feet. Areas like Tilakwadi, Ambedkar road and especially high branded showrooms have opened in outskirts as the consumers of these brands will want to have parking for their 4 wheelers which is now a big headache in the main city. So people prefer these places.

Reliance Footprint – the footwear arm of Reliance Retail Group, which is eying major expansion is all ready to open its store on Kirloskar Road (Next to Camp Purohit).

Reliance Footprint is the destination for footwear for the entire family for every conceivable occasion. Since the format is positioning itself as a ‘destination for footwear’, the company is looking at providing products for special needs such as for diabetic patients, who require soft soles, he said.

Reliance Footprint is also launching an in-house brand ‘Tender Sole’, which will be available in stores soon.

Reliance Footprint offers a wide variety of footwear and other consumer commodities including handbags and accessories together with a line-up of international brands from America and Europe. Reliance Footprint offers a troupe of various categories like casuals, formals, casual sports, comfort wear, kids wear and home wear. Reliance Footprint also engages in selling private labels and is also coming up with specially crafted footwear for people with foot deformities. Reliance Footprint is aiming at a share of about 10-12 percent in the entire footwear industry in a time span of a few years.

On August 2, 2010 many news papers and I am quoting TOI here, in which Minister for large and medium industries, Murugesh Nirani was quoted saying that Mahindra and Mahindra and few other industries have expressed their willingness to establish their units at Dharwad.

The Hindu on same day, published this “While the Mahindra and Mahindra had agreed to set up their unit at Belgaum”

Mahindra and Mahindra company has the largest OEM from tractor engines to allied auto castings based in Belgaum. These components supplied by manufactures based in Belgaum and are direct standards of Mahindra QC standards, so Belgaum is a much obvious choice of Mahindra’s. Government of Karnataka should take interest in brining big names of foundry industries in proposed 500 acre foundry park near Machhe for international supplies, and give a support to local foundry industries to have joint venture for future entrepreneur developments in Belgaum , or else what is the use of establishing foundry cluster and including Belgaum for development of Automobile industry belt in Suvarna Karnataka industrial Policy.

From the news coverage it seems that the minister is not happy with the Mahindra unit being established in Belgaum and he is busy telling that even Mahindra is coming to Dharwad.
With inputs from Satish Kumar.

Reliance Retail Limited (RRL) will launch its flagship apparel, luggage and accessories store, Reliance Trends, in Belgaum at Nucleus Mall on the first floor. The store will begin in short time.

About Reliance Trends:
Apart from the ready-to-wear garments, the store also caters to consumers who prefer to shop for fabric and tailor their clothes. Reliance’s captive brands include Pureza, Network, Netplay DNMX and Graviti for men and Sparsh, Hushh, Panda and Frendz.

In the various government departments there is only one department which always surpasses its set target of collections each year, and i.e. the EXCISE department.

Last year 2009-10 Belgaum District had a target of selling 13 crore liters of Liquor(IMFL) which it surpassed and sold 14 croes 40lakhs 5949 liters of liquor and 43 lakhs liters of BEER.

“Pinewalon ka Pine ka bahana Chaiye” and this is what must be assenting the yearly targets.

All the other departments are not able to even collect what they had collected the previous year, like the City corporations.

You may blame it on the people or the govt. self which is sort of promoting the sale of Liquor.

The Reserve Bank of India released its ‘Quarterly Statistics on Deposits and Credit of Scheduled september 2009. The publication contains data relating to deposits and credit of scheduled commercial banks including (RRBs) as on September 2009.

In march 2008 Belgaum was on position 72 for deposits and 71 for credit.

March 2008 standings
Note: ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks’ provides data on aggregate credit of scheduled commercial banks as on June, 2008. The data are based on Basic Statistical Return the branches of all scheduled commercial banks (including RRBs).

Source: RBI

Sujay Nimbalkar has compiled these reviews of the union budget 2010-11 by different  chartered Accountants of Belgaum.

CA. B.B.Chandargi
Chairman of Belgaum Branch of Institute of chartered Accountants

Income Tax
1.The increase in Slab rate will be benefiting the particularly the middle class Tax Payers in the Income range of Rs.3.00 Lakhs to Rs.8.00 Lakhs leading to a Savings of Rs. 50000 in tax.
2.Also the proposed weighted deduction of 200% on Research activities to will give a major boost to Technology & Industrial growth.
3.Farmers have been benefited as the effective rate of Interest now on will be 5 %
4.The Increase in Tax Audit limit  for Business and Professionals will reduce the paper work as well as the Income tax procedures for Small & Medium enterprises.
5.Charitable Institutions can also carry out Non Charitable activities upto a limit of Rs. 10 Lakhs, this will mean better activities in the nature of public interest.
6.Companies subject to MAT will have to pay additional 5% i.e total 15% as Mat (Minimum Alternate Tax).

Excise Duty  :Excise duty is not favorable for large car buyers
Introduction of few more services under the Service Tax net will boost the service tax revenue of the Govt but it is not a welcome by those service providers.
However the large amount of Fiscal Deficit of our economy  is cause of concern.

CA. Sanjay D Shirguppe
Practicing chartered Accountant, Belgaum

The Basic Exemption  Limit in case of Service should have been increased ( on the lines of increase in Income Tax Limit)  to Rs.15 Lakhs from the present limit of Rs. 10 Lakhs thereby relieving the small service tax providers from the efforts of Registration under Service Tax rules and following the procedures thereon.
However the agricultural interest rate of 5 % to farmers is favourable.
The levy of additional duty of Re.1 per liter on Petrol and Diesel will indirectly lead to rise in the prices of other commodities and services resulting in increase in Inflation. Also I don’t see any steps taken by our Government to bring down the present inflation.

CA Vinay B
Practising Chartered Accountant Belgaum

Our  BUDGET 2010, in the backdrop of rehabilitating economies all over the world was being viewed with greater anticipation to pave the road ahead for growth and development. The budget in a very acute sense projects this with following proposals:
Change in income tax rate slabs to the advantage of individual tax payers.
Reduction in surcharge to corporate tax payers.
Abolition of Commodities Transaction Tax.
Retention of same rate of service tax.
Extra boost for investment in Infrastructure Bonds.
Establishment of agencies to monitor the implementation of infrastructure projects.
Other successful programmes of past years revamped to suit the future requirements (NREGS, APDRP, ICDS, SHG, etc.)
However, the budget was condemned by opposition parties on various issues and this happens to be the first budget that led to walkout of opposition parties.
The major short comings in the budget can be owed to the following:
Increase in excise duties and fuel prices.
Postponement of GST to one more year.
No changes in the basic tax rate of corporate tax payers.

The theme of this budget lies in creating demand through surplus funds in the hands of consumers (individuals) through reduced direct taxes and then charging them for consumption through the way of indirect taxes.

In view of all the above, I opine that no budget would satisfy everybody, as it is only a balancing act of Government Revenues and Expenditures, and keep check of the fiscal deficit, which in the current budget is on the higher side at 6.8% of GDP. There is no need to despair and criticize the budget, as other reforms are due in the near future. I am sure that the coming times will bring better reforms and a lot of growth in infrastructure. The present budget is only a half hearted signal in this direction. I hope for better reforms in times ahead.
CA Nikhil Shevade, Kolhapur

The much awaited (as always) Union Budget was kept before the Parliament by the Finance Minister Shri. Pranab Mukherjee on 26^th February 2010, which can be termed as a relief oriented budget. This time, however, the aspirations were high due to the global economic meltdown. The year 2009-10 has been a very difficult and testing year for India. The FM had to take certain stern steps and had to keep in mind the fiscal deficit before coming out with the proposal. Fiscal deficit was seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively as per the Economic Survey.

Salient features of the Budget 2010-2011 in Taxation:

1. Direct Taxes:
   1. FM prunes tax rates:
      Income up to Rs 1.6 lakh – Nil, Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent
      Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent
      Income above Rs 8 lakh – 30 per cent.

New tax rates would offer relief to 60 per cent of tax-payers.

The increase of minimum personal taxation slab of 10% up to Rs. 5.00 lacs will pave the way for better tax compliances and revenue generation for the Government.

1. 1. Income Tax department ready with two—page Saral—2 return forms for individual salaried assesses. The introduction of SARAL II Form will enable the small tax payers to file their return without difficulty.
   2. The relief upto Rs. 20,000/- under 80 CCE would suitably boost infrastructure sector while simultaneously providing tax relief. This deduction is in addition to the deduction limit of Rs. 1,00,000 already allowed under section 80C.
   3. The Budget has given some thrust to conversion into LLP (Limited Liability Partnership) without attracting Capital Gains Tax. However, the restrictions and preconditions may be reviewed to provide full benefit to the conversion of such entities.
   4. While he has left the base rate of 30% the same for corporate taxes, he has cut the surcharge from 10% to 7.5%. This marginal reduction of surcharge will give relief to corporate entities and partially offset the increase in MAT Tax which is raised from 15% to 18% of book profits.
   5. The thrust given on research and development by enhancing the weighted deduction from 150% to 200% is welcome since it will boost research activity.
   6. No disallowance under S-40(a)(ia) will be made if after deduction of tax during the entire previous year, the same has been paid on or before the due date of filing of return of income specified in sub-section (1) of section 139.
      Removal of genuine hardships in this area of TDS is welcome. This amendment is proposed to take effect from the Assessment Year 2010-11 and subsequent years.
   7. Implementation of the much talked about Direct Tax Code from April 2011.
   8. FBT (Fringe Benefit Tax) remains withdrawn.
2. Indirect Taxes:
   1. The increase in Central Excise Rates by 2% would augment tax revenues while bringing convergence with GST rates.
   2. Procedural reforms in placing reliance on CA’s certificates for input credits, amendment in demand provision would reduce litigation and give widespread relief.
   3. Certain accredited news agencies exempted from service tax
   4. Service tax to remain 10 per cent
   5. 10 per cent central excise duty on all non-petroleum products.
   6. 7.5 per cent duty on petrol, diesel, crude restored. Hence petroleum prices will rise.
   7. Government is actively engaged in finalising structure of Goods & Service Tax (GST Act) regime; hopes to implement it from April 2011.

The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation. I welcome the Budget however the fiscal deficit and food inflation control measures have to be taken.

The lovers of the drop in Belgaum must be feeling like its Diwali time as they have to spend more to get the same peg they got earlier.

After the opening of MSIL liquor store in the city other wine shops which were charging more than the MRP are now selling at MRP.

The city based wine shops which used to charge Rs.15 to Rs.20 extra are now charging the original MRP.

The lovers of the drop said its time to feast and government’s intervention by opening the MSIL outlet has made the local dealers to also sell at MRP.

The govt. can intervene in here why can’t in intervene in the price rise of essential commodities and also start stores which will sell commodities at reasonable prices. Isn’t it the duty of the govt. to look after the welfare of all its citizens, or is it that the BJP led govt. is biased towards the lovers of the drop.

It feels great to see the sensex zoom past the 5000 mark & also see Tendulkar go past 17000 but it feels bad to see Tea costing Rs.9 per cup and Onions costing you Rs.35/Kg. With this entire rise, Gold is also moving upward direction and now 10 grams will cost about Rs.17800 and Silver will cost Rs.295 for 10 grams.

It was a not so good monsoon then which caused a price hike and now rain during harvest time has taken away the meal from the mouth of both farmers and public.

Inflation is still at its lowest (tough it’s increasing now into the positives) but the price rise is eminent and the Agriculture minister himself comes forward and says that price rise of agri commodities is eminent for the next 3 months. It should have been otherwise, but our ministers are different aren’t they.

Here is a list; what will you buy and how much?

Tomato – Rs.18/Kg.; Onions – Rs.30/Kg; Potato – Rs.22/Kg; Shimla Mirch – Rs.40/Kg; Cauliflower – 20/Kg; Ladies Finger – Rs.20/Kg; Lemon – Rs.2.50 for 1 piece;

Mutton – Rs.215/Kg; Chicken (broiler) – Rs.98/Kg; Eggs- Rs.36/dozen

Tea – Rs.10/ cup in Hotel.

Masala Dosa – Rs.30; Idli(plate) – Rs.15; Uddin Vada – Rs.25; Shira – Rs.15; Puri Bhaji – Rs.30

Tur Dal – Rs.95/Kg; Sugar – Rs.37/Kg; Refined Oil Sunflower – Rs.60/Kg;

Some prices posted on 26 June 2008 Dosa- Rs.25 Idli Rs.15 Puri Bhaji- Rs.20 Tea- Rs.6; Belgaum

Note: All vegetable Prices will vary on a day to day basis. So when you go out to buy the price might have changed. And all these prices are from main Market in Belgaum, if you buy the same in Tilakwadi or else where they will be higher.

By Satish Kumar
Aerospace park planned near Bangalore airport

Karnataka Industrial Areas Development Board (KIADB) has acquired land for the proposed 1,000-acre aerospace park to be developed near the international airport at Devanahalli in Bangalore. The park will include an aviation MRO-related activities (maintenance, repair, and overhaul) and 250 acre of an export-oriented aerospace SEZ. The SEZ is to be developed by KIADB and is expected to become operational from June 2010.

The above piece of news was in highlights along the launch of India’s first Aerospace SEZ QUEST at Belgaum. There is a loud noise on decongestion of Bangalore, government committee for regional imbalance, spreading evenly industries across the state.
Then Why today such extra announcements?
Why can’t an Government Aerospace Park shapes up near Belgaum ?
Belgaum can have Public sector players such as HAL and NAL.
This is utter case of discrimination against Belgaum development rising to competition within the state; bet it, they will sell land at very cheaper rate to attract foreign establishment and the land would remain for long periods vacant, but QUEST is much organized so will thrive up and flourish better.

Belgaum best suits for MRO facilities, the government has already paid the farmers in Sambra and Balekundri for additional 370 acres of land acquired around airport the present Airport is on 450 acres of land, Why not develop MRO at Belgaum The MRO (Maintain Repair Overhaul) just need some additional ware housing some new siding bays and hangers along with additional taxi way. Belgaum Airport is situated out of city the place is already a semi sub urban part with cosmopolitan crowd of Defense establishment and being having good scope of Academic thrust of some new collages coming up in the area.

Present Belgaum Airport

It had happened in past with Belgaum a thriving hub of auto component sector and back bone for Pune auto ancillaries, till date haven’t got an automobile plant or industry though one got sanction was driven away by Greedy MP’s and MLA’s of Dharwad/Hubli what are we waiting for more projects to get eyewash and missed out or driven away.

This is how MRO would be based here

This is how it would look like

Now you all think over How should be the government Policies should be discriminatory like this or prove voice of equality towards the entire state, where are the people/Politicians /Think tanks who calls for fight on injustice to north Karnataka and are mum today, besides have forgotten the support garnered for SWR railway head quarter at Hubli. Is not Belgaum In North Karnataka didn’t we fight then for this cause, though pity we still have not got Dharwad Belgaum rail line and trains to capital city of Bangalore, and Bangalore Mysore line is taken up for doubling.

Anguish here is over this attitude of government towards Belgaumites as second class citizen and time has come to ask them to stop this Let me see after reading this, How many voices will be rising , and more importantly Who will hear it, will it go through MPs MLA and Official dignitaries of Belgaum .

Make a difference for living in this society (though bounded by Linguistic territorial boundaries) we do are much dignified, cannot be ignored!!!!

The efforts of Satish in this particular story are immense, I just hope Govt. is reading this. (Does the Govt. ever read Blogs?)

By Satish Kumar – http://belgaumnri.blogspot.com/

QUEST sez Belgaum Launch Thumps UP ,but Down with Short sighted Belgaum MP’s MLA and the government
It was real good news for Belgaum on QUEST launch with headlines in leading news papers, opening window of opportunity for future development of this place, but there are few every opening facts which I believe must shown to the world .
Positives:
1) Quest I going to create 7000 jobs in near future at Belgaum
2) New MNC SABCA Belgium, FARIAN France and Magellan (In fact Magellan is already had started the establishment,
3) Restoration of Air service in next three months

The third point may have some reservation about load factor , it is true there had been no much load factor on Bangalore sector but there was enough manageable load on Mumbai- Belgaum sector, but still why did government curtailed services and forced to keep Bangalore- Belgaum sector open. Why did doesn’t Belgaum get a cross sector flight as that of Hubli, such as Bangalore -Mumbai via Belgaum sector, with these kind of load factor shared the airline does not lose much income.

Why two yard sticks for Belgaum and Hubli, Our assessment for last four years is Belgaum- Mumbai sector load factor was 87% so how can this be low pax sector. Why state government is more interested in keeping a via Air service in Hubli and not in Belgaum.
The short sightedness of MP’s MLA of Belgaum and state government, on such a big launch event none of them thought of potential of Belgaum to be one f the MRO (Maintenance Repair Overhauling) base in future, they can still justify the acquiring of 350 acre of land for Airport expansion.

Negatives:
Some facts on Belgaum Airport on land acquisition
There is hue and cry in the media -“Why govt acquired fertile land”, let me tell you about this so called place Sambra Airport Area , the farmers are already being selling land to private developers on higher cost (the recent one being Mantri developers) so when it comes to giving to government they start knowing about its fertility , I myself owe three plots on such so called fertile land till date in Balemkundri Pant nagar and Sambra , and out of which I have already constructed a house. The factor here is not at all about fertility or loss of livelihood , most of these farmers have very small land holding average of 3 acres per family individual, and selling land for plot development is big bucks then acquiring from government on fixed rate, so the matter is finally about greed .
Some light on Naval Stock and base repair depot, it is much genuine if defense establishment acquire these land, why should one have objection on matter concerned with the country’s security.
We can still see a ray of growth no matter what the farmers fight for or the politicians fix the rates or private developers vow these village folks with greed lurking out of their mouth.

A developed Belgaum is our dream!

The Cosmos Co-operative Bank Ltd (Cosmos Bank) will open its Maruti Galli branch in Belgaum on 27^th August 2009 at Maruti Galli (Besides Syndicate Bank). The branch Manager Mr.Nitin, said that the bank has a unique repute of itself for serving its consumers. They also provide Demat and Forex services.

The timings also are very flexible for all 10am to 1pm

3pm to 6pm- Week days

Saturday and Sunday half day.

Established in 1906, The Cosmos Co-operative Bank Ltd (Cosmos Bank) is one of the oldest urban co-operative banks in the country, reputed for its quality services. Today, the Cosmos Bank is one of the leading Multi-state Scheduled Co-operative banks. The bank has carved a niche in the urban banking sector with its rich heritage, integrity, adherence to the prudent banking practices, technology savvy customer services. It has attained multi-faceted growth not only in terms of financial indicators / standards but also in overall expansion of activities.

As on 6th July, 2009 the banks financials stood at Rs. 10795.41 crores, comprising of Deposits of Rs.6931.58 crores and Advances Rs. 3863.83 Crores

Cosmos Bank operates through 94 branches and 9 Extension Counters in India spread across 5 States and in 16 Major Cities, which are as follows: Maharashtra, Madhya Pradesh Andhra Pradesh, Karnataka, and Gujarat.

Cosmos bank was the first Multistate Co-operative Bank to implement Centralized Banking System.

• All 94 Branches, 9 Extension Counters,  All Regional Offices and The Head Office are interconnected through the Date Center situated at Head Office and have gone live on “FINACLE”.
• Anytime banking through our ATM network.
• Installation of a total of 86 onsite ATM’s each of our Branches / Extension Counters is completed.
• More than 35000 ATMs connected through Bancs & NFS Tie Up.
• Sweep Facility for transfer of funds between accounts of customers.
• Facility to transfer funds instantaneously to any account in any of our branch network.
• RTGS / NEFT Service for quick transfer of Funds.
• Periodic interest on Fixed Deposits in disbursed through the Electronic Clearing Scheme (ECS).
• Account Statements are available through E-mails.
• SMS facility for Account Balance, View of Last Three Transactions and Cheque Status.
• Franking Facility.
• Utility Bill Payment facility for Telephone, Electric, Mobile Bills, Insurance premiums, Donations etc.
• Making payments of Direct taxes and Indirect Taxes on behalf of our customers on their behalf to the Government through the on-line payment system linked with HDFC Bank Ltd./IDBI Bank Ltd.