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Business & Economy
Govt will act tough with tax
evaders, says Chidambaram
What is India News Service,
Friday, 4 March 2005, 1400 hrs IST
The government will come down heavily on tax evaders
and take steps to prevent black money generation, Finance Minister P Chidambaram said on Thursday.
"I will come down heavily (on tax evaders)... We have taken a small step," he said referring to the tax on cash withdrawal.
"We have documentary evidence that huge cash transactions take place and they leave no trail at all. This is how black money is generated and circulated from hand to hand. We have taken a small step," he said in an interview to DD News.
Out of the 1.03 billion people in the country, Chidambaram said "102 crore people are not concerned with the tax on cash withdrawals of Rs 10,000 every day. Nobody is cribbing about Rs 10 but about the tax trails. I need to discourage huge cash transactions." Elaborating on the tax trail, he said Tax Information Network (TIN) is supposed to bring in all information together along with the annual information report, which specified authorities have to report.
"We will have information network where we can cross-verify transaction by individuals in different ways," Chidambaram explained.
Special Economic Zones at
Mohali, Amritsar soon: The Centre, on the recommendation of the Punjab Government, has finalised the setting up of two Special Economic Zones in the state for \93boosting exports, and the state\92s overall economy\94.
Big block deal in ONGC shares valued at Rs 745 cr:
A block deal of around 86 lakh shares of ONGC valued at around Rs 745 crore was struck on the BSE today.
UTI-I to get fund to wind up 3 schemes:
The government will provide Rs 1,200 crore to UTI-I in the next fiscal to enable closure of three assured return schemes. "The budget allocation is for meeting some shortfall UTI-I faces in fulfilling its obligation in the three remaining assured return schemes," S B Mathur, administrator of UTI-I, told from Mumbai.
Decision on MTNL-BSNL merger soon:
ICICI securities have submitted the initial report on synergising operations of two telecom PSUs - MTNL and BSNL, and the Department of Telecom (DOT).
Cash withdrawal tax may turn into nightmare for banks: The taxman's noose that is chasing customers who withdraw large sums of cash from their bank accounts, is sending shivers through another set of people who feel that they might eventually turn out to be major victims of the new tax.
Sensex zooms 98 points on FII buying:
Ignoring high global oil prices, the stock market indices, the BSE Sensex and the NSE Nifty, ended today at their new closing highs on strong foreign fund inflows on the back of the "growth and equity'' oriented budget.
Protest against excise levy on branded jewellery:
The imposition of 2 per cent excise levy will demotivate the jewellers from making fresh investments for improving purity, says trade.
Now, going to Canada gets easier!:
The Canadian govt has set up 9 visa application centres across India to simplify the visa application procedures.
RBI tightens provisioning norms for co-operative banks: The Reserve Bank of India has prescribed additional provisioning requirements for non-performing assets (NPAs) of state and district co-operative banks.
TRAI extends timeframe for quarterly report:
Telecom Regulatory Authority of India (TRAI) has issued Telecommunication (Broadcasting & Cable) Services Interconnection Regulations, 2004 after an intense review .The regulations have stated the time frame within which the basic service providers are to submit their quarterly performance report.
ONGC fuels Sensex to record heights:
The market barometer Sensex zoomed to 6793.24 points on Thursday, a level never seen before, on the back of public sector and banking stocks led by ONGC Ltd., as foreign investors pumped in more
money.
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Farm credit target: Easier set than met:
In the Budget speech, the Finance Minister, Mr P. Chidambaram, promised to increase farm credit disbursals by `another 30 per cent' in 2005-06, so as to `double the flow of agricultural credit in three years', starting from mid-2004.
Investors see
Mumbai, Bangalore, Delhi as good real estate picks: Mumbai, Bangalore and New Delhi have emerged as the top three choices for real estate investors in 2005, according to a survey conducted by Singapore-based Jones Lang LaSalle. The annual Investor Sentiment Survey - Asia also noted that investment interest in the region will continue to be robust this year with more confidence towards the retail and office property markets across the region.
Wall Street in love with Indian BPOs:
Wall Street research, part of the knowledge services biz, will be a 50,000-people strong market by 2010.
Hero Honda launches 125 cc
Splendor: Two-wheeler major Hero Honda Motors Ltd today launched a 125 cc bike.
LG targets Rs 1200 Cr sale during India-Pak series: With cricket fever setting in, LG Electronics has set a sales target of Rs 1200 crore during the Pakistan team's tour and signed Pakistan captain Inzamam-ul-Haq as its brand
ambassador.
Business papers
Business Standard
Economic Times
Business Line
Financial Express
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