Fiscal worries pose major risk to world economy: IMF
Liquidity crunch: Govt to prematurely buy Rs 20K-cr bonds
In these Circumstances, the most DEGENERATED Post Ambedkarite Movement led by most Anti People, Absolute People banking on Casteology, miserably fail to understand the Global Phenomenon. Brahaminical system is no doubt EXCLUSIVE but at the same time, powerful SC OBC and even ST castes empowered with Powersharing thanks to the CO Opted Leaders do play their part to sustain the Manusmriti Apartheid rule EXCLUDING most of the SIX thousand NON Brahaminical castes and denying to recognise the Working class, Producers of wealth and most necessary agenda of INCLUSION, Empowerment, Awakening, Organisation, Internal Democracy and Mass Movement, Trade Union Activities in Organised as well as Non Organised sectors. The SC ST and OBC and minority leaders and educated people do contribute most in the process of Economic Ethnic Cleansing, I am afraid to say!
Troubled Galaxy Destroyed Dreams, Chapter 500
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Some Relief in direct Tax Code to RELOAD Taxation against the Masses and Sanctify the Economic Ethnic Cleansing!Meanwhile,Fiscal worries pose major risk to world economy, IMF declares!
In fact, the Government of India played the game with Rothchild`s surgical Precision. The Original Direct Tax Code Proposals were to kill the Tax Exemptions meant for Employees amounting to abolish Retirement and savings benefits and making Parks taxable. Now those Proposals are WITHDRAWN. It is Neither Relief nor Exemption.
It is an Indirect Hit to ensure Tax relief and exemption to the Zionist Brahamincal India Incs and LPG Raj!
Opposition was against the proposals and it should celebrate Success and evade Responsibility of Resistance whatsoever. As FDI and FII, Disinvestment, SEZ Drive, Deportation Drive, Sops to AMBANIES involving greater Manipulation, Sell OF the Nation and Nature, Displacement and economic ethnic Cleansing face NO RESISTANCE at all. On the on hand, it is Monopolistic Corporate Military Aggression against the Aboriginal Landscape, on the other hand, the Brahaminical Marxists do clear the DECKs for LPG Mafia killing the Democratic Process. As the Ruling Class has Diagnosed Ambedkarite Ideology as the Greatest Hindrance in the way of Economic reforms, Legislation means to by pass the Parliamentary system and all about killing the Constitution. In these Circumstances, the most DEGENERATED Post Ambedkarite Movement led by most Anti People, Absolute People banking on Casteology, miserably fail to understand the Global Phenomenon. Brahaminical system is no doubt EXCLUSIVE but at the same time, powerful SC OBC and even ST castes empowered with Powersharing thanks to the CO Opted Leaders do play their part to sustain the Manusmriti Apartheid rule EXCLUDING most of the SIX thousand NON Brahaminical castes and denying to recognise the Working class, Producers of wealth and most necessary agenda of INCLUSION, Empowerment, Awakening, Organisation, Internal Democracy and Mass Movement, Trade Union Activities in Organised as well as Non Organised sectors. The SC ST and OBC and minority leaders and educated people do contribute most in the process of Economic Ethnic Cleansing, I am afraid to say!
A day after his ministry dropped contentious proposals in the discussion paper on the Direct Taxes Code, Finance Minister Pranab Mukherjee today said in Ahmedabad that the proposed law will ensure a simpler and more rational direct tax regime.
He asked senior income tax officials here to organise training for staff at all levels to meet the challenges of switching over to the proposed new taxation regime, which will replace the decades-old Income Tax Act.
"A major tax reform initiative has already been announced in the proposed 'Direct Taxes Code 2009' to simplify, rationalise and consolidate the laws and procedure, relating to direct taxes," Mukherjee said after laying the foundation stone of the new office building of the Income Tax Department in Ahmedabad.
He said in order to improve compliance further, tax laws have to be simple, stable and robust, tax rates should remain moderate and multiplicity of tax exemptions and deductions should be gradually phased out, in order to widen and deepen the tax base.
Besides other things, in the revised DTC draft released yesterday, the government dropped a contentious proposal to tax retirement benefits like PF on withdrawal, as well as a move to levy Minimum Alternate Tax on corporates based on their assets, from the earlier draft.
The code, however, does not give any details on the Income Tax structure, such as the slabs or rates, leaving the issue to be tackled in the Direct Taxes Code Bill, to be tabled in the next session of Parliament.
Mukherjee said that tax administration needs to be further toned up by appropriate use of technology on the one hand and improving professional competence and responsiveness of the employees on the other.
"I have directed the Human Resource Directorate of the Department to draw up plans for training in cooperation with tax training institutes for capacity building for smooth transition to the new legislative regime. I have recently announced that Advanced Mid-Career Training Programme (AMCTP) for IRS officers would be started during the current year," he said.
Similar training should be organised by the local Chief Commissioners for employees at all levels to improve the skills of its employees to meet the challenges of switching over to the new tax regime.
At a separate function in Surat, Mukherjee said the government was committed to implement DTC from April 1, 2011, by ensuring total support from all the stakeholders.
On GST, he said, "Change in the present system to a new one (GST) is bound to find resistance... I urge the trade and commerce fraternity to mount pressure on policymakers for smooth convergence, which would lead to implementation of GST in a committed time frame," the Union Minister said.
GST is expected to replace most indirect taxes in the country, but the Centre and states have not agreed on many aspects of it, scheduled to be implemented from next fiscal, a delay of one year from the earlier deadline.
Read more at: http://beta.profit.ndtv.com/news/show/revised-dtc-to-ensure-simpler-tax-regime-fm-75118?cp
India Inc on Tuesday said the revised draft of Direct Taxes Code has well addressed its two demands -- tax exemption to pension and provident fund withdrawals and computing the Minimum Alternate Tax on profits.
"It is extremely welcomed that the draft Direct Tax Code has very well addressed these two issues," CII Director General Chandrajeet Banerjee said.
FICCI and Assocham too hailed the revised draft and said that the government has accepted the demands for industries.
They asked the government to finalise the draft to enable its implementation by next year.
Tax experts also hailed the provisions of revised draft. "The revised discussion paper reflects the considerate approach of the Finance Ministry by taking into account and giving due consideration to the recommendations of various stakeholders," said Aseem Chawla, partner with law firm Amarchand Mangaldas.
The revised draft, put for public discussion till June 30, retained the income tax exemption given to provident funds, pension funds at the time of withdrawal.
The first draft, floated last year, drew flak after it proposed to tax these schemes at the time of withdrawal.
The revised draft also retained the computation of MAT on the basis of profits, instead of gross assets.
The earlier discussion paper suggested imposing MAT, which is a tax paid by profit earning firms which do not fall under the tax net due to various exemptions, on the basis of gross assets.
This proposal also evoked strong criticism from the industry.
The government has proposed to bring a bill on DTC in the monsoon session of Parliament and hoped that the new Act, replacing archaic Income Tax law, would be implemented from next fiscal.
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On the other hand,The Bureau of Civil Aviation Security on Wednesday issued a terror alert across the country's airports following intelligence reports of a possible bid to hijack an aircraft.
Home Ministry sources said the terrorists could attempt to launch an attack ahead of the 2010 Commonwealth Games.
On the other hand,hirteen people, including three city intellectuals, arrested for alleged links with Maoists in West Bengal's West Midnapore district were Wednesday remanded by a court to judicial custody for 14 days.
The 13, who have been booked for waging war against the state and charged under various sections of penal code, were presented in a lower court in Jhargram in the district.
West Midnapore Superintendent of Police Monoj Verma said all three city intellectuals -- scientist Nisha Biswas, college teacher Kaniska Chowdhury and writer Manik Mandal -- went to the villages to meet Maoists and leaders of their frontal body People's Committee Against Police Atrocities (PCAPA).
They were also present in a kangaroo court besides providing financial help to the rebel outfit.
Communist Party of India-Maoist West Bengal state Committee spokesperson Khokon, however, denied any link with the three intellectuals.
'We never met them and have no links with them. The government is trying to gag the voice of people who are trying to find out the actual condition at Lalgarh,' he said.
 | FM dedicates CPC to the Nation ------------------------------------------------------------------------------------------------- Shri Pranab Mukherjee, Honorable Finance Minister dedicated Centralised Processing Centre (CPC), Hosur Road, Bengaluru - 560100 to the Nation on 29-05-2010 at 6.30PM. |
http://www.incometaxindia.gov.in/
Revised DTC to ensure simpler tax regime: FM
PF not to be taxed at withdrawal under new DTC
Direct Tax Code Completely Explained
Balm on frayed India Inc nerves
India Proposes CGT On Overseas Investors
Revised DTC draft: Tax exemption limit for non-profit entities proposed
Govt to table new direct taxes code in Parliament in next session
Government to go slow on personal tax reforms
DTC 2.0: FII income to be taxed as capital gains
DTC may override DTAAs
Relief for individuals in new tax code draft
New Ulips to invite tax on gains after new code
Government Drops Proposal To Levy MAT And No Tax On PF
Revised DTC proposals not to eat into revenue: Finmin
Tax exemption recommendation is balanced: Finmin
No tax on PF, pension fund withdrawals: FM
Govt retains tax exemption to interest on housing loans
IT department seeks more powers
Retirement benefits, including PF, not to be taxed: Govt
PF, pension fund withdrawls not to be taxed: Govt
Another discussion paper released on draft tax code
REUTERS reports from Washington:
WASHINGTON: Increased financial market volatility, reflecting investor concerns over the fiscal health of European countries, pose a 'major downside risk' to the global economy, the International Monetary Fund said on Wednesday.
In a note prepared for a June 4-5 meeting of the Group of 20 finance ministers but only published now, the IMF called for urgent action to restore policy confidence and address fiscal sustainability in advanced economies.
It emphasized that said most advanced economies do not need to tighten policies before 2011 but should also not add further stimulus. Meanwhile, fast-growing advanced and emerging economies can start tightening policies now, it added.
The revised direct tax code and its impact
Vijay Ganeshan, June 16, 2010 (Mumbai)
The second draft of Direct Tax Code released on Tuesday has some good news for individual tax payers as the finance ministry has backed out of scraping many tax exemptions.
Under the new proposed code if you earn up to Rs 1.60 lakh annually there will be no tax liability.
If your Income is between Rs 1.6 to Rs 10 lakh per annum then you will be taxed at 10 per cent as compared to the existing tax rates of Rs 1.6 lakh for men, Rs 1.9 lakh for women, and Rs 2.4 lakh for senior citizens.
In the proposed plan, for income of Rs 10-25 lakh, you will be taxed at 20 per cent. Under the existing rules, there is 20 per cent tax slab for income of Rs 5-8 lakh and 30 per cent tax on income of 8 lakhs and above. For income over Rs 25 lakh the new code proposes 30 per cent taxes.
Also for all those paying EMIs on a home loan the new code doesn't suggest anything new but stuck to what they had originally recommended in the first draft of the code.
The revised draft, put for public discussion till June 30, retained the income tax exemption given to provident funds, pension funds at the time of withdrawal.
The revised draft also puts pensions administered by the interim regulator PFRDA, including pension of government employees who were recruited since January 2004, under EEE treatment.
The revised discussion paper has retained the tax exemption for up to Rs 1.5 lakh paid as interest on housing loans. The revised draft is put up for public comments till June 30. Earlier in the first draft of DTC, the government was silent on incentive given to interest paid on home loans, leading to widespread fears that this sop would be withdrawn. The revised draft, however, is silent on exemption given on principal amount paid on housing loans. The first was also silent on this front.
Under the new proposed code, net wealth in excess of Rs 50 crore will be charged at 0.25 per cent as wealth tax.
But there are worries that these proposed tax slabs may once again be tweaked as many of the exemption benefits have not been removed.
Now with the Withdrawal on Investment being brought under the the EEE (exempt exempt exempt) regime making on Investment like Public Provident Fund, Employee Provident Fund and Pension funds tax free.
The finance ministry has in a way tried to pacify the middle class tax payers. However when it comes to the tax slabs for paying income tax one will have to wait and watch as the decision will now be a political one when the draft code is tabled in parliament in the monsoon session.
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Draft of Direct Tax Code Released by FM
inance Minister, Shri Pranab Mukherjee said, Updates: Revised Direct Tax Code (DTC) June 2010I propose to pursue structural changes in direct taxes by releasing the new Direct Taxes Code within the next 45 days and in indirect taxes by accelerating the process for the smooth introduction of the Goods and Services Tax (GST) with effect from 1st April, 2010. The Direct Taxes Code, along with a Discussion Paper, will be released to the public for debate. Based on the inputs received, the Government will finalise the Direct Taxes Code Bill for introduction in this House sometime during the Winter Session"
The Government will consider inputs and suggestions received from the public before finalising the Direct Taxes Code Bill for introduction in Parliament sometime during the Winter Session.
The current Income-tax Act was enacted in 1961 to replace the earlier Act which had been legislated before Independence in 1922. More than 50 years have elapsed since the introduction of the current Income-tax Act. The Government had, therefore, announced its intention to introduce a revised and simplified Income-tax Bill while presenting the Union Budget for 2005-06.
Subsequently, work was undertaken on drafting a Direct Taxes Code to replace the current Income-tax Act, 1961 and the Wealth-tax Act, 1957. In his speech in Parliament on 6th July, 2009, while presenting the Union Budget for 2009-10,
Former finance minister and now the home minister, P Chidambaram, who had initiated work on the proposed code during his tenure, said the direct tax code was outdated and it needed a revamp.
The direct tax code would replace the Income Tax Act 1961, Chidambaram said. Adding that the new direct tax code would become a law only by 2011, Chidambaram said the new tax code would be a vast improvement over I-T Act 1961.
Finance Minister Pranab Mukherjee said tax reform is a process, not an event. To moderate tax rate and simplify tax laws
The new code is aimed at eliminating the scope of litigation as far as possible, Mukherjee said, adding that the government will have informed discussion with stakeholders on the tax code.
Finally The finance ministry on Wednesday (Today) released the draft of direct tax code that seeks to simplify the current tax provisions.
The direct tax code would replace the Income Tax Act 1961, Chidambaram said. Adding that the new direct tax code would become a law only by 2011, Chidambaram said the new tax code would be a vast improvement over I-T Act 1961.
Finance Minister Pranab Mukherjee said tax reform is a process, not an event. To moderate tax rate and simplify tax laws, all direct taxes including FBT and income tax would be brought under one code, he said. The new code is aimed at eliminating the scope of litigation as far as possible, Mukherjee said, adding that the government will have informed discussion with stakeholders on the tax code.
Download Direct Tax Code Bill 2009
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Download Direct Tax Code Bill 2009
The Finance Minister on Wednesday unveiled the draft of a brand new direct tax code/law, which will replace the four-decade Income-Tax Act, "… to improve the efficiency and equity of our tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base", said finance minister Pranab Mukherjee.The direct tax code would replace the Income Tax Act 1961, Chidambaram said. Adding that the new direct tax code would become a law only by 2011, Chidambaram said the new tax code would be a vast improvement over I-T Act 1961.
Finance Minister Pranab Mukherjee said tax reform is a process, not an event. To moderate tax rate and simplify tax laws, all direct taxes including FBT and income tax would be brought under one code, he said.
Download Direct Tax Code Bill 2009
Download Direct Taxes Code : Discussion Paper
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- Simple Tax Regime, Simple Tax Structure, FBT & CTT abolished, Lawyers to pay Service Tax, Corporate Tax remain Unchanged
Liquidity crunch: Govt to prematurely buy Rs 20K-cr bonds
The Reserve Bank today said the government will prematurely buy back three types of bonds worth up to Rs 20,000 crore beginning Friday, as liquidity has come under pressure due to much higher 3G and broadband spectrum licence fees, and the first quarter advance tax. The government will repurchase bonds, two of which would have otherwise matured later this year and the other next year.One of these bonds carries 12.25 per cent coupon rate, the other 11.30 per cent, and the third one 6.57 per cent. The government will buyback bonds worth Rs 10,000 crore on June 18, and the settlement will take place on June 21.
The next repurchase programme is yet to be finalised. "The government of India hereby notifies the repurchase of 12.25 per cent Government Stock 2010, 11.30 per cent Government Stock 2010 and 6.57 per cent Government Stock 2011," an RBI statement said.
The government will pay the bondholders a sum that will include the accrued interest on these bonds, RBI said. "The government stocks repurchased in this manner will get prematurely redeemed and interest will cease to accrue on such redeemed Government stocks," the statement said.
The statement said these repurchases are adhoc in nature and up to Rs 20,000 crore. The move is aimed at the government''s cash management operations and the government will utilise its current surplus cash balances for the purpose.
The liquidity came under pressure, after telcos had paid over Rs 67,000 crore for 3G spectrum. Another Rs 38,000 crore will go out of the system for broadband spectrum by next Tuesday.
Besides, the corporates also paid advance tax to the government. As per the finance ministry sources, top 100 corporate has paid Rs 12,661.73 crore to the government as advance tax for the first quarter of this fiscal.
As such, the goverment is in the surplus cash position, as spectrum sale fetched over Rs 70,000 crore than expected in the budget.
Put pressure on policy makers for GST rollout, FM tells ind
Union Finance Minister Pranab Mukherjee today asked the trade and commerce fraternity to mount pressure on policymakers for smooth implementation of the proposed Goods and Services Tax (GST) within the committed timeframe. Mukherjee''s statement comes at a time when the Centre and states are struggling hard to find a common ground for introducing GST, which has already missed the earlier deadline of April 1, 2010.Speaking at the annual installation ceremony of the South Gujarat Chambers of Commerce here, Mukherjee said, "Change in the present system to a new one is bound to find resistance." "I urge the trade and commerce fraternity to mount pressure on policymakers for smooth convergence, which would lead to implementation of GST in a committed time frame," the Union Minister said.
The Centre and states have not agreed on many aspects of GST so far, including the structure of tax rate on goods. While states want two slabs for tax on goods, the Centre wants one.
GST is expected to replace most indirect taxes in the country, including excise duty, service tax at the level of Centre and Vat at the states'' end, besides local levies. Mukherjee said a good monsoon will revive the growth momentum to achieve the target set during the Budget, as the economy remained under pressure due to the vagaries of weather and recessionary pressures emanating from the world economy last year.
The minister also said India has achieved a comfortable level of foreign direct investment by crossing the USD 20.9 billion mark.
BP starts burning oil from leaking ruptured well
BP began burning oil siphoned from a ruptured well in the Gulf of Mexico early on Wednesday as part of its plans to more than triple the amount of crude it can stop from reaching the sea, the company said.BP PLC said oil and gas siphoned from the well is drawn to a semi-submersible drilling rig on the ocean surface. Once that gas reaches the rig, it is mixed with compressed air, shot down a specialized boom made by Schlumberger Ltd. and ignited at sea.
It's the first time this particular burner has been deployed in the Gulf of Mexico.
BP officials previously said they believed the burner system could incinerate anywhere from 210,000 gallons (nearly 800,000 liters) of oil to 420,000 gallons (1.6 million liters) of oil daily once it's fully operational.
The company did not say how much oil the new system has burned. It said work to optimize the new system was still ongoing.
Under pressure from the Coast Guard, the energy firm is attempting to expand its ability to trap leaking oil before it reaches the water. Already, oil and gas are being siphoned from a containment cap sitting over the well head and flowing to a drill ship sitting above it in the Gulf of Mexico.
Adding the burner is part of BP's plan to expand its containment system so it can capture as much as 2.2 million gallons (8.3 million liters) of oil a day by late June, or nearly 90 per cent of what a team of government scientists have estimated is the maximum flow out the well.
Rel Media World to be re-named Reliance Broadcast Network
The Anil Ambani-led media and entertainment firm Reliance Media World today said it will be re-christened as Reliance Broadcast Network soon even as the company finalises its plans to get into new segments. "We have already received the board approval for renaming and are now awaiting regulatory approvals, after which we will be known as Reliance Broadcast Network.We are expecting the approvals over the next 15 days," Reliance Media World chief executive Tarun Katial told reporters here today. The company that launched its business with its marquee brand Big FM in 2006, intends to build a multi-media entity by entering into new media verticals.
It has also recently launched three new verticals--Big Street (out-of-home media), Big Live (experiential marketing) and Big Digital (mobile and online space). When asked whether the name change is an indication of the company getting into the general entertainment space in association with the US-based media conglomerate CBS as reported recently, Katial said the company would not comment on any speculation.
"We will not like to comment on any media speculation. But yes, we are planning to enter the television space soon.
We plan to make an announcement in this regard in the next 10-15 days," Katial said. Asked about the fund-raising plans, Katial said, "we have got the board approval to raise funds through various options like QIP, preferential shares or private equity.
" Katial, however, did not divulge any further details. He said most of the funds raised will be used to retire debt while a part would go towards its operational expenditure and organic as well as inorganic expansion.
Reliance MediaWorld that was listed in December 2009 is also eyeing a break-even in the current fiscal. The company had ended this financial year with a net loss of Rs 76 crore.
However, its total turnover stood at Rs 180 crore. The company also said it is likely to hike its ad rates by 10-15 per cent.
"Last year was tough but some amount of confidence is back in sectors such as automobiles, FMCG and retail. The ad spends of these companies have also gone up.
So we plan to hike our ad rates.
we can push through by 10-15 per cent," Katial said, adding the new card rate will be out by the next quarter.
On phase III FM auctions, Katial said the auction is likely to start in August. The company is looking at getting 90-100 licenses, he added.
BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf, senior administration officials said Wednesday, a move made under pressure by the White House as the company copes with causing the worst environmental disaster in U.S. history.
- BP starts burning oil from leaking ruptured well- AP
- BP shares swing upward in midday trading- AP
- What can BP afford to pay? Nobody's sure- CNNMoney
- How BP might limit its liability- NYTimes
- Stocks pare losses in later trade- AP
- Retail data put double-dip back on table- Marketwatch
- SEC proposes new disclosures for target-date funds- AP
- Recovery was never strong: Shilling- Tech Ticker
- Home construction fails to lift recovery- AP
New draft of Tax Code seeks to levy wealth tax on firms' 'unproductive assets'Hindu Business Line - 19 minutes ago The Centre is looking to drop a proposal to bring financial assets within the scope of the wealth tax net. The revised discussion paper on the Direct Taxes ... Tax code blow for India Inc to softenBusiness Standard - 22 minutes ago The government plans to provide comfort to Indian companies with foreign subsidiaries that would be covered by the provisions on Controlled Foreign ... Keeping STT not to impact sentiment: BrokersBusiness Standard - 23 minutes ago Market experts are confident that there will be no adverse impact on the equity market, following the revised draft on Direct Tax Code (DTC) that proposed ... Why the tax code is niceIndian Express - 26 minutes ago There's something nice about the revised draft of the direct tax code, or DTC 2.0 as it is being called. Nice? A tax policy document? ... DTC punctureIndian Express - 35 minutes ago The finance ministry has released the second, revised version of its proposed direct tax code. The revised version is open to comments from the public ... Direct Tax Code message: Capital gains tax looms bigHindustan Times - 1 hour ago Prepare to pay tax on capital gains from next year if the government goes ahead with the Direct Taxes Code (DTC) in its current form. ... Brass TaxTimes of India - 1 hour ago Any model direct taxes code (DTC) would seek to reduce people's tax liability and give them greater choice on spending their money. ... Revised DTC to ensure simpler tax regime: FMNDTV.com - 1 hour ago PTI, June 16, 2010 (Ahmedabad) A day after his ministry dropped contentious proposals in the discussion paper on the Direct Taxes Code, Finance Minister ... PF not to be taxed at withdrawal under new DTCReuters India - - 5 hours ago Reuters looks into the euro zone crisis and how the EU is gearing up to clear the financial mess. Full Article Keep track of the monsoon and its impact on ... Non pure life ULIPs may be taxed SourcesMoneycontrol.com - 6 hours ago The Direct Tax Code (DTC) Bill will define pure life insurance products, reports CNBC-TV18, quoting Finance Ministry sources. If unit-linked insurance ... | Timeline of articles Number of sources covering this story
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Bengal to rehabilitate Maoists who surrender
West Bengal is set to unveil a rehabilitation package for Maoists willing to surrender and return to the mainstream, a senior police official said here Wednesday.The package will have provisions for one-time financial assistance, a monthly stipend and vocational training, West Midnapore Superintendent of Police Manoj Verma said.
'The state government will announce the package in two-three days,' he said, hours after joint forces deployed in the district to flush out leftwing extremists killed eight of them in a gun battle.
Verma appealed to all rebels willing to return to normal life to contact the West Midnapore district administration or personnel of the joint forces.
'Army uniforms' worn by joint forces bought from market: Police
In a shocking admission, police said that the army battle fatigues worn by the joint security forces during Wednesday's gunfight with Maoists in West Midnapore district were bought from the market. The uniforms had the words 'Indian Army' written on them.The security personnel wearing the fatigues had no links with the Indian Army, Anish Sarkar, deputy superintendent of police (Operations), West Midnapore said.
'They have bought the army uniforms from the market. It was available in plenty in the market,' Sarkar told IANS.
The joint forces personnel had donned the fatigues during a gun battle with Maoists at Duli village in Ranjha forest, about 20 km from here, in which eight guerrillas were killed.
The fatigues had triggering confusion whether the army had been deployed to combat Maoists. And pro-Maoist villagers, intellectuals and tribal bodies immediately started protesting.
Manoj Mahato, spokesperson of the pro-Maoist tribal body Peoples' Committee Against Police Atrocities (PCAPA), criticised the state and central governments for deploying the army without discussing the matter in the cabinet.
The confusion was cleared only after Sarkar's clarification.
Nuke liability bill meant to fulfill commitment to US: Karat
The nuclear liability bill introduced in parliament is meant to safeguard the interests of the US companies who will supply reactors to India, Communist Party of India-Marxist (CPI-M) general secretary Prakash Karat says.'The Congress-led government has obliged the US by bringing this shocking piece of legislation which makes it near impossible to hold foreign suppliers of nuclear reactors to account in the case of an accident.'
In the event of a nuclear accident, they are to be exempt from any liability to pay compensation for the damages caused, Karat said in the latest issue of the party organ 'People's Democracy'.
'What Westinghouse and General Electric want is that even the limited liability which accrued to Union Carbide in the case of Bhopal ($470 million as per the settlement approved by the Supreme Court) should not fall on them,' the CPI-M leader said.
Citing the timing of the first sitting of the standing committee of parliament to examine the nuclear liability bill, Karat said: 'This is a bill which was denounced by the CPI-M when it was in the stage of being drafted within the government.'
'This is a legislation being brought to fulfill a commitment made by the UPA government when it entered into the India-US nuclear deal,' he added.
Stating that the the Bhopal verdict has a direct relevance to the nuclear liability bill, Karat said 'no more Bhopals and Warren Andersons should recur.'
'If there are lessons to be learnt from the tragic episode of Bhopal, it is that there should be strict laws which will assign civil liability and ensure that criminal liability is also pinned down.'
'There can be no compromise with the lives and safety of the Indian people in order to appease the commercial interests and profits of foreign and Indian big business.
'The first step towards ensuring this will be to scrap the civil nuclear liability bill,' Karat said.
Sovan Chatterjee sworn in as Kolkata mayor
Sovan Chatterjee of the Trinamool Congress was Wednesday sworn in as the new mayor of the Kolkata Municipal Corporation (KMC).Soon after being administered the oath at the KMC headquarters here, Chatterjee announced he would not charge any water tax from the middle and lower classes and simplify the tax structure.
Deputy Mayor Farzana Alam and other members of the mayor-in-council also took oath.
The Trinamool Congress had made water tax a major campaign plank in the May 30 KMC polls by promising not to levy it if the party came to power.
The 46-year-old Chatterjee has been a KMC councillor uninterruptedly for 25 years since 1985.
Arjun Singh should come clean on Anderson's release: BJP
The Bharatiya Janata Party (BJP) Wednesday said Arjun Singh, the Madhya Pradesh chief minister in 1984, should tell the nation how former Union Carbide Corp CEO Warren Anderson was allowed safe passage out of country days after the massive gas leak from the company's plant killed thousands in Bhopal.'Why is Arjun Singh silent and how long he will remain silent? He should tell the facts over Anderson's being let off,' BJP spokesperson Ravi Shankar Prasad contended while speaking to reporters here.
'Bhopal gas survivors should be given justice and relief,' he said.
Prasad reached Chhattisgarh capital along with senior party leaders L.K. Advani, Rajnath Singh and estranged colleague Uma Bharti to pay tributes to Chief Minister Raman Singh's father, Vighna Haran Singh who died here June 4.
The BJP leaders left for Raman Singh's hometown Kawardha, about 120 km from here, in a chopper to attend the 'terhanvi' (13th day ceremony).
The gas disaster struck the Madhya Pradesh capital Dec 2-3, 1984, killing over 3,000 instantly and many others over the years.
Govt to sell 10% of CIL, Hind Copper | ||
| OUR SPECIAL CORRESPONDENT | ||
New Delhi, June 15: The cabinet committee on economic affairs today cleared a 10 per cent stake sale each in state-owned mining firms Coal India Ltd (CIL) and Hindustan Copper, while railway minister Mamata Banerjee was away from the capital. The minister had stalled the proposals last week during a meeting of the cabinet committee. Trinamul leaders said, "Mamata wasn't aware they would take up the divestment of these two firms this week ... the government didn't send the agenda yesterday." The stake sales in the two Calcutta-based firms are expected to raise about Rs 16,000 crore for the government's kitty to construct roads, ports, hospitals and schools. "The government will offload 10 per cent of its equity in Coal India through an initial public offering. Hindustan Copper will issue fresh shares equivalent to 10 per cent of pre-issue paid up capital and the government will sell another 10 per cent in the firm through a follow-on public offer," home minister P. Chidambaram told reporters. The Manmohan Singh government hopes to raise Rs 40,000 crore from divestment this fiscal. So far, divestment in Satluj Jal Vidyut Nigam has fetched Rs 1,000 crore. "Divestment of CIL would be through a book-building process in the domestic market. One per cent of the equity will be offered to employees of CIL and its eight subsidiaries at a discount of 5 per cent," he said. Coal minister Sriprakash Jaiswal said the IPO for Coal India was likely to hit the market by September but could be delayed by two months if the markets were not "conducive". Hindustan Copper, which returned to profit in the last fiscal, aims to increase output more than six-fold in five years to meet the rising demand for the metal. The company is trying to secure the rights to new mines in India and abroad. The share issue will part-finance its expansion and asset buys. | ||
 |
Big relief for MAT payers | |
| OUR SPECIAL CORRESPONDENT | |
Mumbai, June 15: Reliance Industries and the technology titans — TCS, Wipro and Infosys — can all breathe easy once again. The government has dropped its plan to change the formula for calculating the minimum alternate tax (MAT) — a levy that former finance minister P. Chidambaram had introduced in 1996 to squeeze some revenue out of big-spending, zero-tax entities. Last year, the government had unveiled the first draft of its discussion paper on the direct tax code and stunned the MAT-paying companies by proposing to calculate the levy with reference to the value of their gross assets. The change in the formula had also been proposed when Chidambaram headed the finance ministry. Pranab Mukherjee has chosen not to rock the boat by deciding to stick with the current formula under which the levy is calculated on the basis of book profits. While unveiling the revised draft today, revenue secretary Sunil Mitra said the old formula would stay. It may be recalled that in the first draft of the direct tax code, the government had proposed that MAT ought to be charged at 2 per cent of gross assets of a company instead of charging it at 15 per cent of book profits. The discussion paper had then said that MAT would be levied at 0.25 per cent of the value of gross assets in the case of banking companies and 2 per cent for all other companies. Accepting the industry's litany of objections against the change in the formula, the government admitted that "there may be practical difficulties and unintended consequences, particularly in the case of loss-making companies and companies having a long gestation period. It is, therefore, proposed to compute MAT with reference to book profits." Reacting to the change, Sanjay Kapadia, executive director, Ernst & Young told The Telegraph that had the earlier proposal been accepted, it would have had major negative implications. While it would have resulted in discouraging companies from creating assets, it would also have impacted capital intensive sectors. "The earlier proposal would have affected all capital intensive industries and infrastructure companies which have more assets. Moreover, even a company going through a liquidation would also have been subject to MAT since it has assets on its books," Kapadia added. Kapadia, however, added that the revised discussion paper was silent on existing provision of MAT credit being carried forward. Industry had argued against the change in the formula on the ground that companies operating in a cyclical downturn would be badly affected. They had also said it was wrong to apply an efficiency metric like return on assets to calculate presumptive tax. Some experts had said that since the proposed MAT regime did not provide any tax break during the gestation period, investment costs in new businesses would be higher on account of MAT when compared with older businesses which already had the benefit of a depreciated asset base. They also slammed the proposal to include 'capital works in progress' in the equation. |
Pension relief in tax code - Savings safe in revisions that promise breathers | |
| JAYANTA ROY CHOWDHURY | |
New Delhi, June 15: Salary-earners worried about retirement can let out an "EEE" in glee. The Centre has dropped a proposal to tax pension savings while withdrawing the money on maturity. This means it will continue with the policy of EEE (exempt, exempt, exempt) at all three stages of savings and will not opt for a proposed EET (exempt, exempt and tax at withdrawal). The modification was announced in revisions to a direct tax code the Centre proposes to implement from next year. The revised code has promised several other sops to the middle class. The tax code, which will be introduced in Parliament in the coming monsoon session, is expected to simplify tax rules, raise tax slabs and lift the ceiling for tax-free savings to Rs 3 lakh from Rs 1.6 lakh now. If all these promises are fulfilled, the total outgo for the salaried class will go down. The plan to tax the savings at the last stage had sent shivers down the spine of those who were saving for post-retirement. The modifications suggest that the government did pay attention to the sense of disquiet. Revenue secretary Sunil Mitra said: "We prepared the revised discussion paper on the basis of some 1,600 comments and suggestions we received." A realisation by tax collectors that EET would mean huge increase in paperwork also played a part in its burial. The revised paper, too, will be open to changes based on suggestions which people can send over the next 15 days, the secretary said. The comment box can be accessed on the Internet on the site finmin.nic.in. If a user clicks on "new discussion paper related to direct taxes code" in the update box, the comment box can be reached. |
O WORK ON A FRIENDSHIP - Like the US, India must be clear about its own security strategy | |
| Brijesh D. Jayal | |
Any development in the relations between India and the United States of America is preceded by great hype. This has been the pattern ever since Bill Clinton's visit to India as president, the first such visit of a US president in decades. It is hardly surprising then that the recently concluded first strategic dialogue between the two countries should generate great expectations. That it was more hype than hope should have been clear from the very composition of the foreign minister's delegation, which contained no one from the security establishment. Considering that many of the hurdles to deepening Indo-US relations relate to issues of security, this absence was by no means incidental. At the end, all we got were good atmospherics, a gesture of the president driving up to attend the dinner hosted by the secretary of state, Hillary Clinton, his soothing words for India and announcement of his visit to India. Answering questions at the conclusion of his visit to the US, the external affairs minister is quoted to have said, "Our concerns should be addressed by the US and their concerns should be addressed by us. This is the ground rule on which we proceed and this is the ground rule on which the strategic dialogue took place." Hardly the concepts on which tectonic international strategic partnerships are founded. The perception that under the new administration of President Barack Obama some of the sheen in the much heralded strategic partnership was wearing thin has been gaining ground. Given that not every US president could be expected to be as effusive and open about the importance of such a relationship between the two democracies as was George Bush with his typical 'either you are with us or against us' approach, it was only natural that Obama, with a different style of leadership and vision, would bring in change. But the hope was that the change would be more in style than substance. Viewed from India's perspective, Obama brought a different substance to the White House, committed as he was to bringing his troops back from two overseas operational theatres. It was AfPak that was on his immediate radar and India had to be pacified through diplomatic niceties. Manmohan Singh being the first head of State to be given a State dinner by the new president was one such. Signals emanating from the president's special envoy to Afghanistan, Richard Holbrooke, and General Stanley McChrystal, commander of the International Security Assistance Force and US forces in Afghanistan, however, indicated softness towards Pakistan's desire to see India end its development work in Afghanistan. When not long after the attack on the Indian embassy in Kabul in October last year, in which the Taliban had claimed responsibility, a senior White House official in Washington indicated official thinking that the Taliban did not pose a direct threat to the US , India should have got the message. Whether the Indian government was listening is a moot point. The David Headley case brought out to starry-eyed Indians that even with all the cooperation in intelligence-sharing and counter-terror operations, the US, like all nations, first safeguarded its own national interests. To successive governments which have shied away from clearly defining India's strategic interests and goals, this may appear a contradiction in terms, but in the world of international diplomacy and relations, this is given. Chastened by two recent terrorist attempts on US soil and ahead of the strategic dialogue, US officials made a series of statements to reflect the president's view of India's growing regional and global relevance. For the first time it was suggested that Pakistan and India can put the Kashmir issue on the backburner and address confidence-building measures, including advancing trade and commerce — an approach favoured by India. Speaking at a joint press conference with President Hamid Karzai, the US president said that Pakistan was afflicted with the cancer of terrorism. Officials, too, once again endorsed New Delhi's role in Afghanistan and privately rubbished Pakistan's allegations of a subversive Indian role in Afghanistan and its overheated rhetoric on water issues. Clearly there was a strong message of changing perceptions on the US's part, possibly driven by recent attempts at terrorist attacks in the US and continuing obduracy on Pakistan's part. But there also appears to be a sense of frustration as the US attempts to initiate a strategic partnership with India. In a speech at the Council on Foreign Relations in New York, the under-secretary of state, William J. Burns, indicated that the US wanted an India that doesn't think small and that "self-hyphenates". He further lamented that "India sometimes has a hard time realizing how far its influence and its interests have taken it beyond its immediate neighbourhood", and its ambivalence about its own rise in the world makes it still torn between its Group of 77 and Group of 20 identities. Further sensing that there were bloated expectations from the outcome of the first strategic dialogue which would largely remain unfulfilled, the assistant secretary of state for South and Central Asia, Robert Blake, stated that "the purpose of this dialogue is really to think strategically and again to get the key people who work on these issues together to think ahead to the US President's visit and to think strategically about what we can do". Taken together, all this suggests that the US was preparing India to have the self-confidence and graduate to a higher level of strategic thinking and planning. Whilst India has announced some kind of strategic relationship with many countries, it does not have a strategic culture to engage in in-depth strategic analyses with respect to the relationship with each and arrive at its own strategic vision and security interests. As is our wont, even any limited exercise is done within the confines of the government, with little involvement of outside intellectual inputs like those from universities and think-tanks. What is more, in a democracy such as ours, all such issues degenerate into a political slug fest at the slightest opportunity. The government of the day then resorts to secrecy and part-information as a tool. Compare this to the US, which is mandated by law to periodically declare its national security strategy, the first of Obama's administration being released only days before this strategic dialogue commenced. One also needs to bear in mind that there are other agreements that the US would like to enter into with India in furtherance of its own international foreign policy and security objectives. These have been under discussion for a long time, being the communications interoperability and security memorandum of agreement, logistic support agreement, container security initiative, among others. All these continue to lie in limbo as India is not clearly articulating its national security strategy, within the confines of which all such commitments can then be negotiated and finalized. In an international environment that is dynamic and somewhat insecure, the purely tactical approach that India often favours over safeguarding its larger strategic interests is bound to suffer from serious shortcomings. This undermines the long-term interests of the country as issues of strategic interest do not receive the advantage of wider cost-benefit analyses. Such an approach also weakens national resolve to negotiate international partnerships from a position of confidence and strength. India must recognize that the US is the only superpower, and if it desires closer strategic partnership with India, it is because this serves its interests. There is little doubt that as interaction between the strategic, security, diplomatic and political communities increases and there is greater familiarity with each other's practices, strategic interests and outlooks as the relationship matures, the path will become smoother. But there is hard work to be done. India's interest is not going to be served if this partnership progresses secretively, as this creates doubts and results in unnecessary and infructuous debate. It is important that the issues are debated openly so that both democracies share the challenges, opportunities and compromises that need to be made. It is only then that this strategic partnership will grow over time to the mutual benefit of the two countries, the region and, indeed, of international peace and security. If it appears to the Indian people that the US is not looking for a partner, but a client state, then the relationship is in for a turbulent ride. It was during the US visit of the former prime minister, Atal Bihari Vajpayee, in November, 2001 that he famously said in his opening remarks at the meeting with the speaker of the House of Representatives, "I have long believed that the United States and India are natural allies." These were profound words from a leader deeply rooted in the Indian ethos and a distinguished Hindi poet to boot. The challenge for India is to convert this natural alliance progressively into a partnership of strategic significance. For this to begin, India must come out with its own national security strategy, which should be debated both in public and in the Parliament and have the endorsement of the people of India. These then will form the "true ground rules" to which the external affairs minister refers. | |
BP agrees to $20-billion oil spill fund
16 Jun 2010, 2232 hrs IST,AFPWASHINGTON: BP on Wednesday agreed to pay 20 billion dollars into an independently run fund to meet the spiralling costs of the Gulf of Mexico oil disaster, bowing to tough demands from President Barack Obama.
The deal was revealed as top executives from the British energy giant met at the White House with Obama to discuss the crisis, which has triggered the nation's worst environmental disaster.
Both sides were armed with legal teams, after Obama vowed to make BP pay for its "recklessness" which triggered the massive spill.
A source with knowledge of the deal confirmed to AFP that BP had bowed to Obama's demands to set the money aside in the fund, adding it would be overseen by prominent lawyer Kenneth Feinberg.
Feinberg managed the compensation fund for victims of the September 11, 2001 terror attacks.
"We're going to use every device, legal device, at our disposal if necessary," senior White House advisor David Axelrod said.
BP initially declined to confirm whether it would agree to set up an escrow fund to meet the thousands of compensation claims pouring in from the stricken southern states.
The New York Times reported BP would pay in the 20 billion over several years, after Obama warned Americans that the country was fighting an "epidemic" which could take years to control.
US experts now estimate between 35,000 and 60,000 barrels a day is spewing into the waters off the Louisiana coast, after an explosion in April sank an exploratory deepwater drilling rig operated by BP.
The massive slick is threatening the coastlines of four southern US states, and has crippled the fishing and tourist industries -- vital economic lifelines for the region.
Obama said in a national address Tuesday that he would tell BP chairman Carl-Henric Svanberg "to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company's recklessness."
Svanberg attended Wednesday's talks with BP chief executive Tony Hayward, along with a battery of lawyers from both the British company and the US Justice Department and US administration.
Just hours before, British Prime Minister David Cameron said while BP was not "running away" from its responsibilities, it had to be assured it would not be landed with claims which were nothing to do with the spill.
"While it is important that they pay reasonable claims -- BP accept this themselves -- they do need a level of certainty," Cameron told BBC radio.
"This is BP's worry, the (need for a) level of certainty that there won't be claims entertained that are three, four times removed from the oil spill," he added.
He sought to offer reassurances that the crisis facing the United States would not damage ties between London and Washington.
"The important thing is this should not become an issue between the US and the UK. President Obama doesn't want that, I don't want that," he said.
BP is currently containing an average of 15,000 barrels a day of oil, which is being siphoned up to a processing ship on the surface via a mile-long pipe.
The company announced Wednesday that a second ship, the Q4000, had now been attached to the Deepwater Horizon's failed blow-out preventer valve, so oil and gas can be carried up to the surface where it will be burned off.
US officials hope the two containment systems will allow BP to capture between 20,000 to 28,000 barrels of oil a day. And Obama said he hoped by the end of the month some 90 per cent of the spill would be contained.
But the leak is not expected to be permanently capped until August, when one of two relief wells being drilled is complete.
Obamas's speech, delivered from the Oval Office which is normally reserved for the most somber moments in national life such as the announcement of war, followed a three-state tour of the disaster zone.
Obama stressed the disaster highlighted the need for a new energy policy based on renewable sources of power.
"We cannot consign our children to this future. The tragedy unfolding on our coast is the most painful and powerful reminder yet that the time to embrace a clean energy future is now."
The House of Representatives has already passed an energy reform bill, but the legislation faces stiff Senate opposition after a bipartisan effort to pilot it through the chamber before mid-term elections in November collapsed.
World stocks hit 1-month high as risk sought
16 Jun 2010, 1423 hrs IST,REUTERS
In a sign of improving risk appetite, the S&P 500 index turned positive for the year and rose above its 200-day moving average for the first time in a month on Tuesday.
Spain raised 5.2 billion euros ($6.42 billion) at an auction on Tuesday and Belgium netted 2.5 billion euros. Ireland also sold 1.5 billion euros of debt, attracting investors seeking value from higher-yielding debt.
The healthy demand from investors eased funding concerns over some highly indebted euro zone countries, which helped shift focus away from the sluggish growth outlook for the region.
"The market has got over political, euro and sovereign debt worries, although none of those issues have gone away," said Justin Urquhart Stewart, director at Seven Investment Management.
"The market has gone back to looking at corporate valuations, which are looking good."
Signs of lingering concerns over debt in the euro zone surfaced as the European Commission on Wednesday moved to deny a report that the European Union, the IMF and the U.S. Treasury were drawing up a liquidity plan for Spain including a credit line of up to 250 billion euros.
The Spanish/German 10-year government bond yield spread widened to 222 basis points, a euro lifetime high, following the report. Bund futures rose 20 ticks.
The MSCI world equity index rose 0.3 percent to hit its highest level since mid-May. The FTSEurofirst 300 index rose 0.4 percent, extending a rally to six days. Emerging stocks gained 0.7 percent.
US crude oil was steady at $76.90 a barrel having topped above $77 earlier.
"Oil is basically moving with stock markets and the stock markets are moving with optimism and pessimism over the euro," said Keichi Sano, general manager of research at SCM Securities in Tokyo.
"Prices are getting into a higher range of $75-$85 for the coming two to three months."
The euro rose as high as $1.2355 before easing back to $1.2281, down 0.3 percent on the day.
The dollar rose 0.3 percent against a basket of major currencies.
Swiss banks win rich clients fleeing euro crisis
16 Jun 2010, 2046 hrs IST,REUTERS ZURICH: The euro zone crisis is helping Swiss private bankers win assets from wealthy clients seeking the country's stability more than its banking secrecy, often used in the past to hide cash from the taxman. Switzerland's status of non-European Union member, together with the allure of the Swiss franc which is at record highs against the euro, are an irresistible mix for worried euro zone residents. "Now there is a big sense of insecurity among clients and (many) are looking for safe havens," said Gerhard Mueller, chief executive of private bank RBS Coutts, a division of Royal Bank of Scotland. "We have seen an inflow of assets not only from Greece but also from other countries." Demand for francs as a safe haven has been strong enough to prompt the Swiss central bank to intervene in currency markets to supress its value, which threatens to harm Switzerland's export competitiveness. But for private bankers the real novelty is that the money pouring in is fully declared, a blessing for a country -- home to $2 trillion of global offshore wealth, according to a recent report from Boston Consulting Group -- trying to turn the page on past complacency to foreign tax evasion. "We do see money fully declared coming into Switzerland and out of euro zone banks," a top executive at a large Swiss private bank said on condition of anonymity. "Most will go into euro accounts, but some of it is converted into francs." The secretive nature of Swiss banks means there is no data to back up such anecdotal evidence, but the trend -- which could be significant for Credit Suisse and UBS in second-quarter numbers due next month -- was confirmed by bankers at smaller private banks. "We are seeing inflows of declared money from the euro zone," said one of the partners of a small private bank that serves mainly German clients. "Many have converted the euros into francs and switched out of equities." CASH STILL KING Wealthy clients who moved out of complex products during the credit crisis remain reluctant to abandon cash while turmoil continues in the euro zone. Private bankers say clients are keeping about 30 per cent of their savings in cash while they try to figure out whether Greece's debt woes will spread further into the euro zone. Yet, cash cannot save a person's lifetime savings from erosion if private bankers cannot deliver above-inflation returns. "I'd love to push them (clients) back into more equities," the top banking executive said. "But for the whole of this year we will just see a large cash component." On top of shying away from structured products and equities, private bankers said the crisis had made rich clients wary even of sovereign debt, a traditional source of stable returns. "(The crisis) has certainly increased the risk awareness of clients. Previously they thought nothing would happen with sovereign bonds," said Samir Raslan, a regional head at Citi Private Bank based in Geneva. Gold is however still very much in favour, not only among European customers, said Mueller, who noted the longest queue he saw at the Dubai airport shopping area during a recent trip was at a counter selling gold bars. In this unstable environment, clients are happy to do no more than conserve capital and discussions between financial advisors and their clients are tending to focus on the best way to avoid asset shrinkage rather than on promised returns. "The most outspoken desire is for capital protected investments," said Mueller. "Everybody is a bit shy in terms of ... investments that are longer than a year." |
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June 15, 2010
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Business News
BP agrees to $20 billion fund for spill claims
BP Plc agreed to a $20 billion special oil spill claims fund on Wednesday, meeting President Barack Obama's demand and easing U.S. political pressure on the embattled British energy giant that has unnerved investors.
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General
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Nokia warned on Wednesday profitability at its key phones unit would be weaker than expected this quarter and in 2010 as it struggles to compete against high-end rivals like Apple .
- Advance tax mop-up soars 19pc: CBDTPTI - Wed, Jun 16
Ahmedabad, June 16 (PTI) The Central Board of Direct Taxes (CBDT) chairman SSN Moorthy today said the first installment of advance tax collection has registered a growth of 19 per cent over the same period a year ago.
- Liquidity crunch: Govt to prematurely buy Rs 20K-cr bondsPTI - Wed, Jun 16
Mumabi, June 16 (PTI) The Reserve Bank today said the government will prematurely buy back three types of bonds worth up to Rs 20,000 crore beginning Friday, as liquidity has come under pressure due to much higher 3G and broadband spectrum licence fees, and the first quarter advance tax.
- Put pressure on policy makers for GST rollout, FM tells indPTI - Wed, Jun 16
Surat, June 16 (PTI) Union Finance Minister Pranab Mukherjee today asked the trade and commerce fraternity to mount pressure on policymakers for smooth implementation of the proposed Goods and Services Tax (GST) within the committed timeframe.
- Rel Media World to be re-named Reliance Broadcast NetworkPTI - Wed, Jun 16
Mumbai, June 16 (PTI) The Anil Ambani-led media and entertainment firm Reliance Media World today said it will be re-christened as Reliance Broadcast Network soon even as the company finalises its plans to get into new segments.
India
- Reliance Capital to buy 18 percent stake in Bloomberg UTVIANS - Wed, Jun 16
Mumbai, June 16 (IANS) Reliance Capital, part of the Anil Dhirubhai Ambani Group, Wednesday said it will acquire an 18 percent interest in business channel Bloomberg UTV.
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Ahmedabad, June 16 (IANS) Union Finance Minister Pranab Mukherjee said Wednesday he was working to evolve consensus on the proposed Goods and Service Tax (GST) as it's implementation was a collective responsibility of the central and state governments.
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New Delhi, June 16 (IANS) The government Wednesday announced guidelines for off-grid solar applications, as well as roof top and other small solar plants.
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Ahmedabad, June 16 (IANS) Finance Minister Pranab Mukherjee Wednesday said he was optimistic of achieving the targeted growth of 8.5 percent if a good monsoon this year supplements the improving Indian economy.
- Prices of essential commodities would rise: AhluwaliaANI - Wed, Jun 16
New Delhi, June 16 (ANI): The Deputy Chairman of Planning Commission, Montek Singh Ahluwalia, on Wednesday said prices of essential commodities would go up in the next two weeks and then decrease.
International
- Spain approves crucial but contested labour reformReuters - Wed, Jun 16
Spain's minority government issued a decree on Wednesday aimed at shaking up the country's rigid labour laws and said it would continue to seek support for the bill from other parties ahead of a parliamentary vote.
- India invested $26.6 bn; created 60,000 jobs in US: StudyIANS - Wed, Jun 16
Washington, June 16 (IANS) India, often accused by American politicians of hijacking jobs from 'Buffalo to Bangalore', has actually created about 60,000 jobs in the US in the last five years with investments topping $26.6 billion, says a new study.
- POLL - No sign of euro zone recovery gaining momentumReuters - Wed, Jun 16
The euro zone's limp economic recovery shows scant sign of gaining momentum over the next 18 months and there is a one-in-four chance the bloc could slip back into recession over the next year, a Reuters poll showed.
- POLL - Japan 2010/11 growth revised up as optimism growsReuters - Wed, Jun 16
The Japanese economy's stronger-than-expected performance in January-March compelled economists to revise up their growth forecasts for the fiscal year to next March, a Reuters poll showed.
- G7 growth paths seen diverging, small double-dip chanceReuters - Wed, Jun 16
There is a continuing divergence in the rate of recovery among the world's richest nations, Reuters polls show, as the European debt crisis continues to hamper economies across the continent.
Personal-Finance
- Sensex closes 278 points upIANS - Mon, Jun 14
Mumbai, June 14 (IANS) A benchmark index for Indian equities Monday extended its morning gains to close near the day's high of 17,350.73 points.
- Sensex soars in morning tradeIANS - Mon, Jun 14
Mumbai, June 14 (IANS) A benchmark index for Indian equities Monday shot up into the green soon after opening bell and was ruling 174 points higher than its previous close, about 90 minutes into trade.
- K. Maran buys 37 per cent stake in spice jetHT - Sun, Jun 13
Sun TV promoter Kalanithi Maran has bought a 37.7 per cent stake in Gurgaon-based low-cost carrier SpiceJet Ltd from its promoter Bhupendra Kansagra and US investor W.L. Ross for around Rs 750 crore.
- Sensex up 142 points on robust data, global cuesIANS - Fri, Jun 11
Mumbai, June 11 (IANS) A benchmark index for Indian equities Friday closed 142 points higher on steady global cues, slipping from the intra-day highs it reached on the back of strong industrial data.
- Sensex up 105 points in morning tradeIANS - Thu, Jun 10
Mumbai, June 10 (IANS) A benchmark index for Indian equities Thursday was ruling 105 points higher than its previous close, about an hour into trade.
Markets
- ANALYSIS - U.S. corporate bond recovery may hinge on stocksReuters - Wed, Jun 16
Glimmers of hope are surfacing that U.S. corporate bonds may snap their losing streak, but the market may need some help from equities before conditions truly begin to heal.
- Opel withdraws European requests for state aidReuters - Wed, Jun 16
Opel is withdrawing all requests for state aid from governments in Europe, a week after the German government turned it down, leaving parent company General Motors to fund its European arm's restructuring.
- NJ woman charged in $45 mln Ponzi schemeReuters - Wed, Jun 16
Reuters - BRIEF - U.S. attorney in NY charges New Jersey woman with $45 million real estate investment Ponzi scheme.
- Goldman most exposed to regulatory reforms - CitigroupReuters - Wed, Jun 16
Reuters - The proposed U.S. financial reforms will hurt Goldman Sachs Group the most, followed by Morgan Stanley , J.P. Morgan Chase and Bank of America, analysts at Citigroup said.
- Jumbo loan payback to put ECB exit on back burnerReuters - Wed, Jun 16
The July 1 deadline for banks to repay the European Central Bank nearly half a trillion euros will start a chain reaction likely to force the ECB to put its exit strategy on hold and keep lending lifelines in place into 2011.
Business News
Amar Chitra Katha sells Rs 22 cr stake
FE - Wed, Jun 16Elephant Capital, a private equity venture floated by Dabur group promoter Gaurav Burman, today said it has acquired stake in children's book publisher Amar Chitra Katha (ACK) for around Rs 22 crore.
- Rlys freight traffic grows 9% FE - Wed, Jun 16
Railways have registered about nine per cent growth in freight traffic during the first two months of this fiscal, earning Rs 10,044 crore.
- 'Indian firms created 60,000 jobs in US' FE - Wed, Jun 16
Although India has become synonymous with outsourcing, Indian companies created nearly 60,000 jobs in the US between 2004-09 through nearly 500 investment and acquisition deals worth USD 26.5 billion.
- Punjab & Sind Bank IPO in July FE - Wed, Jun 16
The only unlisted state-run lender Punjab & Sind Bank today said it is likely to come out with an initial public offer next month to sell 25 per cent government stake.
- Euro hits 2-week high against dollar FE - Wed, Jun 16
The euro briefly hit a two-week high on Wednesday, aided by improved risk tolerance after a strong rally in U.S. equities, though the move lacked momentum required to tackle nearby resistance.
- RComm rolls out its first 3G scheme FE - Wed, Jun 16
Anil Ambani-led Reliance Communications, announced MobileNet Plan, which allows unlimited mobile internet access to its post-paid and pre-paid subscribers at Rs 99 per month.
- Rallis rules out merger with Tata Chem FE - Wed, Jun 16
Tata Group company Rallis India today said it has no plan to merge with Tata Chemicals.
"We have not considered any proposals of merger with Tata Chemicals," Rallis India chairman R Gopalakrishnan told shareholders at the 62nd annual general meeting here today. - More Tagore art on auction FE - Wed, Jun 16
After paintings by Nobel laureate Rabindranath Tagore were snapped up for a record 1.6 million pounds in Sotheby's recent London auction, another upcoming auction is including art by the Tagores in its repertoire of rare and historical works by modern masters.
- Telecom investment to hit $40 bn this year FE - Wed, Jun 16
Investment in the Indian telecom sector will peak at USD 40 billion during the current fiscal as the country presses on to build a network of one billion mobile phones over the next two years, the Telecom Equipment & Services Export Promotion Council said on Wednesday.
- Essar Oil raises $115 mn via FCCB issue FE - Wed, Jun 16
Essar Oil said that it has procured USD 115 million (nearly Rs 533 crore) of the proposed USD 300 million it had planned to raise through the issue of bonds to promoter company Essar Energy Holdings.
- SBI advance tax falls; ICICI flat FE - Wed, Jun 16
The nation's largest lender State Bank of India has made a lower advance tax payment this quarter compared to the year-ago period--down Rs 1,068 crore to Rs 869 crore, an income tax source said here.
- Mahindra sued by American distributor FE - Wed, Jun 16
Auto maker Mahindra and Mahindra has been sued by an Atlanta-based company, Global Vehicles, for the Indian company's delay in launching its pick-up truck.
- Shriram Group to infuse Rs 100 cr into insurance arm FE - Wed, Jun 16
Financial services provider Shriram Group would infuse Rs 100 crore into its life insurance arm for making it a pan-India operator within a period of two years, a top official said.
- NTPC scouting for coal properties in Australia FE - Wed, Jun 16
State-run power producer NTPC said it is sending a team to Australia for exploring the possibilities of coal mine acquisition there.
- Gold futures slip to Rs 18,736/10 gm FE - Wed, Jun 16
Gold prices drifted by Rs 11 or 0.06 per cent to Rs 18,736 per ten gram in futures trade on emergence of profit taking by speculators, amid fall in demand at existing higher levels.
- TCS bags outsourcing deal from Telenor FE - Wed, Jun 16
Tata Consultancy Services, India's top software services exporter, said on Wednesday it had signed a multi-year outsourcing contract with Norway's Telenor.
- Tata Nano available off the shelf now FE - Wed, Jun 16
Customers will no longer have to wait for long periods to own the Tata Nano as dealers are now offering almost immediate delivery of the world's cheapest car.
- DTC cheers home loan borrowers FE - Wed, Jun 16
The government proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers.
- Poor students to get edu loans at 4% FE - Wed, Jun 16
Students from weaker economic backgrounds can now hope to get education loans at interest rates as low as four per cent per annum, with the government considering an institutional mechanism for ensuring affordable access.
- Sensex ends up 50 pts on better earnings FE - Wed, Jun 16
Stock markets extended gains for the sixth straight session today, with the BSE benchmark Sensex closing 50 points higher on expectations of robust corporate earnings following healthy quarterly tax payments by companies.
Business News
BP agrees to $20 billion fund for spill claims
Reuters - Wed, Jun 16BP Plc agreed to a $20 billion special oil spill claims fund on Wednesday, meeting President Barack Obama's demand and easing U.S. political pressure on the embattled British energy giant that has unnerved investors.
- Dow, S&P dip as FedEx worry offsets Apple's gain Reuters - Wed, Jun 16
The Dow and S&P 500 dipped on Wednesday after concerns about FedEx's warning on higher costs, while optimism stirred by Apple Inc's stronger-than-expected iPhone sales helped the Nasdaq.
- Ex-U.S. mortgage executive charged with huge fraud Reuters - Wed, Jun 16
The former head of the now bankrupt mortgage lender Taylor, Bean & Whitaker Mortgage Corp has been charged in a fraud scheme that led to multibillion-dollar losses and targeted the 2008 federal bank bailout program, U.S. prosecutors said on Wednesday.
- Nokia warns on key phone unit, shares drop 11 pct Reuters - Wed, Jun 16
Nokia warned on Wednesday profitability at its key phones unit would be weaker than expected this quarter and in 2010 as it struggles to compete against high-end rivals like Apple .
- Oil up amid mixed economic, inventory data Reuters - Wed, Jun 16
U.S. crude oil futures bounced up on Wednesday in a choppy session as oil and equities markets reacted to mixed economic data and a U.S. government inventory report the showed crude oil stocks higher, but gasoline stocks lower.
- United/Continental grilled on merger in U.S. House Reuters - Wed, Jun 16
U.S. lawmakers on Wednesday sought assurances on safety, pensions and job security from executives of United Airlines and Continental Airlines ahead of their merger to create the world's biggest carrier.
- ANALYSIS - U.S. corporate bond recovery may hinge on stocks Reuters - Wed, Jun 16
Glimmers of hope are surfacing that U.S. corporate bonds may snap their losing streak, but the market may need some help from equities before conditions truly begin to heal.
- Opel withdraws European requests for state aid Reuters - Wed, Jun 16
Opel is withdrawing all requests for state aid from governments in Europe, a week after the German government turned it down, leaving parent company General Motors to fund its European arm's restructuring.
- NJ woman charged in $45 mln Ponzi scheme Reuters - Wed, Jun 16
Reuters - BRIEF - U.S. attorney in NY charges New Jersey woman with $45 million real estate investment Ponzi scheme.
- Goldman most exposed to regulatory reforms - Citigroup Reuters - Wed, Jun 16
Reuters - The proposed U.S. financial reforms will hurt Goldman Sachs Group the most, followed by Morgan Stanley , J.P. Morgan Chase and Bank of America, analysts at Citigroup said.
- Jumbo loan payback to put ECB exit on back burner Reuters - Wed, Jun 16
The July 1 deadline for banks to repay the European Central Bank nearly half a trillion euros will start a chain reaction likely to force the ECB to put its exit strategy on hold and keep lending lifelines in place into 2011.
- Jeweller to stars finds silver lining in recession Reuters - Wed, Jun 16
British jeweller to the stars Stephen Webster said thriving sales of his silver range have kept the company flourishing regardless of the global economic slowdown and the near tripling in the price of gold.
- Goldman's Cohn set to chat with wealthy clients Reuters - Wed, Jun 16
The Goldman Sachs Group Inc charm offensive continues, this time with President Gary Cohn taking part on Wednesday in a conference call with the firm's wealth management customers.
- Apple sells 600,000 iPhone 4s in a day, shares up Reuters - Wed, Jun 16
Apple Inc sold more than 600,000 of its newest iPhone after a single day of preorders, blowing away most expectations and sending its shares up more than 2 percent on Wednesday.
- Govt to buy back 100 bln rupees of bonds on June 18 Reuters - Wed, Jun 16
The government plans to buy back 100 billion rupees ($2.1 billion) of bonds via a multiple price auction on June 18, the Reserve Bank of India (RBI) said in a statement after market hours on Wednesday.
- BP agrees to $20 bln fund for spill claims Reuters - Wed, Jun 16
British energy giant BP Plc reached a tentative agreement with President Barack Obama on Wednesday to place about $20 billion in a special fund to pay damage claims from the Gulf of Mexico oil spill.
- China's AgBank to launch Shanghai IPO this week Reuters - Wed, Jun 16
Agricultural Bank of China (AgBank)[ABC.UL], seeking to raise more than $23 billion in what would be the world's biggest initial public offering, said on Wednesday it will launch the Shanghai portion of its IPO this week, aiming to list on July 15.
- UBS U.S. tax deal in balance as referendum urged again Reuters - Wed, Jun 16
A Swiss-U.S. tax deal crucial to the future of UBS hung in the balance as the lower house of parliament voted again on Wednesday for a referendum, delaying a final decision until Thursday.
- BP shares turn higher on reported escrow deal Reuters - Wed, Jun 16
U.S-listed shares of BP PLC shares erased losses and turned higher on Wednesday.
The New York Times reported the oil company agreed to U.S. President Barack Obama's demand that the company place about $20 billion in escrow to pay claims resulting from the Gulf of Mexico oil spill. - BP agrees to $20 bln escrow for spill claims - report Reuters - Wed, Jun 16
BP Plc agreed to U.S. President Barack Obama's demand to place about $20 billion in escrow to pay claims resulting from the Gulf of Mexico oil spill, the New York Times reported on Wednesday.
Business News
Shriram Group to infuse Rs 100 cr into insurance arm
IE - Wed, Jun 16Financial services provider Shriram Group would infuse Rs 100 crore into its life insurance arm for making it a pan-India operator within a period of two years, a top official said.
- Poor students to get edu loans at 4% IE - Wed, Jun 16
Students from weaker economic backgrounds can now hope to get education loans at interest rates as low as four per cent per annum, with the government considering an institutional mechanism for ensuring affordable access.
- Essar Oil raises $115 mn via FCCB issue IE - Wed, Jun 16
Essar Oil said that it has procured USD 115 million (nearly Rs 533 crore) of the proposed USD 300 million it had planned to raise through the issue of bonds to promoter company Essar Energy Holdings.
- Gold futures slip to Rs 18,736/10 gm IE - Wed, Jun 16
Gold prices drifted by Rs 11 or 0.06 per cent to Rs 18,736 per ten gram in futures trade on emergence of profit taking by speculators, amid fall in demand at existing higher levels.
- Punjab & Sind Bank IPO in July IE - Wed, Jun 16
The only unlisted state-run lender Punjab & Sind Bank today said it is likely to come out with an initial public offer next month to sell 25 per cent government stake.
- Euro hits 2-week high against dollar IE - Wed, Jun 16
The euro briefly hit a two-week high on Wednesday, aided by improved risk tolerance after a strong rally in U.S. equities, though the move lacked momentum required to tackle nearby resistance.
- TCS bags outsourcing deal from Telenor IE - Wed, Jun 16
Tata Consultancy Services, India's top software services exporter, said on Wednesday it had signed a multi-year outsourcing contract with Norway's Telenor.
- Tata Nano available off the shelf now IE - Wed, Jun 16
Customers will no longer have to wait for long periods to own the Tata Nano as dealers are now offering almost immediate delivery of the world's cheapest car.
- More Tagore art on auction IE - Wed, Jun 16
After paintings by Nobel laureate Rabindranath Tagore were snapped up for a record 1.6 million pounds in Sotheby's recent London auction, another upcoming auction is including art by the Tagores in its repertoire of rare and historical works by modern masters.
- NTPC scouting for coal properties in Australia IE - Wed, Jun 16
State-run power producer NTPC said it is sending a team to Australia for exploring the possibilities of coal mine acquisition there.
- Rallis rules out merger with Tata Chem IE - Wed, Jun 16
Tata Group company Rallis India today said it has no plan to merge with Tata Chemicals.
"We have not considered any proposals of merger with Tata Chemicals," Rallis India chairman R Gopalakrishnan told shareholders at the 62nd annual general meeting here today. - Govt eyes 10% sale in Neyveli IE - Wed, Jun 16
A day after the Cabinet approved divestment in Coal India, the Coal Ministry today said it is considering a 10 per cent further equity dilution in Neyveli Lignite Corporation, a move which may mobilise about Rs 2,400 crore for the Exchequer.
- Rlys freight traffic grows 9% IE - Wed, Jun 16
Railways have registered about nine per cent growth in freight traffic during the first two months of this fiscal, earning Rs 10,044 crore.
- 'Indian firms created 60,000 jobs in US' IE - Wed, Jun 16
Although India has become synonymous with outsourcing, Indian companies created nearly 60,000 jobs in the US between 2004-09 through nearly 500 investment and acquisition deals worth USD 26.5 billion.
- RComm rolls out its first 3G scheme IE - Wed, Jun 16
Anil Ambani-led Reliance Communications, announced MobileNet Plan, which allows unlimited mobile internet access to its post-paid and pre-paid subscribers at Rs 99 per month.
- Amar Chitra Katha sells Rs 22 cr stake IE - Wed, Jun 16
Elephant Capital, a private equity venture floated by Dabur group promoter Gaurav Burman, today said it has acquired stake in children's book publisher Amar Chitra Katha (ACK) for around Rs 22 crore.
- Telecom investment to hit $40 bn this year IE - Wed, Jun 16
Investment in the Indian telecom sector will peak at USD 40 billion during the current fiscal as the country presses on to build a network of one billion mobile phones over the next two years, the Telecom Equipment & Services Export Promotion Council said on Wednesday.
- DTC cheers home loan borrowers IE - Wed, Jun 16
The government proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers.
- In hard times, pills, condoms sold most IE - Wed, Jun 16
Guess which category of consumer products saw maximum growth in sales during 2008 and 2009? At a time when most Indian manufacturers were grappling with the slowdown and sluggish consumer demand, contraceptives sold the most.
- Faysal Bank to acquire RBS Pakistan IE - Wed, Jun 16
Royal Bank of Scotland said on Thursday that Faysal Bank is to acquire 99.37 per cent of RBS Pakistan for Rs 4.298 billion.
Direct Taxes Code Released
The finance ministry on Wednesday released the draft of direct tax code that ... will surely have to considered as most of the salaried class in India have ... Revised Discussion Paper on the Direct Taxes Code Now Released June 2010 ...
www.etaxindia.org › Income Tax › Direct Tax Code - Cached - SimilarDownload Direct Tax Code 2009
Download Direct Tax Taxes Code 2009 and discussion paper. ... If by paying 10% as tax, 90% is rolled in India itself instead of keeping in TAX Heavens, it will improve .... Income Tax Calculation in Access for financial Year 2009-2010 ...
www.etaxindia.org › Income Tax › Direct Tax Code - Cached - SimilarThe Hindu Business Line : Wednesday, June 16, 2010
- 17 visits - 20/09/09MAT on book profits set to come back in revised Direct Taxes Code ... The job market in India – across sectors - has witnessed a revival in recent years, ...
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RediffRevised DTC to ensure simpler tax regime: FM - 1 hour ago
PTI, June 16, 2010 (Ahmedabad) A day after his ministry dropped contentious proposals in the discussion paper on the Direct Taxes Code, Finance Minister ...NDTV.com - 214 related articles »
Income Tax Department
17 May 2010 ... CBDT released revised discussion paper on the Draft Direct Taxes Code ... The Central Board of Direct Taxes notifies the new Amendments in the TDS Rules. ... CBDT notifies New Income Tax Return Forms for the Assessment Year 2010-11. ... into an agreement with any specified territory outside India, ...
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The All India/State ranks and marks are released on the AIEEE website. ... The complete information brochure for CCB 2010 can be accessed here (2.70 MB) ...
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Commissioner, Income Tax, Lucknow vs India Polyfibers Limited [ALLAHABAD HIGH ... Government to introduce Direct Taxes Code in monsoon session(20 May 2010) ...
incometax.indlaw.com/ - 4 hours ago - Cached - SimilarForbes India - Direct Tax Code: Go Short or Go Long, but Pay Up
January 25, 2010. The EET mechanism proposed in the Direct Tax Code is not suitable for Indian context. In India we should encourage investment/saving by ...
business.in.com/article/...2010/direct-tax-code-go.../1 - Cached - SimilarIndia Inc hails the revised direct tax code draft - NDTV Profit
Press Trust of India, June 15, 2010 (New Delhi). India Inc on Tuesday said the revised draft of Direct Taxes Code has well addressed its two demands -- tax ...
beta.profit.ndtv.com/.../india-inc-hails-the-revised-direct-tax-code-draft-74504DIRECT TAX LAWS IN INDIA
13 Jun 2010 ... The Central Board of Direct Taxes has approved notification of ten ... Posted: 11 Jun 2010 07:33 PM PDT. The Reserve Bank of India (RBI) has ...
directtaxindia.blogspot.com/ - Cached - SimilarLaws4India.com - Digital Library of Indian Tax Laws Updated Every Day
16 Jun 2010 ... Read full Story The Times Of India June 16,2010 ... 16/06/2010 : Long live the tax code. The revised direct taxes code released by the ...
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Business News
#@#@! Twitter crashes, tweets strangled
HT - Wed, Jun 16The world?s favourite bird was strangled into silence for two-and-half hours early on Tuesday. Microblogging website twitter.com couldn?t be accessed for several hours and outages on the site persisted.
- Inflation up, EMIs to follow HT - Tue, Jun 15
As India?s inflation rate gallops into double digits once more ? figures released on Monday showed 10.16 per cent in May ? a hike in interest rates is widely expected.
- Inflation cloud over industry HT - Tue, Jun 15
The inflation monster could have a sobering impact on a robust industrial rebound that showed up last week in data that revealed a 17.6 per cent year-on-year manucturing sector growth in April. And that is happening the backdrop of a liquidity crunch as credit money gets sucked out of the banking system.
- Food prices stabilising, says Basu; manufacturing bites HT - Tue, Jun 15
Even as inflation entered double-digits, Kaushik Basu, the Prime Minister?s chief economic adviser, said on Monday that it was primarily due to the base effect and a price hike in manufactured items.
- Costlier loans for big biz: 8% base rate looms HT - Tue, Jun 15
The stage appears set for migrating to a new interest rate regime, with banks set to announce their respective ?base rates? beginning this week. Indications are that borrowing cost of large corporations could go up significantly.
- Silver lining: bank deposits at 5-year high HT - Tue, Jun 15
Investors seem to be seeking the safety of banks as market conditions remain choppy: the country?s commercial banks have seen a 26 per cent surge in savings deposits in 2009-10 ? the highest in last five years.
- FM to meet PSU bank chiefs in Patna on Monday HT - Mon, Jun 14
Finance Minister Pranab Mukherjee will meet public sector bank chiefs in Patna on Monday as the government steps up efforts to spread banking services across remote districts of the country.
- New investors welcome: Yes Bank HT - Mon, Jun 14
If Dutch investor Rabobank International Holding BV exits Yes Bank now, it stands to make handsome gains from its 15.9 per cent holdings.
- Lifestyle brands find unlikely endorsers HT - Mon, Jun 14
We?re used to seeing film starts and sports personalities endorsing brands. But fashion photographers and designers are surely a new idea. Fashion photographer Atul Kasbekar and fashion designer Rohit Bal are the latest brand ambassadors for Mahindra Xylo and Mitsubishi Outlander respectively. Last year, Philips had used designer Vikram Phadnis for product endorsement.
- Why are ULIP returns allowed to be tax-free? HT - Mon, Jun 14
The ULIP controversy has been on a hold for a couple of months now, as everyone involved waits for the Supreme Court, where hearing is scheduled for July, to weigh in on the subject. It may take several widely-spaced hearings before the court comes to a decision. As things stand, this issue has gone way too long anyway: as far back as April 10, we were promised a solution within days.
- Base rate: big firms to feel the heat? HT - Mon, Jun 14
Implementation of the new base rate system for banks beginning July 1, 2010, is likely to increase the cost of borrowing for large companies, according to a survey of bankers and economists conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI). However, the transparency factor will help the smaller borrower to negotiate a better rate, the survey said.
- 'Any buy in India must value-add to what we have' HT - Mon, Jun 14
New Delhi, June 13 -- With Rs 15,464 crore in assets under management, Religare Mutual Fund does not rule out the possibility of acquiring a fund house in India in order to grow big. Saurabh Nanavati, chief executive officer, Religare Asset management Company, spoke to Hindustan Times about the challenging times and the fund's domestic and global plans.
- K. Maran buys 37 per cent stake in spice jet HT - Sun, Jun 13
Sun TV promoter Kalanithi Maran has bought a 37.7 per cent stake in Gurgaon-based low-cost carrier SpiceJet Ltd from its promoter Bhupendra Kansagra and US investor W.L. Ross for around Rs 750 crore.
- SpiceJet shares up on reports of stake for Maran HT - Sat, Jun 12
Following speculation in the media of a possible acquisition, low cost airline SpiceJet saw its share price surges by 3 per cent on the Bombay Stock Exchange.
- High spectrum cost may hit profits, tariffs HT - Sat, Jun 12
Scarcity of spectrum slots and a high level of competition led to excessively high spectrum prices, telecom service providers said.
- BWA bids net Rs 38,617 cr, RIL buy tops HT - Sat, Jun 12
The government is set to become richer by Rs 38,617 crore by selling broadband wireless access (BWA) spectrum auction for which concluded on Friday, taking the total collections from the sale of airwaves to offer high-speed, high-volume data services to Rs. 106,336 crore.
- April industrial output zooms 17.6% HT - Sat, Jun 12
The country?s industrial output grew by 17.6 per cent in April, rekindling the debate whether the Reserve Bank of India (RBI) would increase interest rates during its policy review next month, as focus shifts towards inflation-control. The manufacturing sector that accounts for 80 per cent of the index of industrial production (IIP) grew 19.4 per cent in April, as against 0.
- Anil aids Mukesh, quietly HT - Sat, Jun 12
New Delhi, June 11 -- Is brotherly love back in fashion at the Ambani empire? While Mukesh Ambani-led Reliance Industries Ltd (RIL) jumped into the telecommunications game on Friday with the swift acquisition of the company that led as the leading winner in broadband wireless access (BWA) spectrum auctions, the step was indirectly blessed by his brother Anil.
- Volvo bets big on India with Rs 288 cr in new truck facility HT - Sat, Jun 12
Sweden-based commercial vehicle maker AB Volvo on Friday announced a Rs 288-crore investment in its Indian joint venture Volvo Eicher Commercial Vehicles Ltd (VECV).
- RIL, HFCL scrips zoom HT - Sat, Jun 12
Mumbai, June 11 -- The stock markets cheered Reliance Industries' foray into telecom, with the company's share price rising 3 per cent in the wake of the news of its buying Infotel Broadband Services (IBS). RIL shares closed at Rs 1,046 after an intraday high of Rs 1,049.5 on BSE. Meanwhile, Mahendra Nahata-promoted HFCL Infotel too saw its share price rise 5 per cent to close at Rs 11.
Put pressure on policy makers for GST rollout, FM tells indHindustan Times - 11 minutes ago PTI Union Finance Minister Pranab Mukherjee on Wednesday asked the trade and commerce fraternity to mount pressure on policymakers for smooth implementation ... 8.5% growth achievable with good monsoon, says PranabHindu Business Line - 19 minutes ago The Finance Minister, Mr Pranab Mukherjee, said on Wednesday that the Indian economy is improving and the targeted growth of 8.5 per cent is achievable if ... Working for consensus on Goods and Service Tax: MukherjeeSify - 1 hour ago Union Finance Minister Pranab Mukherjee said Wednesday he was working to evolve consensus on the proposed Goods and Service Tax (GST) as it's implementation ...
India to break double digit GDP growth barrier in 2011-12'Times of India - 1 hour ago SURAT: The global financial crisis may have brought down the country's GDP growth from 9 per cent to 7.4 per cent in 2009-10, but the revival in the economy ... Mount pressure on policymakers to implement GST: MukherjeeEconomic Times - 1 hour ago 16 Jun 2010, 2235 hrs IST, PTI SURAT: Finance minister Pranab Mukherjee today urged the trade and commerce fraternity to mount pressure on policy makers for ... To check cross border tax evasion 8 IT units to be set up: FMEconomic Times - 1 hour ago 16 Jun 2010, 2221 hrs IST, PTI AHMEDABAD: To check the menace of international cross border tax evasion, the Union Ministry of Finance has approved eight ... Pranab optimistic of achieving 8.5 per cent growthHindustan Times - 2 hours ago Finance Minister Pranab Mukherjee on Wednesday said he was optimistic of achieving the targeted growth of 8.5 per cent if a good monsoon this year ... RBI would adjust changes required in monetary policy: Pranab MukherjeeSify - 3 hours ago Union Finance Minister Pranab Mukherjee on Wednesday said that if changes in monetary police were required, the Reserve Bank of India (RBI) would adjust it. ... Pranab latches 8.5% growth to good monsoonEconomic Times - 4 hours ago 16 Jun 2010, 2007 hrs IST, PTI AHMEDABAD: Finance Minister Pranab Mukherjee today said if the country gets a normal monsoon, the economy can clip at 8.5 per ... FM hints RBI may act before JulyEconomic Times - 21 hours ago NEW DELHI: Finance minister Pranab Mukherjee said the RBI will take necessary steps to curb inflation, signalling a change in his earlier view that further ... | Timeline of articles Number of sources covering this story
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Sensex ends 50 pts up after choppy rideSify - 7 hours ago After a positive start on the back of strong global cues, the market moved in a tight band amid lackluster trades and drifted down in to the red around mid ... Sensex rises for sixth day, nears 17500NDTV.com - - 8 hours ago The Indian markets managed to stay in the green for a sixth straight session but clearly lacked conviction. The markets remained lacklustre throughout the ... Sensex ends up 28ptsBusiness Standard - 8 hours ago The Sensex has ended (provisional) at 17441, up 28 points. The Nifty has settled (provisional) at 5228, up six points. The markets continue to exhibit ... Markets gain strengthBusiness Standard - 9 hours ago The markets have gained strength in the last few minutes of trade. The Sensex is now up 100 points at 16552, and the Nifty is up 27 points at 5250. ... Sensex, Nifty trade flat; Auto stocks gainNDTV.com - - 10 hours ago The Sensex and Nifty continued trading flat on profit booking and the absence of strong global cues. The European markets opened flat. ... Sensex choppy; Tata Motors, M&M, Rel Cap, Cairn India shineMoneycontrol.com - 11 hours ago It was a quiet session for the markets as Nifty was taking a breather for second consecutive day after surpassing stiff resistance of 5120-5150 range on ... Sensex continues lacklustre tradeBusiness Standard - 11 hours ago The Sensex continues to exhibit lacklustre movement and is now at 17488, up 76 points. The NSE Nifty is at 5239, up 17 points. Among the Sensex-30 stocks, ... Sensex up 59 pts amid cautious trades; Tata Motors, MSify - 12 hours ago The mood has turned a bit cautious on the major Indian bourses, and stocks, which had risen sharply earlier this morning thanks to positive global cues, ... Sensex pares some gains; Gammon Infra jumps 7%Sify - 12 hours ago With a few front line stocks drifting lower on profit taking, the market has shed a portion of early gains in mid morning trade today. ... Sensex pares gains; Sterlite up 3%Business Standard - 12 hours ago The Sensex has pared its partial gains owing to the weakness in the oil&gas stocks. BPCL has slipped 2% and IOC is down 1%, respectively. ... | Timeline of articles Number of sources covering this story
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| A threat bigger than Euro crisis for RBI | A A A |
In this issue:
» Debt mutual funds are running for cover
» SEBI's tax proposals favour MFs over ULIPs
» Bankers' bonuses will be capped at 50% of pay
» Hedge funds now are increasingly risk averse
» ...and more!
------------------------------------------ Don't Miss ------------------------------------------
Our special report, Multibagger MidCaps, is available only till 11:59 PM sharp on the 18th of June i.e. only for a few more days.
We don't want you to miss out on the opportunity to make exciting returns from these high-potential Midcap stocks and hence this reminder.
We recommend you grab this report immediately. Read on for full details...
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| 00:00 |  | |
And this is hardly surprising. The central bank has been trying to ward off high inflation for quite a while now. May's inflation rate stood at 10.16% and was the seventh straight month reading over 5%. This has made the case for RBI strengthening interest rates all the more stronger. Infact, the central bank has not ruled out an interest rate hike before its scheduled policy review in July. RBI's immediate plan of action is to ensure that inflation comes within its comfort limits of 5% by the end of March 2011. The way the scenario is unfolding, that seems a tad bit unlikely. But the monsoon season has just begun and a good spell of rainfall will certainly go a long way in easing the woes of high prices.
| 01:07 | Chart of the day | |
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| 01:46 |  | |
Apparently, it is the outflow towards the telecom spectrum auction and the advance tax payments that is leading to the crunch. Banks are calling on debt funds for redemption as their own cash is drying up on account of the reasons just outlined. What more, this is also leading to debt funds incurring losses as not all assets are being sold at profits. Although the problem is significant, we do not think it will spiral out of control. It is just one part of the monetary system that is being affected as liquidity changes hands.
However, such incidences, like they do in equity markets, do provide opportunity for debt investors who have cash at hand. For it gives them the chance to scoop up debt instruments at attractive yields. As mentioned in the article, rates on one year CDs have gone up a good 1% to 6.25% as against the earlier 5.25%. Cash is indeed the king here as well.
| 02:34 |  | |
But it seems that the government is now siding with the mutual fund regulator SEBI. It has proposed tax implications that clearly favour equity mutual funds over ULIPs. The proposed Direct Tax Code seeks to tax ULIPs as per current income tax slabs. On the other hand, it proposes a tax after capital gains deduction on mutual funds. This means that the effective tax rate on mutual funds will be lower. This can channelize plenty of funds from ULIPs to funds. Also this can bring back the much needed liquidity that has deserted mutual funds in recent times.
| 03:11 | | |
| 03:46 | | |
| 04:18 | | |
Now, investors face the threat of their annual returns halving to a mere 10% due to increased risk aversion by hedge fund managers. May 2010 was officially the worst month for hedge funds post the fall of Lehman Brothers. The average hedge fund lost 2.3% due to euro-zone uncertainty before the Greek bailout was announced. But, the crisis is still far from being over. Hedge fund managers will most likely lose their 20% performance fee this year. This is typically paid on profits the funds generate. But given the way hedge funds burnt their fingers badly in the financial crisis, not taking too many risks is not such a bad strategy after all!
| 04:45 | | |
| 04:56 | Today's investing mantra |
http://www.equitymaster.com/5MinWrapup/detail.asp?date=6/16/2010&story=2
Mount pressure on policymakers to implement GST: Mukherjee
Economic Times - 1 hour ago16 Jun 2010, 2235 hrs IST, PTI SURAT: Finance minister Pranab Mukherjee today urged the trade and commerce fraternity to mount pressure on policy makers for ...RBI would adjust changes required in monetary policy: Pranab Mukherjee - Sify
India to break double digit GDP growth barrier in 2011-12' - Times of India
8.5% growth achievable with good monsoon, says Pranab - Hindu Business Line
Hindustan Times - DeshGujarat
all 170 news articles »
Will Pranab Mukherjee pressure Dow at Washington conference?
Hindustan Times - 22 hours agoFinance minister Pranab Mukherjee is likely to meet Andrew Liveris, Dow Chemicals chief, at the Indo-US Chief Executive Officers' forum meeting in ...FM may not meet Dow Chemicals officials in US - Press Trust of India
Pranab to meet Dow Chemical chief on June 22 - India Today
NDTV.com
all 89 news articles »
Central bank will act on inflation when needed: Mukherjee
Sify - 1 day agoWith India's annual inflation rate at double-digits, Finance Minister Pranab Mukherjee Tuesday said the central bank will take appropriate steps when ...Pranab says central bank to decide on rate action - Business Standard
FM backs RBI move on rates - Hindustan Times
Deccan Herald - India Infoline.com
all 872 news articles »
Revised DTC to ensure simpler tax regime: FM
NDTV.com - 1 hour ago... Finance Minister Pranab Mukherjee today said in Ahmedabad that the proposed law will ensure a simpler and more rational direct tax regime. ...MAT on book profits set to come back in revised Direct Taxes Code - Hindu Business Line
Fresh draft of Direct Tax Code for public comments evolving ... - Indlaw.com
Pranab clears final draft of new Direct Tax Code - India Today
Economic Times - Express Buzz
all 214 news articles »
FM assures Centre's help to free diamond traders held in China
Times of India - Melvyn Thomas - Himanshu Bhatt - 1 hour ago
SURAT : Union finance minister Pranab Mukherjee has assured that the central government will help the family members and well-wishers of the 22 Indian ...-
Pranab Mukherjee to visit IT office today
Expressindia.com - 20 hours agoThe Income-Tax Department in the city is the scene of busy activity a day ahead of Union Finance Minister Pranab Mukherjee's visit on Wednesday. ... EGoM may meet on fuel prices next week
Hindustan Times - 43 minutes agoPetroleum Minister Murli Deora said on Wednesday that the empowered group of ministers (EGoM) under Finance Minister Pranab Mukherjee could meet next week ...Ministerial panel may meet next week on fuel price hike - Sify
Inflation derails fuel price hike plans - Deccan Chronicle
Murli Deora seeks eGoM on fuel prices on Thursday - India Infoline.com
RTT News
all 68 news articles »
New SGCCI president sworn in by FM
Times of India - 1 hour ago... president of the Southern Gujarat Chamber of Commerce and Industry (SGCCI) for the year 2010-11 by Union finance minister Pranab Mukherjee on Wednesday. ...Pranab Mukherjee promises major changes in revised direct tax codes
Sify - 9 Jun 2010Finance Minister Pranab Mukherjee on Wednesday said that all stakeholder concerns will be addressed in the revised direct tax code, which will be released ...Prolonged Euro crisis could impact capital flows: Mukherjee - Economic Times
EGoM meeting date may be firmed up on Thursday: Mukherjee - NDTV.com
Daily News & Analysis - Times of India
all 240 news articles »
How to spend the spectrum booty: Expert Takes
Economic Times - Vikas Dhoot - 17 hours ago
Finance Minister Pranab Mukherjee now has the happy task of apportioning the extra Rs 71000 crore (or over $14 billion). Finance Secretary Ashok Chawla has ...
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BP to fund $20bn Gulf of Mexico oil spill payoutBBC News - 4 minutes ago Oil firm BP is to place $20bn (£13.5bn) in a compensation fund for victims of the Gulf oil spill and will not pay shareholders a dividend this year. Barack Obama announced the compensation deal after talks at the White House with senior BP executives. ... Oily present, green futureBusiness Standard - - 25 minutes ago Obama's energy speech: The United States needs a long-term change in its energy policy. Right now, it needs oil to stop gushing from the broken BP well into the Gulf of Mexico. Barack Obama tried to tie long and short together in his first Oval Office ... Obama vows to make BP payHindustan Times - 39 minutes ago US President Barack Obama pushed alternative sources of energy while vowing to make BP pay for the devastation caused by its oil spill in the Gulf of Mexico, addressing the nation ahead of a key showdown Wednesday with BP executives. ...
Obama vows to make BP pay for oil spillHindustan Times - 3 hours ago According to University of Delaware Prof James J Corbett, who updates the numbers daily on his website, the oil could have been used by 6100 trucks, and 3100 ships for a full year too, in addition to the cars. See Pictures US President Barack Obama has ... BP agrees to $20 bln escrow for spill claims - reportSify - - 1 hour ago Gas and oil continue to leak at the Deepwater Horizon oil spill site in the... BP Plc agreed to US President Barack Obama's demand to place about $20 billion in escrow to pay claims resulting from the Gulf of Mexico oil spill, the New York Times ... Obama Vows Spill FixWall Street Journal - - 2 hours ago WASHINGTON—President Barack Obama used his first Oval Office address Tuesday to outline a plan for an oil spill "assaulting our shores and our citizens" that looked beyond containing the gusher to securing full restitution from BP ... Obama says BP will set aside $20 billion for spillThe Associated Press - 16 minutes ago WASHINGTON — President Barack Obama says BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf of Mexico. Obama said the $20 billion will provide substantial assurance that legitimate claims made by people and businesses ... US congress to question BP chairman and chief executive over oil spillThe Guardian - - 22 minutes ago The ritual flogging will shortly commence. After intensive coaching in crisis communications, BP's chairman and chief executive will face hostile questioning tomorrow from 35 members of a congressional committee about the catastrophic oil spill in the ... Feinberg to Oversee Oil-Spill Escrow FundWall Street Journal - - 2 hours ago The White House is expected to tap Kenneth Feinberg as the independent administrator of an oil-spill escrow fund being negotiated by BP PLC and the administration, according to US officials. In his Oval Office address Tuesday night, ... FACTBOX - Developments in the Gulf of Mexico oil spillReuters India - - 17 minutes ago A protester holds a syrup covered plastic earth ball to protest against the BP oil spill on the North side of the White House in Washington, June 16, 2010. * BP Plc has reached a preliminary agreement to put $20 billion into an escrow account to pay ... | Timeline of articles Number of sources covering this story
ImagesThe Guardian  Reuters India  BBC News  The Hindu The Guardian  The Hindu  Aljazeera.net  The Hindu  Christian Scien... Videos Obama: BP To Pay For "Recklessness" The UpTake - 4 hours ago Watch video  'Decisive' Obama seeks to tame oil disaster AFP - 9 hours ago Watch video  Obama vows to make 'reckless' BP pay AFP - 9 hours ago Watch video
 President Obama speech: Addicted to Oil RT - 11 hours ago Watch video  Mississippi residents respond to Obama's oil spill address Al Jazeera - 16 hours ago Watch video |
Tax code blow for India Inc to softenBusiness Standard - 26 minutes ago The government plans to provide comfort to Indian companies with foreign subsidiaries that would be covered by the provisions on Controlled Foreign Corporations (CFCs). While the finance ministry unveiled the proposal on CFCs in the revised discussion ... Hike in corporate tax on the anvil; individual slabs could be tweakedFinancial Express - 1 hour ago New Delhi: The discussion paper on Direct Taxes Code (DTC) has removed a few irritants for the taxpayers, but the government is mulling a higher rate of tax for corporates—more than the 25% prescribed in the initial DTC draft, and also a restructuring ... Revised DTC to ensure simpler tax regime: FMNDTV.com - 1 hour ago PTI, June 16, 2010 (Ahmedabad) A day after his ministry dropped contentious proposals in the discussion paper on the Direct Taxes Code, Finance Minister Pranab Mukherjee today said in Ahmedabad that the proposed law will ensure a simpler and more ...
Keeping STT not to impact sentiment: BrokersBusiness Standard - 27 minutes ago Market experts are confident that there will be no adverse impact on the equity market, following the revised draft on Direct Tax Code (DTC) that proposed to continue with the securities transaction tax and long-term capital gains tax. ... DTC punctureIndian Express - 39 minutes ago The finance ministry has released the second, revised version of its proposed direct tax code. The revised version is open to comments from the public — which need to be sent in before the end of the month — continuing a process that has been ... Why the tax code is niceIndian Express - 30 minutes ago There's something nice about the revised draft of the direct tax code, or DTC 2.0 as it is being called. Nice? A tax policy document? Note, first, that DTC 2.0 is a product of wide government-private consultations following the release of DTC 1.0 in ... More individuals to come under wealth taxFinancial Express - 1 hour ago New Delhi: More individuals will be brought into ambit of wealth tax as government shelved its earlier plan to hike the threshold limit for wealth taxes to Rs 50 crore. The threshold limit and rate of wealth tax will be suitably calibrated in the ... New draft of Tax Code seeks to levy wealth tax on firms' 'unproductive assets'Hindu Business Line - 23 minutes ago The Centre is looking to drop a proposal to bring financial assets within the scope of the wealth tax net. The revised discussion paper on the Direct Taxes Code has now mooted a regime change to the one proposed in the earlier discussion paper, ... Direct Tax Code message: Capital gains tax looms bigHindustan Times - 1 hour ago Prepare to pay tax on capital gains from next year if the government goes ahead with the Direct Taxes Code (DTC) in its current form. And more so if you are in the high income tax bracket. Investors are worried as the final discussion paper of the DTC ... Collaborative approach is a welcome signFinancial Express - 1 hour ago : The revised discussion paper on the Direct Taxes Code (DTC) was finally released by the CBDT on Tuesday. Unlike the initial euphoria, the release does not contain the revised provisions of the DTC, but only a discussion on certain areas wherein the ... | Timeline of articles Number of sources covering this story
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Bhopal fiasco a systemic failure, need to address it: CongHindustan Times - 2 hours ago Calling the charges "utterly ridiculous", the Congress on Wednesday rejected allegations that the then Union Carbide chief Warren Anderson was assured safe passage by the Indian government after the 1984 Bhopal gas tragedy. "This is utterly ridiculous. ... NGOs demand extradition of absconding accused of gas tragedyHindustan Times - 2 hours ago PTI NGOs fighting for the 1984 gas tragedy victims today demanded extradition of Union Carbide chief Warren Anderson, a special prosecution cell for trying the absconding accused and enhancement of the punishment of those found guilty by the court in ... Arjun Singh should come clean on Anderson's release: BJPSify - 2 hours ago The Bharatiya Janata Party (BJP) Wednesday said Arjun Singh, the Madhya Pradesh chief minister in 1984, should tell the nation how former Union Carbide Corp CEO Warren Anderson was allowed safe passage out of country days after the massive gas leak ... Congress, opposition spar over Anderson's 1984 passage (Roundup)Sify - 4 hours ago The opposition and the Congress were locked in a war of words Wednesday after a former US diplomat said that then Union Carbide chief Warren Anderson was promised a safe passage home even before he flew to India after the 1984 Bhopal gas disaster. ... Bhopal gas tragedy: Shiv Sena demands action against Arjun SinghSify - 4 hours ago The Shiv Sena party staged a protest in Bhopal on Wednesday to demand action against veteran Congress leader and former Madhya Pradesh Chief Minister Arjun Singh over his alleged role in the release of former Union Carbide Chairman Warren Anderson, ... Setting a new agenda for BhopalRediff - 1 hour ago A nation angered may spur the the Bhopal gas victims in their seemingly endless battle to get justce, writes Sheela Bhatt. The victims of Bhopal, empowered by the new-found interest of the country in the gas leak disaster, wants the government of India ... Warren Anderson Was Certain to Remain Untouched by the Indian LawFV Current Waves - - 34 minutes ago Warren Anderson, ex- Chairman of Union Carbide Corp., who was accountable for the 1984 Bhopal gas disaster, was convinced that Indian law would not be able to touch him. Anderson, in an interview with the BBC after he was given release by the Madhya ... Who didn't help Carbide?Express Buzz - 51 minutes ago Who let Warren Anderson go?' is the wrong question. The right question is: 'Who didn't let Warren Anderson go?' A poster put up by Bhopal's victims outside the Union Carbide plant in 1988 said it all: 'Carbide hatyaari hai; Sarkaar ko pyaari hai' ... 'Reveal what transpired between Anderson, Rao'IBNLive.com - Jun 15, 2010 Arun Nehru, who was a member of the Rajiv Gandhi Cabinet at the time of the Bhopal gas tragedy, says the government must make clear who all accompanied Union Carbide chief Warren Anderson to the then Home Minister PV Narsimha Rao and President Gyani ... Bhopal gas disaster: 12-year-old attempts to 'summon' AndersonNDTV.com - Jun 15, 2010 PTI, Updated: June 15, 2010 12:47 IST, New York A 12-year-old Indian-American activist tried to issue summons for Warren Anderson, former chief of Union Carbide over the deadliest 1984 gas disaster in Bhopal. "Today we are here to appeal to Warren ... | Timeline of articles Number of sources covering this story
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New draft of Tax Code seeks to levy wealth tax on firms' 'unproductive assets'Hindu Business Line - 24 minutes ago The Centre is looking to drop a proposal to bring financial assets within the scope of the wealth tax net. The revised discussion paper on the Direct Taxes ... Tax code blow for India Inc to softenBusiness Standard - 27 minutes ago The government plans to provide comfort to Indian companies with foreign subsidiaries that would be covered by the provisions on Controlled Foreign ... Keeping STT not to impact sentiment: BrokersBusiness Standard - 29 minutes ago Market experts are confident that there will be no adverse impact on the equity market, following the revised draft on Direct Tax Code (DTC) that proposed ... Why the tax code is niceIndian Express - 31 minutes ago There's something nice about the revised draft of the direct tax code, or DTC 2.0 as it is being called. Nice? A tax policy document? ... DTC punctureIndian Express - 41 minutes ago The finance ministry has released the second, revised version of its proposed direct tax code. The revised version is open to comments from the public ... Direct Tax Code message: Capital gains tax looms bigHindustan Times - 1 hour ago Prepare to pay tax on capital gains from next year if the government goes ahead with the Direct Taxes Code (DTC) in its current form. ... Brass TaxTimes of India - 1 hour ago Any model direct taxes code (DTC) would seek to reduce people's tax liability and give them greater choice on spending their money. ... Revised DTC to ensure simpler tax regime: FMNDTV.com - 1 hour ago PTI, June 16, 2010 (Ahmedabad) A day after his ministry dropped contentious proposals in the discussion paper on the Direct Taxes Code, Finance Minister ... PF not to be taxed at withdrawal under new DTCReuters India - - 5 hours ago Reuters looks into the euro zone crisis and how the EU is gearing up to clear the financial mess. Full Article Keep track of the monsoon and its impact on ... Non pure life ULIPs may be taxed SourcesMoneycontrol.com - 6 hours ago The Direct Tax Code (DTC) Bill will define pure life insurance products, reports CNBC-TV18, quoting Finance Ministry sources. If unit-linked insurance ... | Timeline of articles Number of sources covering this story
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Government allows industrial units SEZ unit migration
Pace of new SEZ expansion to be slackened, say experts
Commerce Ministry peeved at move to remove tax breaks for new SEZs
SEZ units also to get sops under DTC: Govt
Revised draft has almost covered all burning issues
'Move to end sops for SEZs not right'
Govt to permit unit migration across SEZs
Direct Tax Code message: Capital gains tax looms bigHindustan Times - 1 hour ago Prepare to pay tax on capital gains from next year if the government goes ahead with the Direct Taxes Code (DTC) in its current form. ... New draft of Tax Code seeks to levy wealth tax on firms' 'unproductive assets' Hindu Business Line Tax code blow for India Inc to soften Business Standard Pace of new SEZ expansion to be slackened, say expertsBusiness Standard - 22 hours ago The revised draft of the Direct Taxes Code (DTC) would now induce more and more companies to set up their units in the special economic zones (SEZ) before ... Commerce Ministry peeved at move to remove tax breaks for new SEZs Hindu Business Line 'Move to end sops for SEZs not right' Deccan Herald  Email this storyDTC 2.0 a fine balancing act: Rev SecyMoneycontrol.com - Jun 15, 2010 ... proposals where some things are in variance with what we have put out in the draft direct taxes code which we released in the public domain last year. ... MAT change brings smile to industryBusiness Standard - Jun 15, 2010 The government's proposal to compute minimum alternate tax (MAT) on profits, and not on assets as planned originally in the direct taxes code, ... Stock market investments may be subject to tax riskBusiness Standard - - 29 minutes ago The revised direct taxes code (DTC) proposal, while retaining the exempt-exempt-exempt regime for approved retirement corpuses, has thrown a googly at stock ... Don't tax Ulips at withdrawal, insurers to tell governmentBusiness Standard - 24 minutes ago "We are planning to meet Central Board of Direct Taxes (CBDT) officials next week to discuss the issue. Basically, we want that all insurance products ... Govt sticks to plan on capital gainsFinancial Express - Jun 15, 2010 ... distinction between short term and long term capital gains for investment in all asset classes in the revised discussion paper on the Direct Taxes Code. ... Reknitting the MAT: One step back Economic Times - Jun 14, 2010 The finance ministry is set to drop a key proposal in the direct taxes code (DTC) to change the way companies work out their minimum alternate tax (MAT), ... Direct Taxes Code revised draft in JuneHindu Business Line - - May 24, 2010 The Centre will come out with a draft revised version of the Direct Taxes Code (DTC) for public consultation by the first week of June, according to the ... Revised draft of DTC to be ready by June-end Financial Express Indirect taxes mopped up Rs 2.46 lakh cr in FY'10: Govt Economic Times Revised DTC draft in first week of June: Mitra Press Trust of India New direct tax code draft soon, will address all concerns: FMHindustan Times - Jun 9, 2010 The government will shortly come with a new draft of the direct taxes code that will be put for public comments within a month for addressing concerns of ... Tax code final draft misses date Daily News & Analysis Email this storyFM States that tax Collection have trebled from Rs.132771 Crore in 2004-5 to ...Press Information Bureau (press release) - 5 hours ago A major tax reform initiative has already been announced in the proposed 'Direct Taxes Code 2009' to simplify, rationalize and consolidate the laws and ... Investment through PNs set to rise with proposed DTCBusiness Standard - - 29 minutes ago Investment in stock markets through participatory notes (PNs), the offshore derivative instruments, are set to rise if the direct tax code (DTC) is ... With no more 'business income', FIIs may be hit Daily News & Analysis Email this storyIndia to break double digit GDP growth barrier in 2011-12'Times of India - 1 hour ago On the Direct Tax Code (DTC), Mukherjee said that the DTC is not the real rate of taxes; it is indicative and secondly it is the proposal and proposals are ... New tax code for Parliament nod in monsoon session: MukherjeeEconomic Times - Jun 9, 2010 The minister said direct taxes were now a major resource provider to the government and had grown at an average rate of 24 percent per annum in the past ... Video: No fuel price hike for now, decision deferred NDTV.comRally enters sixth day on earnings optimismBloombergUTV - 6 hours ago As per the second draft of the direct tax code (DTC) released on Tuesday, the securities transaction tax (STT) will stay and rates will be calibrated. ... India Proposes Tax on Gains From Stock Sales, FundsBusinessWeek - - 15 hours ago The so-called direct tax code also proposes to allow a deduction at a specified percentage for investments held for more than a year. ... Tax code clause overriding trade pacts may be nixedEconomic Times - May 28, 2010 NEW DELHI: The finance ministry may drop a provision in the draft direct taxes code that allows local tax laws to override India's tax treaties with other ... Exempt exempt tax will hit tax payers hardEconomic Times - Jun 2, 2010 In August 2009, the finance minister released for public comments, a draft of the new Direct Taxes Code (DTC), which is slated to replace the present direct ... Govt likely to retain existing MAT, EET regimes in tax code Indian Express Revised draft paper on DTC by next week: Rev Secy Moneycontrol.com Email this storyGovt plans new norms to tax profits by Indian firms abroadBusiness Standard - Jun 13, 2010 The committee recently submitted its report to Central Board of Direct Taxes (CBDT) Chairman SSN Moorthy," a senior official in the finance ministry told ... Rules to tax Indian subsidiaries:Finance Ministry Siliconindia.com Email this storyNilekani to code public projectsEconomic Times - Jun 7, 2010 The move lays the ground for major structural reforms in the taxation structure — goods and services tax and direct taxes code. The group headed by Nandan ... Akimova: 'We're serious about reform'Kyiv Post - 3 hours ago She said that parliament, which received the draft tax code late on June 15, is likely to consider and adopt it before a July 15 deadline. ... Direct Taxes Code: A wild goose chase taxing offshore transactions?Business Standard - - May 23, 2010 The single-mindedness with which the Direct Taxes Code has been designed to enhance revenue productivity would have been praiseworthy but for the fact that ... India Digest: Tax Collection Surge Points to Sharp RecoveryWall Street Journal (blog) - 16 hours ago ... alternate tax (MAT) and entities using the provisions of the Double Taxation Avoidance Agreements in the revised draft of the Direct Taxes Code (DTC). ... Direct Taxes Code 2Business Line - - May 30, 2010 Why is the government constrained to bring the second draft of the Direct Taxes Code? Because the first one introduced a year ago while pleasing the middle ... Direct taxes code to be tabled during monsoon session of Parliamentdomain-B - May 24, 2010 The government proposes to introduce the direct taxes code (DTC) during the coming monsoon session of Parliament, finance minister Pranab Mukherjee has said ... FM hints at more taxes next year to check fiscal deficitBusiness Standard - May 21, 2010 He was confident of meeting his target of rolling out the new direct taxes code and the goods and services tax (GST) regime from the next financial year. ... Q&A: Pranab Mukherjee, Finance Minister, India Business Standard Email this storyIN RE SZOSTEKLeagle.com - - 6 hours ago The Texas Administrative Code [ 9 ] provides additional support for the imposition of liability for the Category 2 Taxes. Specifically, 34 Tex. Admin. ... Mineral Deposits Limited: Grande Cote Definitive Feasibility Study ResultsMarketWatch (press release) - 5 hours ago The Coming Property Tax RevoltHuman Events (blog) - - Jun 14, 2010 The framers thought restraining the way Congress applies such "direct" taxes so important, they wrote twice about it: "Representatives and direct taxes ... Going into business with a foreign partner Bankrate.com Email this storyAMBASE CORPORATION v. U.S.Leagle.com - - 6 hours ago Plaintiff AmBase Corporation brings this action against defendant United States of America seeking a refund of overpaid federal taxes. ... Stay up to date on these results: |
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ET Headline UK-listed Indian firms emerge favourites 16 Jun 2010, 2144 hrs IST,REUTERS
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