GOVT EXTENDS DUAL CITIZENSHIP TO NRIS: The government has decided to extend dual citizenship to all those Indians who migrated after January 26, 1950, as long as their home countries allowed it under the local laws.

DEMAT A/CS TO BE FREE FROM FEB 1ST: In a bid to reduce the transaction cost for small investors, Sebi has said that investor will not have to pay any account opening charges and charge for credit of securities to depositories from February 1 '05.

ESOPS ARE TAX-FREE, RULES ITAT: Companies can deduct the difference between stock option prices and the market prices from their taxable income.

SC QUASHES LUXURY TAX ON GUTKA, CIGARETTES: The Supreme Court gave a major relief to the tobacco industry when it ruled that states have no power to impose luxury tax on goods like gutka and cigarettes.

GLAXO TOLD TO PAY UP FOR ASTHMA DRUG 'OVERCHARGING': Drug price watchdog National Pharmaceutical Pricing Authority (NPPA) is tightening its grip on pharma majors that are 'overcharging' consumers.

INDIAN STUDENTS TO FACE US LICENCE RAJ: Indian scientists and students at US universities may soon need to obtain special licences to work on technologically-sensitive laboratory equipment, to which they have had routine access till now.

VAT TO BE IMPLEMENTED FROM APRIL 1ST: It's a big leap forward. One of the biggest changes in the country' tax system is the move towards value added tax. In simple terms, VAT is a sales tax levied on...

BUSINESS NEWS

LABOUR LAWS FOR TEXTILE INDUSTRY MAY BE EASED: Following the dismantling of the quota regime in textiles, the government is considering a proposal to allow garment exporters to employ contract labourers and simplify exit policy.

PFS CAN NOW INVEST IN STOCKS, MFS: The government has, for the first time, directed non-government provident funds (PFs) to invest in stocks.
MORE NEWS…

PM SCRAPS PRESS NOTE 18: The Union government has scrapped the contentious Press Note 18 pertaining to foreign financial or technical collaboration under the automatic approval route.

BHARTI BORROWS $354M TO RETIRE EARLIER DEBT: Telecom major Bharti has tied up $354m in international funding. While $254m was raised from Swedish export credit agency EKN, FinnFund of Finland has extended a $100m loan.

AVENTIS EXPLORES INDIA AS R&D HUB, TO INVEST $3M: Aventis pasteur, the vaccines business of Aventis, part of the Sanofi-Aventis Group, is exploring India as its next R&D powerhouse. The company has already initiated talks with...

NEW DEVELOPMENTS AND JOINT VENTURES

VIDEOCON BUYS ITALIAN UNIT: The Videocon group is making a strong pitch in Europe. In its biggest step overseas, the group has struck a deal with French technology major Thomson to acquire its picture tube plant in Italy.

UK'S SUCDEN GETS NOD TO ENTER WHOLESALE MARKET: Even as the government is keenly watching sugar prices, the Indian arm of UK-based multinational Sucden has been allowed to enter wholesale trading in sensitive commodities.

IDBI-BANK MERGER AT 1:1.42 SWAP RATIO: THE DIE was cast in July, the arithmetic is now in place. The shareholders of IDBI Bank will get 100 shares of IDBI for every 142 shares they hold.

MITTAL IN PACT WITH CHINA'S VALIN: Global steel sultan, Lakshmi Mittal is expanding his presence in 'steel-sucking' China.

VENTURE CAPTILISTS, DOUBLE INDIA INVESTMENTS TO $443M IN Q3: Money poured in during the just-concluded third quarter (Q3) of the current fiscal as big-ticket investments were made by venture capitalists and private equity firms in Indian companies.

SIFY'S NEW ADR OFFER GETS GREEN SIGNAL: DECKS have finally been cleared for Sify's sponsored ADR issue. After putting its offering on hold for RBI's approval, the FIPB has finally given it a green signal now.