RBI to allow ECB for working capital for civil aviation sector
Posted Date : 25-Apr-2012 , 08:09:28 am | Posted By CASANSAAR
The Reserve Bank of India today decided to allow External Commercial Borrowings, ECB, for working capital as a permissible end-use for the civil aviation sector on certain conditions.
The notification issued by RBI in Mumbai stated that the overall ECB ceiling for the entire civil aviation...
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Finance |
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Govt to plough back disinvestment funds into PSUs
Posted Date : 24-Apr-2012 , 07:28:22 pm | Posted By CASANSAAR
In a move to strengthen the PSUs, government proposes to plough back funds raised through disinvestment proceeds into the state-owned firms.The Department of Disinvestment (DoD) has proposed to create special purpose funds out of the disinvestment proceeds to enable the public sector units (PSUs) bu...
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Finance |
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Retrospective change in I-T Act may yield around Rs 40,000 crore
Posted Date : 24-Apr-2012 , 04:03:17 pm | Posted By CASANSAAR
The controversial proposal to amend theIncome Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said today.
"The Income Tax department has made an estimation that the total tax im...
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Income Tax |
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2G case: SC extends deadline for licence cancellation to September 7
Posted Date : 24-Apr-2012 , 03:59:56 pm | Posted By CASANSAAR
Supreme Court on Tuesday refused to grant 400 days to the government to complete the process of fresh auctioning of the 2G spectrum licences but extended the deadline for it from June 2 to August 31, 2012. A bench of justices G S Singvhi and K S Radhakrishnan also said the exis...
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General |
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Nestle India could face Rs 100 cr addl tax in FY13
Posted Date : 24-Apr-2012 , 10:11:59 am | Posted By CASANSAAR
FMCG major Nestle India could face an additional tax burden of Rs 100 crore this year due to increased rate of taxation.
"...The major challenge for the company would be to ensure high trajectory growth while bearing an additional tax burden due to Union Budget proposals for 2012-13 of approximat...
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Income Tax |
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RBI permits all financial institutions to participate in CDS
Posted Date : 24-Apr-2012 , 08:17:19 am | Posted By CASANSAAR
The Reserve Bank on Monday allowed all financial institutions to participate in the credit default swap (CDS) market to help such entities to protect their risk."It has now been decided to permit all India financial institutions, namely, EXIM Bank, NABARD, NHB and SIDBI to participate in the CDS mar...
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RBI |
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Parliament likely to take up new Companies Bill this session, says Veerappa Moily
Posted Date : 24-Apr-2012 , 08:05:50 am | Posted By CASANSAAR
The much-awaited Companies Bill 2011 is likely to be taken up in this parliamentary session, said Union minister for corporate affairs M Veerappa Moily. The new Companies Bill, which will replace a half-a-century-old Act, has made provisions for class action suit and corporate social resp...
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Corporate Law |
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Income tax act amendment proposal not in line with global norms: Vodafone
Posted Date : 24-Apr-2012 , 08:02:09 am | Posted By CASANSAAR
Amid controversy over the government's decision to amend I-T Act with retrospective effect to bring into tax net overseas deals involving domestic assets, the British telecom major Vodafone on Monday said that the proposal is not in line with the international tax norms. "...the proposal to tax...
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International Business |
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SBI, 4 other banks cut fixed deposit rates up to 1 pc
Posted Date : 23-Apr-2012 , 08:54:43 pm | Posted By CASANSAAR
Led by SBI, five more banks on Monday cut interest rates on loans and deposits upto one per cent, following reduction in the short-term policy rates by Reserve Bank last week.While banks have tweaked rates differently, the net effect is that depositors lose more than the gains accruing to borrowers ...
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Income Tax |
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0 | Hits : 809
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FinMin may cut capital gains tax on PE investments
Posted Date : 23-Apr-2012 , 05:09:29 pm | Posted By CASANSAAR
In order to attract foreign capital, the Finance Ministry may cut long-term capital gain tax from 20 per cent to 10 per cent on investments made by private equity funds into shares of unlisted companies. Several PE investors have appealed to the ministry to bring them at par with the Fo...
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Income Tax |
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Banks' earning to come under pressure due to Basel-III: Anand Sinha
Posted Date : 23-Apr-2012 , 05:04:59 pm | Posted By CASANSAAR
Earnings of banks are likely to come under pressure due to the higher capital requirements for the implementation of Basel-III norms, Reserve Bank of India Deputy Governor Anand Sinha said in Mumbai.
"There is going to be pressure on banks' earnings, not only in India but across the world. That's...
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Banking |
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Some companies in a fix over new financial account format, may postpone earnings announcement
Posted Date : 23-Apr-2012 , 08:08:30 am | Posted By CASANSAAR
Securities and Exchange Board of India's recent decision mandating companies to present financial results in a new format may force some firms to work overtime or postpone their earnings announcement for the March quarter.
On April 16, the capital market regulator proposed change...
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Accounts |
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0 | Hits : 1324
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GAAR fear: Separate tax threshold likely for FIIs
Posted Date : 23-Apr-2012 , 08:03:43 am | Posted By CASANSAAR
In an attempt to assuage apprehensions of tax payers regarding the proposed general anti-avoidance rules (GAAR), the government will put in place a threshold to ensure that tax payers and foreign investors don’t attract the GAAR provisions. In fact, foreign institutional investors (FIIs) will ...
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Income Tax |
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0 | Hits : 766
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Petrol pump dealers defer nationwide strike; govt to consider demands
Posted Date : 22-Apr-2012 , 09:52:13 pm | Posted By CASANSAAR
Petrol pump dealers have deferred a nationwide strike from Monday after Oil Minister S Jaipal Reddy has agreed to consider their demands that include levying charges for providing facilities such as air pressure checking, drinking water and toilets, dealers Federation said.
The Federation of All ...
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General |
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MICR, IFSC code must on passbook, a/c statement: RBI
Posted Date : 22-Apr-2012 , 09:06:10 am | Posted By CASANSAAR
The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers."Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that information shoul...
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Banking |
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Tea to be declared national drink: Montek Singh Ahluwalia
Posted Date : 22-Apr-2012 , 09:03:28 am | Posted By CASANSAAR
Planning Commission Deputy Chairman Montek Singh Ahluwalia today said tea would be declared as national drink by April next year. "The drink would be accorded national drink status by April 17 next year to coincide with the 212th birth anniversary of first Assamese tea planter and Sepoy Mutiny le...
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General |
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India seeks membership of nuclear export control regimes
Posted Date : 21-Apr-2012 , 03:52:11 pm | Posted By CASANSAAR
Citing its non-proliferation record, India told the UN Security Council that given its ability and willingness to promote global non-proliferation objectives, its membership of the four nuclear export control regimes should be "the next logical step."
India's Permanent Representative to t...
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General |
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Provisions of Section 40 (a) (ia) are retrospective in nature: ITAT
Posted Date : 21-Apr-2012 , 08:54:17 am | Posted By CASANSAAR
The Mumbai bench of the income tax appellate tribunal (ITAT) has passed an order in the case of one Piyush Mehta versus Asst Commissioner Income Tax in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amendment made by the Finance Act 2010. ...
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Income Tax |
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Ailing aviation industry can raise funds through ECBs: Fin Min
Posted Date : 20-Apr-2012 , 08:34:42 pm | Posted By CASANSAAR
In a move to help the ailing aviation sector of its immediate financing concerns, the Government has allowed aviation sector to raise one billion dollars to manage its working capital through External Commercial Borrowing, ECB route.However, the limit for individual companies has been fixed at 300 m...
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General |
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Accounting standards advisory panel reconstituted
Posted Date : 20-Apr-2012 , 03:51:29 pm | Posted By CASANSAAR
The Centre has reconstituted the National Advisory Committee on Accounting Standards (NACAS).
The panel advises on accounting standards and policies to be followed by corporates.
The Corporate Affairs Ministry has now said that Mr M.M. Chitale, a Chartered Accountant, will be the Chairman of NAC...
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Income Tax |
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Govt approves FDI proposals worth Rs 586cr
Posted Date : 20-Apr-2012 , 01:46:06 pm | Posted By CASANSAAR
The government has approved 22 Foreign Direct Investment, FDI, Proposals amounting to over 586 Crore rupees. The proposals have been approved on the recommendations of Foreign Investment Promotion Board. According to an official release issued in New Delhi today, these include proposals from El...
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Finance |
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Posted Date : 20-Apr-2012 , 08:09:12 am | Posted By CASANSAAR
Avoid using your permanent account number (PAN) to book railway tickets under the tatkal scheme, as it can be misused to carry out benami transactions.
The Indian Railways accepts the PAN card as indentity proof to book tickets under the scheme, but anybody can access the details as they ar...
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Income Tax |
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Retrospective change in tax laws hurt investments, CEOs tell PM
Posted Date : 20-Apr-2012 , 08:06:04 am | Posted By CASANSAAR
A group of CEOs has told Prime Minister Manmohan Singh that retrospective changes in tax laws proposed in the Budget have seriously damaged the country's credibility as an investment destination. The CEOs, led by Godrej Group chairman Adi Godrej, communicated industry captains' concerns to Singh...
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Income Tax |
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Sarva Shiksha Abhiyan to outsource accounts works
Posted Date : 20-Apr-2012 , 08:02:01 am | Posted By CASANSAAR
Teachers in Dakshina Kannada government primary schools who used to spend hours auditing school expenses need not worry any more as Sarva Shiksha Abhiyan (SSA) has outsourced accounts work.As many as 20 account assistants will be visiting schools and accounts work.Dakshina Kannada district has 932 g...
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Accounts |
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Vodafone issue: Government rules out easy settlement for fear of political fallout
Posted Date : 20-Apr-2012 , 04:28:25 am | Posted By CASANSAAR
India will rebuff any move by Vodafone Plc to mutually settle their multi-billion-dollar tax dispute and is intent on pursuing its claim on the company, despite growing international pressure and repeated statements by the UK-headquartered telco that it is willing to amicably r...
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Income Tax |
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0 | Hits : 841
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ICICI Bank, PNB cut lending rates by 25 bps after RBI rate cut
Posted Date : 19-Apr-2012 , 08:41:33 pm | Posted By CASANSAAR
Country's largest private bank - ICICI Bank - and the second largest state run bank- Punjab National Bank - lowered their lending and deposit rates taking a cue from the cut in policy rate by the Reserve Bank of India (RBI). The reduction in lending rate or base rate - the minimum rate at which...
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Banking |
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0 | Hits : 833
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Companies in the Aviation Sector Allowed to Avail of ECBS for Working Capital Requirements
Posted Date : 19-Apr-2012 , 08:31:10 pm | Posted By CASANSAAR
The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry. In order to alleviate the immediate fina...
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Finance |
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DTC to be implemented from April 2013 DTC will replace the existing Indian Income Tax Act 1961
Posted Date : 19-Apr-2012 , 02:47:18 pm | Posted By CASANSAAR
India will implement the direct tax code (DTC) from April 1, 2013, Finance Secretary R.S. Gujral told a television channel.
The code, which will replace existing Indian Income Tax Act 1961, intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exem...
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Income Tax |
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FIPB asks Ministry of Corporate Affairs to clarify its stance on LLP Act
Posted Date : 19-Apr-2012 , 02:45:43 pm | Posted By CASANSAAR
After deferring approvals to several companies with foreign direct investment looking to convert to limited liability partnerships, FIPB has asked the Ministry of Corporate Affairs (MCA) and theDepartment of Industrial Policy and Promotion to clarify their stance and if needed ame...
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Corporate Law |
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0 | Hits : 863
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India successfully test fires Agni-V, takes a giant stride
Posted Date : 19-Apr-2012 , 01:22:01 pm | Posted By CASANSAAR
India today conducted a successful test-fire of its indigenously developed nuclear capable "Agni-V" ballistic missile with a strike range of over 5,000 km from a test range off Odisha coast. Chief of Defence Research and Development Organisation (DRDO), V K Saraswat said, the mission was successful....
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General |
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