INDIA BUSINESS WORLD - MAY - JUNE 2007

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

INFLATION RATE DROPS BELOW FIVE PERCENT: Inflation has finally fallen below the 5% mark, closer to the Reserve Bank of India's (RBI) comfort zone of 4-4.5% for the medium... More...

GDP BEATS FORECAST WITH 9.4% GROWTH: The economy grew a whopping 9.4% in 2006-07, beating the advance estimate of 9.2% and pushing its absolute size to forty lakh crore rupees... More...

ARGENTINIAN COURT REJECTS CBI'S PLEA TO EXTRADITE QUATTROCCHI: An Argentinian court rejected the Central Bureau of Investigation's request to extradite Italian businessman Ottavio Quattrocchi... More...

SERVICE TAX ON RENT RECEIVED FROM PROPERTY LET OUT FOR COMMERCIAL USE: Service tax will be charged on renting of immovable property and this includes renting, letting, leasing, licensing or other similar arrangements... More...

PROFESSIONAL NEGLIGENCE INSURANCE FOR LAWYERS: There is good news for lawyers and companies that make big investment decisions based on their advice... More...

STATES FINALLY AGREE ON SINGLE STAMP DUTY RATE: Financial instruments like debentures and promissory notes will soon attract a uniform stamp duty across the country. At present, tax on financial contracts varies from... More...

NO SEZ LAND TRANSFER WITHOUT FARMERS' NOD: The Union commerce ministry told the Maharashtra government that no land acquisition for SEZs shall be completed till farmers... More...

NOW BROADCASTERS TO TAKE FIPB CLEARANCE FOR NEW FORAYS: Broadcasting sector companies working with a foreign partner may now have to take prior approval from Foreign Investment Promotion Board for undertaking any new activity... More...

INCOME TAX TIGHTENS TRUST NORMS: Charitable organisations will not be able claim incometax exemption retrospectively... More...

BHARAT SANCHAR NIGAM LIMITED (BSNL) SLASHES ISD RATES: Bharat Sanchar Nigam Ltd. (BSNL) has reduced call rates to the US, Canada and the Gulf to Rs 1.75 per minute and Rs 6.75 per minute... More...

Others..

BUSINESS NEWS

PERSONAL COMPUTER SECONDS MARKET IS BOOMING: Second hand computers (both, branded and assembled) cost a fraction of the cost of new ones making them affordable for a large segment... More...

EMPLOYERS NOW CAN ISSUE E-TDS FORM: The income tax department has allowed employers to provide digitally-signed statements of tax deducted at source to their employees... More...

IDEA SIGNS $500 M NETWORK EXPANSION DEAL WITH NOKIA: IDEA Cellular, India's sixth largest operator, has inked a $500 million network expansion contract with Nokia Siemens... More...

FEUDING BROTHERS LEAVE PATNI VULNERABLE TO SUITORS: Cracks have developed between the three Patni brothers, the founder promoters who together own close... More...

EXTERNAL COMMERCIAL BORROWINGS NORMS TIGHTENED: Hit by the sustained price rise in the economy, the government took steps to restrict the flow of foreign funds into the country by tightening norms... More...

Others..

NEW DEVELOPMENTS AND JOINT VENTURES

HDFC BUYS OUT CHUBB IN NON LIFE JOINT VENTURE : HDFC has bought out its US partner Chubb from its non life insurance joint venture... More...

UNITED BREWERIES FINALLY INKS THE $1.18 BILLION ACQUISITION OF WHYTE & MACKAY: Mallya's has acquired 100% in Glasgow based Scotch giant Whyte & Mackay, the world's fourth largest Scotch maker... More...

Others..