| Professional
News |
| INCOME
TAX |
| Even those with Rs 12 lakh annual
income may find life more taxing |
|
Delhi : As ideas are being
mooted on taxing people with high incomes at a higher rate, in
line with the practice in the United States, the usual
question that comes to mind is: Who will fall under this
category of taxpayers? Many economists believe,
|
| Goodbye DTAA, hello
DITA? Article |
|
Delhi : These days, there is
hardly a case in international taxation that does not end up
in litigation. Income is currently taxed either on the basis
of residence or source of income or both. A look at the facts
and the judgments in a few cases will highlight the
complexities that arise from this multiple basis of taxation.
The advent of the internet and mobile connectivity has
compounded the confusion.
|
| EXCISE |
| Industry seeks excise duty cut on
man-made fibres |
|
Delhi : The Confederation of
Indian Textile Industry ( CITI) today demanded the government
reduce excise duty on man-made fibres to eight per cent in the
coming Budget, to boost the sector’s growth.In a memorandum to
Finance Minister P Chidambaram, the body said: “This may not
lead to revenue loss, since demand and, therefore, production
will increase, leading to increased revenue.”
|
| SEBI |
| Sebi notifies regulations on SRO for
MF distributors |
|
Delhi : In a move to
regulate mutual fund distribution business, Sebi today said it
has notified regulations to set up a Self Regulatory
Organisation (SRO) to monitor distributors of mutual fund and
portfolio management products."...The Securities and Exchange
Board of India (Sebi)
|
| Sebi for stricter public shareholding
norms |
|
Maharashtra : The Securities
and Exchange Board of India ( Sebi) might discuss the penalty
it plans to impose on companies failing to meet the minimum
public shareholding norms and further changes to the offer for
sale (OFS) norms, among other matters,
|
| RBI |
| RBI may hike ECB limit for low-cost
housing |
|
Delhi : The RBI is likely to
enhance the $1-billion aggregate ceiling on external
commercial borrowings (ECB) for low-cost housing projects and
extend the March 31, 2013 deadline for availing the new ECB
window for such projects. This follows the National Housing
Bank's
|
| NBFC body opposes stricter RBI
norms |
|
Maharashtra : Non-banking
finance companies ( NBFCs) have objected to the more stringent
provisioning norms proposed for them by the Reserve Bank of
India. At present, NBFCs need to classify a loan as a
non-performing asset ( NPA) if the borrower defaults for 180
days.
|
| FDI
Policy |
| Govt to bring Insurance Bill in
budget session |
|
Delhi : The government has
decided to introduce the Insurance Laws (Amendment) Bill 2008
in the upcoming budget session of Parliament in its present
form which allows 49% foreign investment in the insurance
sector, without a carve out for portfolio investors.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Finance ministry wants reasons for
IKEA climbdown |
|
Delhi : Even as the euro
25-billion Swedish furniture maker IKEA has struck out a
number of product categories for the India market, prompted by
the conditional nod from the Foreign Investment Promotion
Board ( FIPB) in November, the finance ministry wants to know
the reasons for IKEA’s revision of proposal.
|
| Finance & Money
Markets |
| Re to weaken in the near-term on
euro, subdued foreign flows |
|
Maharashtra : The rupee,
under pressure during the last three trading days, appreciated
against the dollar on Tuesday on the back of custodian flows
from foreign banks. The currency closed at Rs 55.01 a dollar,
compared with the previous close of Rs 55.23.The rupee opened
at Rs 55.10 per dollar on Tuesday. During the day, it touched
a low of Rs 55.38, after Fitch Ratings reiterated its
‘negative’
|
| Costly IPOs may lose out to
hassle-free reverse mergers |
|
Maharashtra : Raising funds
from the public through the IPO process may soon give way to
other instruments including reverse merger for those companies
which want to avoid the "costly" and "time consuming" IPO
route. The trend may pick up this year despite improved market
sentiment as the IPO process is still no cake walk,
|
| Financial advisors to suggest direct
MF plans only at a fee |
|
Maharashtra : With a week
having passed by since the capital markets regulator Sebi
allowed investors the flexibility of investing in mutual funds
directly, rather than through distributors, financial planners
and independent financial advisors said they may not
compromise
|
| Commodities |
| Gold, silver decline on sluggish
demand, global cues |
|
Delhi : Both the precious
metals, gold and silver, declined in the national capital
today owing to subdued demand at prevailing higher levels amid
a weak global trend. While gold declined by Rs 90 to Rs 31,070
per ten grams, silver dipped by Rs 40 to Rs 58,000 per kg on
lack of follow up support. Traders said subdued demand from
retailers at prevailing higher levels and a weak global trend
mainly led to fall in both gold and silver prices.
|
| INTERNATIONAL
BUSINESS |
| Samsung Electronics posts record
$8.3-bn profit in Q4 |
|
Samsung Electronics, the world's
largest maker of mobile phones and TVs, reported
higher-than-expected fourth-quarter earnings as sales of
Galaxy smartphones withstood the debut of Apple's iPhone 5.
Operating profit rose 89% to a record 8.8 trillion won ($8.3
billion) in the December quarter, Samsung said in a statement
of preliminary results on Tuesday.
|
| MERGER &
ACQUISITION |
| Maharaja Exporters' Satish Gupta buys
Svelte hotel in Saket for Rs 110 crore from a
consortium |
|
Delhi : One of India's
biggest carpet exporters Satish Gupta has bought the Svelte
hotel in Delhi's Saket business district for 110 crore from a
consortium that includes Ranjan Bhattacharya, the foster
son-in-law of former prime minister Atal Bihari Vajpayee
|
| Life
Insurance |
| LIC to Have Long Life in
Insurance |
|
Delhi : It is estimated that
life insurance premiums amount to about 4% of the Indian GDP
and this figure is only expected to rise in the years to
come.Until the late 90s,Life Insurance Corporation (LIC) was
the only insurance provider in the market;however,over the
past 15 years,the market
|
| Banking |
| S&P assigns ‘BBB-’ rating to
ICICI Bank’s overseas bond issue |
|
West Bengal : Standard &
Poor’s Ratings Services on Wednesday assigned ‘BBB-’ long-term
issue rating to a proposed issue of Singapore
dollar-denominated senior unsecured notes by ICICI Bank Ltd.
The rating on the notes reflects the long-term issuer credit
rating on the bank.
|
No comments