INDIA BUSINESS WORLD - FEBRUARY 2003
The Month that was
News & important developments from
the most prospective of the New World markets……. India.
Our effort is to provide you with the latest and relevant developments
that take place in the Indian business, economic and legal environment.
ECONOMIC & LEGAL NEWS
THE
INDIAN UNION BUDGET 2003 - 2004 : HIGHLIGHTS
- Standard deduction of upto 40% or 30,000
whichever is lower on salary
- 3 tier excise duty structure introduced
(duty on cars reduced to 24%)
- Service Tax raised to 8% from 5%
- 1% reduction in Public Provident Fund
- Long term capital gains removed
- 5% surcharge on Income Tax abolished on
income upto Rs. 8.5 lakh
- UTI - 1 exempted from dividend tax
- Introduction of VAT from 1st April 2003
- VRS upto Rs. 5 lakh exempted from tax
Bisleri,
Pepsi bottling units lose ISI mark: The government has cracked
down on individual units of several top bottled and mineral water
companies pulling out the ISI quality marking and issuing stern
warning letters…
SBI
may cut home loan rates for old clients: SBI is considering
a cut in home loan interest rates for customers who had borrowed
at higher rates in the past…
Moody's
raises forex rating: Moody's Investors Service India's foreign
currency rating by a notch due to improvement in the external liquidity
position…
India-run
Mauritian firms taxable: The Indian authorities have taken
a decision to tax companies incorporated in Mauritius if the company,
for all practical purposes, is effectively controlled from India…
Govt
plans to ease FDI norms for housing: The government has
proposed far reaching changes in its foreign investment policy for
housing and real estate development by allowing FDI (foreign direct
investment) in construction activity on any land above one acre…
More
News
BUSINESS NEWS
RBI
allows lenders to recast 'doubtful' loans:
The Reserve Bank of India (RBI) has allowed lenders to restructure
loans of even those borrowers whose loans were classified as doubtful
assets…
I-Flex
awarded $200-mn Citi deal: Banking major Citigroup has awarded
a $200-million contract to Mumbai-based software company i-Flex
Solutions…
Imation
to buy 30% of Moser Baer's CD-Rs: Moser Baer India Ltd (MBIL)
is expanding its presence in the US market with the acquisition
of a large order for its CD-Recordables (CD-R's) from Imation Corp…
Cognizant
to invest $35 mn in India : US software major Cognizant
Technology Solutions will invest $35 million in India to expand
its infrastructure and development centres…
NEW DEVELOPMENTS AND JOINT VENTURES
NIIT
acquires eGurucool : Indian IT education major NIIT said
it was acquiring the beleaguered e-learning portal eGurucool for
Rs 1 crore….
UP
clears pact for Taj Express way project: Utter Pradesh government
approved the agreement for construction of the prestigious Taj Express
Way project to be executed by Jai Prakash Industries…
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