ECONOMIC
& LEGAL NEWS
Income
tax clearance okay waived for Indian migrating abroad:
The Finance Ministry has scrapped the need for mandatory income
tax clearance for people leaving India, except in the case of
those specifically notified by I-T authorities…
India
has 3% of world oil reserves: India, which today imports
70% of its energy requirement, is projected to have the capability
of producing up to 3% of the world's oil and gas output with a
sedimentary basin region of around 5.37 per cent in the coming
few years…
Competition,
Companies bill get presidential assent: The Competition
Bill, 2002 and the Companies (Second) Amendment Bill, 2002, passed
during the winter session of Parliament, have received Presidential
assent and become Acts.
Higher
priority for nurses opting for non immigrant US visa :
A recent clarification by the US government may make it possible
for some nurses to opt for a non-immigrant H-1B visa. This clarification
is timely, given the acute shortage of qualified nurses in the
US.
Non
Resident Indian likely to get dual citizenship: The Prime
Minister A B Vajpayee announced the government's intention to
permit dual citizenship for the people of Indian origin living
in the UK, the US, Canada and Australia…
Govt
imposes anti-dumping duty on Chinese float glass: Government
has imposed provisional anti-dumping duty on float glass imports
from China and Singapore.
Indians
free to invest in overseas markets: The finance minister
Jaswant Singh announced major relaxations in capital controls
at the Pravasi Bharatiya Divas function in New Delhi…
India,
10 others win WTO appeal against US: The Appellate Body
of the WTO upheld a panel's finding that the US' continued Dumping
and Subsidy Offset Act of 2000 (more commonly known as the Byrd
Amendment) is inconsistent with certain provisions of the WTO
agreements…
Forex
up $ 22 billion: India's foreign exchange reserves Jumped
@ 22.25 billion last year to a new peak of $70.291 billion according
to RBI…
S&P
retains India's credit rating at junk: Standard &
Poor's has retained India's credit ratings at 'junk' grade on
account of "high public debt" and "serious fiscal
inflexibility," while maintaining a 'negative' outlook for
India…
Other
News…
BUSINESS
NEWS
Moody's
cuts RIL outlook from stable to negative: Global rating
agency Moody's Investors Service changed its outlook on Reliance
Industries (RIL) from stable to negative…
BPL
promoters' properties attached: The properties of the
BPL group promoters TPG Nambiar and his son Ajit Nambiar have
been attached through a conditional interim order passed by the
city civil judge, Bangalore…
Limit
on independent directors' salary may go: The department
of company affairs is set to relax the cap on remuneration paid
to independent directors to enable corporate India to attract
high quality professionals to join the board of companies…
Maruti
sets IPO floor at Rs 230: Maruti Udyog plans to split
its shares from a Rs 100 denomination into 10 shares of Rs 10
each before its IPO…
LIC
covers Infosys for Rs 1,300 cr: LIC has wrapped its two
protective hands firmly around the Bangalore-headquartered IT-major
Infosys Technologies Ltd by selling it a group insurance policy,
the biggest in corporate India in terms of sum assured…
PNB
gives Silverline 60 days to pay up: Punjab National Bank
has served 60-days notice under the Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Act to Silveline
Technologies…
Bombay
High Court holds: NRI dividends taxable only on remittance:
The Bombay High Court has held that dividend
paid from India to a non-resident is taxable only after the actual
remittance and not after the declaration of dividend.
Moody's
upgrades Tata Power, IOC: Credit rating agency Moody's
Investors Service has assigned senior implied issuer ratings of
"Ba1" to Tata Power and Indian Oil Corporation…
Moser
Baer India claims EC has dropped anti-dumping moves: Moser
Baer India, the world's third-largest optical compact disc maker,
said the European Commission had dropped plans to impose anti-dumping
duties on its recordable compact discs to be sold in Europe…
Automatic
okay to prepay $50m forex bonds likely: The finance ministry
is planning to allow prepayment of foreign currency convertible
bonds (FCCBs) up to $50m through the automatic route…
Other
News…
NEW
DEVELOPMENTS AND JOINT VENTURES
ICICI
bank offers lower home loan rates: The country's second
largest bank has cut its home loan interest rates by 0.5%. The
new rates will be effective January 17…
PAN
necessary for foreign travellers: Travel agents in Mumbai
have started collecting more information on passenger payments,
and their PAN numbers, following an Income Tax notification issued
in the city this week…
Gillette
sells its Geep unit to Thanawalla: Gillette India has
sold its Geep battery business to the Thanawalla group of companies…
TATA
chemicals, HLCL merger ratio set at 2.5:1: The boards
of Hind Lever Chemicals and Tata Chemicals on Friday approved
the merger of the two companies, which will come into effect from
April 1, '03…
Companies
can claim tax break on VRS before '00-0: Companies that
have spent huge amounts on voluntary retirement schemes (VRS)
are entitled to receive full exemptions on income-tax, the Income-tax
Appellate Tribunal (ITAT) has ruled…
Carlyle
group set to invest $125 mn in India: The Carlyle Group
plans to invest $125 million in India over the next 3-5 years…
FIPB
clears Infosys plan for sponsored ADR issue: Decks are
now clear for Infosys' sponsored ADR issue with government clearing
the proposal…
Cummins
to hike foreign holding in Newage electrical: Cummins
India, a subsidiary of the $5.6-bn Cummins of the US, is selling
equity shares to UK collaborator in Ahmedabad-based Newage Electrical
India…
Wipro
buys out HDFC's 8% in Spectramind: Wipro has increased
its stake in its BPO company, Spectramind Services, to 100% by
buying out HDFC's 8% stake for Rs 26.4 crore ($5.5m)…
Other
News…
