|
INDIA
BUSINESS WORLD -
FEBRUARY 2004
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
OVERSTAYING
CAN COST FOREIGNERS AN 8-YEAR JAIL TERM:
Parliament has put its seal of approval on a bill which seeks
to extend imprisonment from two to eight years to foreigners
staying illegally in the country with Lok Sabha passing the
relevant provision...
GOVT
NOTIFIES FDI NORMS IN PETROLEUM: The Government on
Wednesday notified the liberalised foreign direct invetsment
norms in petroleum and publication of scientific journals....
FREE
REMITTANCES UPTO $25000 PER YEAR : The liberalised
remittance scheme, allows individuals to send up to $25,000
overseas a year...
DATE
OF INCOME, NOT INVESTMENT DETERMINING INCOME TAX RATE:
In a verdict that will have a bearing on the taxability of
dividends from investments made in India by foreign entities,
a Mumbai tax tribunal has held that the current provisions
of the Double Taxation Avoidance Agreement (DTAA) are applicable
even in case of investments made before the current treaty
came into effect......
FOREX
RESERVES TOUCH US $ 107.5 BILLION: India's foreign
exchange reserves grew further by $899 million to touch $107.5
billion for the week ended February 13...
IIM
FEES CUT TO RS 30,000 PER YEAR: The Human Resources
Development Ministry slashed IIM yearly fees by 80 per cent
to Rs 30,000, as against the current annual fee of Rs 1.5
lakh....
BUSINESS
NEWS
ERICSSON SIGNS
$400M NETWORK MAINTENANCE PACT WITH BHARTI: Bharti
has announced a $400m contract to Swedish telecom major Ericsson
to manage, maintain and provide quality assurance in its 10
existing and three new circles, as a part of which Ericsson
will take over 250 Bharti employees.
APOLLO
HOSPITALS SCOUTING FOR PARTNERS IN WEST ASIA & AFRICA
Apollo Hospitals Group is scouting for partnering with hospitals
in West Asia and Africa to leverage its brand equity in these
highly potential medical tourism markets....
INDIAN GOODS
TO GET DUTY SOPS IN CHINA: In a move that will boost
Indian exports across the Great Wall, the Chinese government
has granted duty concessions to Indian goods categorised under
217 tariff lines....
13
MORE FOREIGN INSTITUTIONAL INVESTORS SIGN UP WITH SEBI:
Though the domestic market has recently been showing signs
of weakness, India continues to remain an attractive destination
for foreign funds...
EXPORTERS
MAY HAVE TO PAY TAX ON DEPB LICENCE SALE: Exporters
may have to pay tax on the income arising out of the sale
of Duty Entitlement Pass Book (DEPB) licences this year....
INFOSYS,
TCS, WIPRO DENY MISUSE OF L-1 VISAS:Leading software
exporters like Wipro, Tata Consultancy Services and Infosys
Technologies who have been listed by a US labour organisation
of abusing L-1 visa, vehemently denied any instance of visa
violations.
AMARCHAND
& MANGALDAS WINS LAW FIRM OF THE YEAR AWARD: The
country's largest law firm Amarchand & Mangaldas &
Suresh A. Shroff & Co has won the Asia-Pacific Law Firm
of the Year Award for 2003-04.
USA
RETAIL MAJORS TO BUY MORE OF TEXTILES FROM INDIA:
A number of US retail chains and apparel companies are following
in the footsteps of the likes of Wal-Mart and Target and are
stepping up outsourcing of textiles from India...
RBI
HIKES LIMIT ON GIFTS TO RS. 5 LAKH:The Reserve Bank
has hiked the limit for export of goods by way of gift to
Rs. 5 Lakh per annum with immediate effect....
VRS
RECIPIENTS TO ENJOY MORE TAX RELIEF: A recent decision
in the case of an employee of a public sector bank will delight
those who are planning to opt for voluntary retirement schemes
(VRS), which are on offer by their employer companies...
NEW DEVELOPMENTS
AND JOINT VENTURES
ISOFT TO UP INDIA
HEADCOUNT BY 600: iSOFT Group, the UK-based IT firm
specialising in healthcare segment, plans to invest $100 million
over the next three years in its Indian operations.
SUN PHARMA HIKES US
ARM CARACO STAKE TO 60% FOR $42M: Sun Pharmaceutical
Industries has hiked its stake in its US subsidiary, Caraco
Pharmaceutical Laboratories to 60%...
DADA-DADI
BONDS TO RUN SIDE-BY-SIDE WITH VARISHTHA SCHEME; Finance
Minister Jaswant Singh has indicated that the proposed 'Dada-Dadi
bonds' for pensioners, scheduled to be launched in April,
will run side-by-side with LIC's Varishtha Pension Bima Yojana.
SET
INDIA TO UP FOREIGN STAKE TO 90%: The Japanese entertainment
major has asked for a government approval to increase the
total foreign equity holding in SET, India by over 20% to
approximately 90%.
|
