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INDIA INTELLIGENCE REPORT
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Finance minister moping up tax RBI's
salutary moves: The Reserve
Bank of India is moving towards internationally accepted best
practices. It wants to ensure that undesirable elements are kept out
of the dynamic financial system. Tax
benefits help insurance companies: The
tax advantages are so glaring that the new insurance companies find
it easier to compete in the mutual fund market than in conventional
life insurance against the Life Insurance Corporation. The
steel conundrum: Steel
prices have doubled since early 2002, but so have the prices of
inputs. Tax
relief, results buoy up bourses:
The relaxation in turnover tax for certain classes of investors, and
the encouraging first quarter results of many corporates, had a
positive impact on bourses last week. Tata
Steel to finalise S.African project: The company will finalise
investment details for its ferrochrome project in South Africa after
September. The technology has already been chosen and negotiations
have begun for shortlisting equipment suppliers. Skoda
to make small car for Asians: Czech carmaker Skoda Auto has said
that it was looking at the possibility of developing a small
passenger car for the Asian market, including India. MTNL
to bid for 2 m GSM lines:
Mahanagar Telephone Nigam Ltd (MTNL) plans to float tenders for
equipment for two million GSM connections for next year, one million
each in Delhi and Mumbai, its circles of operation. Indo-US
meet on info security:
Exploring the possibility of joint US-India programmes to strengthen
information security and establishing global standards for secure
sourcing would top the agenda at the first India-US Information
Security Summit in New Delhi. Cut
your deal: It looks like
the backlash in the US against outsourcing has cut both ways. Along
with the hysteria of job losses, more companies abroad have become
conscious of the benefits of right-shoring. This may trigger good
times for Indian IT companies, as long as they play their cards
carefully. Dumping
probe on compressors from China, Malaysia:
The Designated Authority in the Commerce Ministry has initiated
anti-dumping investigation into imported compressors from China and
Malaysia.
'Sectoral
approach key to growth':
Credit Rating Investment Services of India Ltd (Crisil), is the
consultant to the Gujarat Government for preparing the `Vision 2020'
document. The document will serve as a blueprint for the state's
growth trajectory over the next 15 years. Bengal
keen to reform PSUs: West
Bengal chief minister Buddhadeb Bhattacharjee, has reiterated his
firm commitment to reforming the state PSU sector. West Bengal has a
total of 56 PSUs, mostly taken over from private
entrepreneurs. India
Inc welcomes Kelkar panel proposal:
Chambers of commerce and industry have welcomed the Kelkar Task
Force Report's recommendations on introducing the goods and services
tax (GST) as it would simplify the tax structure. However, there are
some concerns on the proposal to do away with tax exemptions. 'Patents
Act change can trigger IP violations':
Amendments to the Patents Act will require research and development
institutions and technology-driven companies to deal with frequent
instances of intellectual property violation. Brokers
will not face settlement problem:
The Securities and Exchange Board of India on Sunday said broking
firms holding clearing accounts with Global Trust Bank, which has
been placed under a three-month moratorium by the centre, will not
face any problem in settlement of trades. GTB
to be merged with OBC: The
Reserve Bank of India (RBI) today announced that Global Trust Bank (GTB)
would be amalgamated with Oriental Bank of Commerce (OBC). The
scheme of amalgamation would be put on the RBI website. There will
be no swap arrangement for GTB shareholders when the private sector
bank is amalgamated with OBC. Demat
a/c, lockers to work as usual:
Setting at rest ambiguities on the scope of the three-month
moratorium imposed on Global Trust Bank, the Reserve Bank of India
on Sunday said demat accounts and safe deposit lockers of customers
in the bank will operate as usual. IOC
to hike investment in R&D:
With the Union Budget 2004-05 exempting research and development
from the tax net, downstream major Indian Oil Corporation is
contemplating a hike in investment in the particular department. OBC
joins hands with M&M:
Oriental Bank of Commerce has entered into a tie-up with Mahindra
and Mahindra Ltd to leverage strengths of tractor industry leader
and to offer best value for money to farmers. Tax
policy in conflict with comfort signals to airlines:
Finance Minister P Chidambaram's summary rejection of any
case against service tax on the aviation industry is a clear
indicator of divergent views within the government. Remittances
from US on the rise:
India\92s remittances from the US have soared to $4.5 billion in
2003 and both countries need to establish a mechanism to increase
interaction of skilled workforce, Confederation of Indian Industry (CII)
has said. Sensex gains 33 pts:
Barring tech stocks, sustained buying is seen in almost all the old
economy counters. The Sensex, as a result, in early noon deals, has
firmed up further to 5,106 - up 33 points. India
pays more tax than other developing countries: Statistics show
that India is a better tax payer than others in the Third World. GTB
will merge with OBC: The Reserve Bank has said it will merge
Global Trust Bank, now under a moratorium, with Oriental Bank of
Commerce. |