Economy
Tata AIG becomes Tata AIA life
Tata AIG life insurance has been rechistened as Tata AIA life Insurance company following the exit of amrican International group(AIG) from the Hong-kong based AIA Group.
RBI Lunches Online Facilities For G-Secs Trading
The Reserve Bank of India has taken one more step to widen investor participation in secondary market,Trading in government securities. The RBI has introduced a web based system for online trading by gilt account holders. This facility is operational from June 29.
ICIC Bank Sells Its Debt In Kingfisher to Srei Arm
ICIC Bank sold its entire debt of Rs. 430crore in the crisis -ridden Kinfisher to Srei venture capital Ltd,a group company of srei infrastructure Finance Ltd. Kingfisher airlines owned by liquor baron vijay Mallaya was launched in 2005 and has not reported profits since.The airlines has a total debt of a round Rs.7500crore.Banks which had given loans to kingfisher Airlines include SBI(Rs.1400 crore),PNB(around 700 crore), Bank of Baroda (around Rs.500Crore) and ICICI bank(around Rs.450 crore).
Government To Setup Rs.2000 Crore venture Fund For R&d in Pharma
The central Government has decided to setup with a venture capital of Rs.2000 Crore which will promote research and development(R&D) in the pharmaceutical sector. India is the third largest producer of pharma products by volume, and the industry in growing at 15-20 percent annually.
India Emerged as the 3rd Most Preferred FDI Destination: UNCTAD report 2012
According to the world investment report 2012 released by united nations conference on trade & development(UNCTAD) on 5 July 2012, India emerged as the third most preferred Foreign Direct Investment(FDI)destination in the world. The first position was occupied by china followed by US. The report noted that FDI inflows to had increased by 33%in 2011 to 31.66 billion.
china Cuts Interest Rates Again
china’s Central Bank cut interest rates for the second time in 2 months on 5 July 2012 in the latest attempt to bolster slowing growth in the world’s second largest economy.
Rs.4,575 Plan To Revive Five PSUs
Plans to nurse bock five public sector units (PSUs) at a total investment of Rs.4575 crore are under active consideration of the government which will also revive Lucknow based scooters India without inducting any strategic partner. Old time blue chip PSUs-HMT, HMT bearings,HMT watches, news print maker NEPA and Nagaland pulp and paper will be revived through the induction of funds by the government.
SEBI Permitted MCX Stock Exchange(MCX-SX) to Operate As A Full-Fledged Stock Exchange
Market regulator Securities and Exchange Board of India (SEBI) on 10 July 2012 permitted MCX stock exchange (MCX-SX) to operate as a full -fledged stock exchange there by ending nearly four-year-long wait of the bourse. with the grant of the permission MCX-SX will from here on be able to offer additional asset classes such as equity and equity FAO, internet rate futures and whole sale debt segments.
ADB Gives $800m To Build 9,000 km Of Rural Roads
This is first tranche of $1.2 billion programme covering 5 stets. A Loan of $800 million from the Asia Development Bank(ADB) will held build 9,00 km of rural road in five states. The investment is part of a larger $1.2 billion programme to connect villages in Assam, chattisgarh, Madhya Pradesh, Orissa & West Bengal with all -weather by the end of 2017.
Coal India To Invest Rs 7,500 cr On Rail Infrastructure In 3 states
Public sector miner coal India Ltd has lined up on Investment of Rs 7,500 crore to development railway tracks and related infrastructure to evacuate coal from chattisgarh, Jarkhand and Odisha . This would help the company to evacuate around 100 million tonnes(mt) of additional coal from each of states.
IMF Lowers India’s Growth Forecast
The International Monetary Fund on 16 July 2012 lowered India’s growth forecast for 2012 calendar year, citing weakening domestic demand and difficult external environment, and said the country faced financial stability concerns because of the depreciating rupee and large fiscal deficit. The fund expects India’s economy to expand only 6.1% in 2012 against its April estimate of 6.8%. Moreover, it does not see any meaningful recovery in 2013, pegging GDP growth at only 6.5%, down from 7.2% estimated earlier.
Planning Commission Sanctioned 57800 crore Rupees As Annual Plan For UP
Making an increase of whopping 23% annual financial allocation for UP, the planning commission of India allocated 57800 crore rupees to the state for fiscal year 2012-13. Besides, it also approved a 20,crore rupees additional funding for centre – sponsored schemes in the state. The planning commission had sanctioned 47000 crore rupees to up during financial year 2011-12 . The decision over the financial allocation for the state came following the meeting held between up chief minister Akhilesh yadav and planning commission chairman Montek Singh Ahluwalia in New Delhi on 18 July 2012.
Government Clears Dis Investment of 10.82 pc stake In SAIL
The government on 19 July 2012 approved the sale of 10.82 percent of its stake in steel authority of India (SAIL),Which may fetch the exchequer over Rs 4,000 crore. The cabinet committee on Economic affairs (CCEA), headed by PM Manmohan singh has cleared SAIL public offer. The government currently holds 85.82% stake in SAIL.
No need to file income tax returns if salary not exceeding Rs 5 lakh
Salaried employees earning up to Rs 5 lakh a year need nod file income tax returns from this year, the Finance Ministry said on 20 July 2012.The exemption from filing I-T returns is applicable only if “the total income of the employee does not exceed Rs 5 lakh … (and) the annual interest earned from savings bank account is less than Rs 10,000” for assessment year 2012-13.At present, income of Rs 2-5 lakh attracts 10 percent tax, Rs 5-10 lakh 20 percent and above Rs 10 lakh, 30 percent.
£13 trillion stashed in offshore tax havens
A new report by tax researchers estimates the amount of black money deposited by a ‘global super-rich elite’ in offshore accounts at £13 trillion – equivalent of the combined GDP of the US and Japan. The report by Tax Justice Network released to The Observer is said to be the ‘most detailed estimates yet of the size of the offshore economy’. In the report, Mr James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, shows that at least £13 trillion —perhaps up to £20 trillion — has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks.
No Service Tax on remittances from abroad
Setting at rest concerns expressed in various quarters, the Central Board of Excise and Customs (CBEC), on 10th July,, clarified that remittances from abroad would not attract service tax.
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