INDIA BUSINESS WORLD - 16th FEBRUARY - TO - 28th FEBRUARY - 2009
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
NEW FDI NORMS COME INTO EFFECT : THE department of industrial policy and promotion (DIPP) has formally issued its controversial new guidelines for calculation of foreign investment in Indian companies............More....
SIMPLER FDI NORMS RAISE BARRIERS, MANY KEY SECTORS TAKEN OFF AUTOMATIC ROUTE : THE more the government simplifies norms for foreign investment, the harder it gets for foreign capital to enter India. At least that is the case with the latest Press Notes (Nos. 2 and 3 of 2009) issued by the department of industrial policy & promotion.......More....
SUKH RAM GETS 3-YEAR JAIL IN DISPROPORTIONATE ASSETS CASE : Talking tough on political corruption, a city court has awarded three years of imprisonment to the former union minister Sukh Ram for amassing properties amounting to Rs 4.25 crore disproportionate to his know source of income between 1991 to 1996 when he was the minister of state for communications in PV Narsimha Rao led government........More....
SUPREME COURT : COURTS CAN'T IMPOSE IRRELEVANT CONDITIONS FOR WIFE'S MAINTENANCE : The Supreme Court has held that while granting anticipatory bail, courts cannot impose irrelevant conditions on the husband such as directing him to pay maintenance, along with arrears, to the wife........More....
CARRIAGE BY AIR BILL, 2008 AMENDED IN PARLIAMENT : The Carriage by Air (Amendment) Bill 2008 stands amended by the Parliament after it was passed by the Rajya Sabha. It now paves the way for India to accede to the Montreal Convention, 1999.......More....
AMENDMENT TO THE 'CIVIL DEFENCE ACT' 1968 : The Union Cabinet gave its approval for amendment of clause (a) of Section 2 of the Civil Defence Act, 1968 relating to definition of 'civil defence' so as to bring within its scope the 'Disaster' and 'Disaster Management' as defined in clauses (d) and (e) of section 2 of the Disaster Management Act, 2005......More....
OFFICIAL AMENDMENTS TO 'THE RIGHT OF CHILDREN TO FREE AND COMPULSORY EDUCATION BILL, 2008 : The Union Cabinet gave its approval to the proposal of Department of School Education & Literacy, Ministry of Human Resource Development regarding introduction of 'The Right of Children to Free and Compulsory Education Bill, 2008' in the Parliament......More....
Others..
BUSINESS NEWS
JET FUEL PRICES SLASHED 3.8% : STATE-RUN oil companies have slashed jet fuel prices by an average Rs 1,206 per kilolitre across cities, a company official said....More....
GOVERNMENT FINALIZES TAX LIABILITY FOR LIMITED LIABILITY PARTNERSHIPS :The stage is set for Indian entrepreneurs to enjoy the benefits of the most flexible way of organizing businesses with the government finalizing the tax code for limited liability partnerships.........More....
INDIAN IT GROWTH RATE SLUMPS TO 20% : INDIAN IT sector’s impressive compounded growth rate of 30% plus during the last three to four years had slumped to 20% due to global meltdown, according to Infosys co-chairman Nandan M Nilekani.........More....
SATYAM GETS NOD TO SELECT BUYER, RAISE CAPITAL BASE : PSATYAM Computer Services has won crucial approvals to increase its capital base and rope in strategic investors, setting the stage for what is likely to be a keenly-contested bid war critical to ensure the company’s survival......More....
CORPORATES CUT INTEREST RATES ON PUBLIC FIXED DEPOSITS : A COMBINATION of declining bank rates and improving credit lines is prompting many companies to reduce interest rates on public fixed deposit (FD) schemes floated some months ago, when money supply was tight.......More....
SBI OFFERS CAR LOANS AT 10% : AFTER causing a stir in the home loan market, the State Bank of India (SBI) has once again surprised competitors by slashing interest rates on loans for new cars. The country’s biggest bank has also reduced its lending rate against warehouse receipts for farmers........More....
FDI CAP IN MORTGAGE GUARANTEE COS AT 49% : THE government has asked the US-based mortgage insurance company Genworth Financial to divest 51% stake in its Indian arm to domestic partners, following the guidelines of the Reserve Bank of India to limit foreign direct investment in mortgage guarantee firms at 49%........More....
AFTER COKE, GSK EXITS SATYAM : SATYAM’S prized possessions, both clients and employees, are slowly slipping away. Coca-Cola and GlaxoSmithKline (GSK) are the latest to exit the company......More....
EMPLOYEES PROVIDENT FUND (EPF) INTEREST RATE FIXED AT 8.5% FOR 2008-09 : MORE than 4.4 crore subscribers of the Employees Provident Fund (EPF) will receive a payout of 8.5% interest rate for fiscal 2009, the third year in a row......More....
HDFC TO CHARGE BORROWERS 3% FOR SWITCHING BANK : MORTGAGE giant HDFC has made it expensive for home borrowers choosing to switch over to another bank......More....
NOD FOR 10 SEZS, 3 TO MERGE : The government has cleared a proposal to set up 10 new special economic zones (SEZs), which include those of infrastructure major Larsen & Toubro.......More....
SERVICE TAX, EXCISE DUTY SLASHED 2% : CHEAPER housing, TV sets, phone bills, visits to the beauty parlour. Such is the consumer bounty arising from the third fiscal stimulus package announced by the government in the form of Rs 30,000 crore worth of cuts in service tax, excise duty and countervailing duty on imports.......More....
Bounty Extended To Software Cos : C FM Pranab Mukherjee, who had refrained from tweaking the tax rates while tabling the interim budget, also made it clear that the 4% across-theboard cut in excise duty, which was announced as a part of the first stimulus package, will be valid beyond March 31, 2009.......More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
FORTIS SIGNS PACT WITH APOLLO MODI : HOSPITAL chain Fortis Healthcare has entered into a management contract with Apollo Modi Hospital, a 200-bed high-end hospital in Rajasthan, earlier run by rival firm Apollo Hospitals........More....
NALANDA INDIA CAPITAL BUYS INTO AZTECSOFT : NALANDA India Capital, a Singapore-based investment fund run by ex-Warburg Pincus India head Pulak Prasad, has acquired more than ten lakh shares in outsourced product development firm Aztecsoft from ICICI Prudential Life Insurance through a bulk deal.........More....
PUNJAB NATIONAL BANK (PNB) TIES UP WITH HYUNDAI : Punjab National Bank (PNB) has tied up with Hyundai Motor India to offer car loans to new buyers......More....
Others..
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