Indrajit Banerjee bags best CFO of the Year award
Posted Date : 06-Jul-2011 , 09:31:56 pm | Posted By CASANSAAR
Indrajit Banerjee, Chief Financial Officer of Cairn India Ltd has been adjudged the best CFO of the year in the Best Treasurer category. Finance Minister Pranab Mukherjee conferred the Business Today CFO of the Year (Best Treasurer Category) on Banerjee at a function here yesterday, the company said...
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Firms can refinance foreign debt without RBI approval
Posted Date : 05-Jul-2011 , 07:28:22 am | Posted By CASANSAAR
The Reserve Bank of India said on Monday companies can refinance their overseas borrowing without seeking any specific approval from the bank.
The ruling enables companies with outstanding debt to raise funds via fresh external commercial borrowings and foreign currency convertible bonds (F...
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Govt allows FIIs to buy domestic shares; boost for capital markets
Posted Date : 03-Jul-2011 , 10:05:02 pm | Posted By CASANSAAR
There is some good news for the capital markets . The government has allowed foreign individual investors to buy up to USD 10 billion worth of domestic shares cumulatively through domestic mutual funds. This has been initiated as a response to the recent decline in foreign direct investments. ...
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Ambiguous tax treaties could hit FDI inflows: Ruia
Posted Date : 02-Jul-2011 , 08:26:07 pm | Posted By CASANSAAR
Leading industrialist and Essar Group Chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain "ambiguous". "The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the t...
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Essar to exit Vodafone JV for $5.46 billion, deal value up by $460 mn
Posted Date : 02-Jul-2011 , 07:20:03 am | Posted By CASANSAAR
The Essar Group on Friday decided to sell its entire 33 per cent stake in the country’s second-largest GSM mobile operator Vodafone-Essar to the Vodafone Group for $5.46 billion. Essar will also pay a withholding tax of $880 million to the government, under protest. The deal will be completed ...
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Liberalise FDI policy in financial services sector: US
Posted Date : 01-Jul-2011 , 09:59:48 am | Posted By CASANSAAR
Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5 per cent to the country's economic growth. "India imposes substantial FDI caps in the financial services sector particularly in t...
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India-Malaysia free trade agreement to be effective from tomorrow
Posted Date : 30-Jun-2011 , 09:07:10 am | Posted By CASANSAAR
The free trade agreement between India and Malaysia will come into force from Friday, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, truc...
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India negotiating changes in Mauritius tax treaty: Pranab Mukherjee
Posted Date : 29-Jun-2011 , 10:46:24 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. "So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double t...
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French Finance Minister Christine Lagarde to head IMF
Posted Date : 29-Jun-2011 , 10:33:59 am | Posted By CASANSAAR
French Finance Minister Christine Lagarde has become the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
Lagarde, who succeeds Dominique Strauss-Kahn, is the first woman named to the top IMF post since the ...
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Core debt funds allowed to take shape of MF, NBFC
Posted Date : 25-Jun-2011 , 07:35:57 am | Posted By CASANSAAR
The government has set the ball rolling on the proposed infrastructure debt funds to leverage foreign resources for a sector that needs over a trillion dollars in the Twelfth Five-Year Plan. The finance ministry on Friday put in place the framework and structure for infrastructure debt funds (IDFs),...
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Diesel gets dearer by Rs 3/lt, LPG by Rs 50/cylinder
Posted Date : 24-Jun-2011 , 10:13:38 am | Posted By CASANSAAR
The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have been hiked by Rs 2 per litre while LPG rates have b...
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India Inc raises $2 bn in April through ECBs, FCCBs
Posted Date : 23-Jun-2011 , 09:51:34 am | Posted By CASANSAAR
India Inc raised over $ 2.06 billion from overseas markets in April through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), the Reserve Bank said. Around 55 companies raised over $ 1.54 billion for various projects through the automatic route, which does not req...
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FM to Address State Finance Ministers on Reforms in Financial Reporting
Posted Date : 21-Jun-2011 , 08:04:18 am | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims to trigger discussions on operational guidelines for...
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New CAG norms for govt accounting to be unveiled on Tuesday
Posted Date : 21-Jun-2011 , 07:58:06 am | Posted By CASANSAAR
The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday.
In line with the recommendations of the 12th and 13th Finance Commissions and the second Admini...
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FDI in retail: State to have final say in opening stores
Posted Date : 19-Jun-2011 , 04:56:43 am | Posted By CASANSAAR
In what could be a dampener to the global retail chains, the Centre is considering allowing 51 per cent FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said."The states' permission would be required, since the trade is ...
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DPE asks FinMin to make banks compete for PSUs' deposits
Posted Date : 19-Jun-2011 , 04:55:14 am | Posted By CASANSAAR
PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said.In a communication to the Finance Ministry, the DPE has written to the Finance Ministry arguing that the...
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Slowdown in corporate tax collection worries finance secretary
Posted Date : 17-Jun-2011 , 07:19:26 am | Posted By CASANSAAR
Finance secretary Sunil Mitra on Thursday expressed concern about slowdown in corporate tax collection. He said the rise in RBI policy rate has further compounded the problem.
"I am worried about the likelihood of a slight slowdown in the corporate tax growth rate. Now again, the RBI ...
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RBI by Raising Repo Rate by 25 Basis Points Seeks to Maintain an Interest Rate Environment That Moderates Inflation : FM
Posted Date : 16-Jun-2011 , 09:26:08 am | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance M...
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Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) — should be merged for tackling black money effectively.
Posted Date : 16-Jun-2011 , 08:00:13 am | Posted By CASANSAAR
Amid the growing chorus against black money and the government’s efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration. In a letter to Mukherjee, Moily said the two wings for tax collections in...
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Pranab calls for immediate end to secrecy at banks
Posted Date : 14-Jun-2011 , 07:21:59 am | Posted By CASANSAAR
India on Monday made a strong pitch to end banking secrecy and sought more teeth in multilateral measures to deal with abusive transfer pricing. "We cannot say with certainty that bank secrecy is over in all cases," Finance Minister Pranab Mukherjee said at a tax conference jointly organised by his ...
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DEPB to stay for 3 more months, but no more extensions: Finmin
Posted Date : 12-Jun-2011 , 09:38:59 am | Posted By CASANSAAR
The finance ministry has given a three-month extension to the popular export incentive scheme , the Duty Entitlement Passbook or DEPB, offering solace to its beneficiaries such as Bajaj Auto, TVS Suzuki , Reliance Industries and Bharat Forge . The ministry has, however, made it clear that it would n...
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Finance Ministry sets up another panel on black money
Posted Date : 08-Jun-2011 , 11:44:56 am | Posted By CASANSAAR
Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.The committee, set up by Central Board of Direct...
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FinMin overhauls intel mechanism to begin criminal prosecution
Posted Date : 08-Jun-2011 , 11:42:44 am | Posted By CASANSAAR
The Finance Ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security.The department will now train and designate its of...
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Govt approves 16 FDI proposals worth Rs 924 crore
Posted Date : 07-Jun-2011 , 08:37:40 pm | Posted By CASANSAAR
The government on Tuesday said it has cleared 16 foreign direct investment (FDI) proposals amounting to Rs 923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings.
A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but ...
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India's forex reserves rise by $1.68 billion to $310.21 billion
Posted Date : 04-Jun-2011 , 08:03:41 am | Posted By CASANSAAR
India's foreign exchange (forex) reserves rose by $1.68 billion to $310.21 billion for the week ended May 27 on the back of a sharp increase in foreign currency assets. This is the second consecutive weekly jump in the country's forex reserves kitty. The forex reserves had increased by $1.04 bil...
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Govt committed to achieve 2011-12 fiscal targets:Pranab
Posted Date : 02-Jun-2011 , 11:59:40 am | Posted By CASANSAAR
Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre today said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved."Efforts to get the economy on the path of fiscal prudence are on track... The government...
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Sunil Mitra takes charge as Finance Secy; replaces Nath
Posted Date : 01-Jun-2011 , 08:19:09 am | Posted By CASANSAAR
Sunil Mitra has been appointed as the Finanace Secretary with effect from today, replacing Sushama Nath, who superannuated yesterday.Mitra, a 1975-batch IAS officer from the West Bengal cadre, retains the charge of Revenue Secretary as well, according to an official statement.Sumit Bose is the ne...
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Haryana attracts investment of Rs 1 lakh cr: Hooda
Posted Date : 28-May-2011 , 08:41:14 am | Posted By CASANSAAR
With its land acquisition policy acclaimed outside the state, Haryana has attracted investment commitments worth Rs 1 lakh crore, Chief Minister Bhupinder Singh Hooda said today.With just about 1.6 per cent geographical area of the country and 1.9 per cent of its population, Haryana has been able...
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Govt cautious in allowing FDI in LLPs: Experts
Posted Date : 24-May-2011 , 06:44:22 am | Posted By CASANSAAR
The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today.The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under th...
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Govt to soon finalise disinvestment roadmap, says DoD official
Posted Date : 23-May-2011 , 11:29:07 am | Posted By CASANSAAR
The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal.It will include sale of equity in blue chip companies like SAIL and ONGC."Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAI...
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