Indian-American appointed to US n-trade committee
World Cup 2011: Rohit, Sreesanth omitted from squad
RBI tightens prudential norms for NBFCs; interest rate to go up
Describing US President Barack Obama's November trip to India as a full "embrace" of India as a great power and partner, US officials say the trip resulted in a great leap in their economic ties.
Don't have info on Swiss a/c then give affidavit: CIC to MEA
I-T dept busts Rs 150 crore 'ponzy scheme' in West Bengal
Indian Holocaust My Father`s Life and Time -FIVE HUNDRED SIXTY SIX
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Finance Ministry rejects 9.5% interest on PF pay out for FY11, Economic Times reports as Industry chamber CII today pitched for expeditious enactment of insurance Bill to hike the FDI in private insurance companies to 49 per cent, from the current 26 per cent, to raise the penetration level, particularly in the rural market. On the other hand,Describing US President Barack Obama's November trip to India as a full "embrace" of India as a great power and partner, US officials say the trip resulted in a great leap in their economic ties.
Meanwhile,UK wants India to open retail, raise FDI limit in defence!
Whereas India to sign free trade deals with Japan, Malaysia in Feb!
Pepsico launches six new Lay's flavours for the ICC World Cup!
Montek singh AHLUWALIA, Brahamin Pranab Mukherjee, Kamal Nath, the Latest auther of Post Modern Manusmriti Knowledge Economy and South Indian Brahamin nandan Nilekani have arranged Systematic Mass Destruction of aboriginal Indigenous Communities in FDI Raj, Free Market and EXCLUSIVE Sensex economy of Ethnic cleansing!
Fresh move to invest EPF money in stocks - Home - livemint.com
11 Oct 2010 ... Fresh move to invest EPF money in stocks, EPFO covers around 80 ... The weightage of the money going to the stock market may be small, ...
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Labour Min & FinMin lock horns on whether to invest EPF money in ...
27 Aug 2010 ... Favouring the stand of no investment in stock markets, ... has an option to invest in stock markets, is giving better returns than EPF. ...
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Govt guarantee for part PF corpus investment in stock market - 15 Oct 2010
EPFO mulling parking funds in star PSUs - 5 Sep 2010
EPFO plans to appoint new fund managers - 28 Jul 2010
EPFO mulling parking funds in star PSUs - 5 Sep 2010
EPFO plans to appoint new fund managers - 28 Jul 2010
Finance, Labour Ministries Lock Horns
26 Aug 2010 ... Favouring the stand of no investment in stock markets, ... has an option to invest in stock markets, is giving better returns than EPF. ...
www.businessworld.in › Home › Economy › India - Cached
www.businessworld.in › Home › Economy › India - Cached
Employees Provident Fund Investment in Stock Market – Sulekha News
Employees Provident Fund Investment in Stock Market News - The Central Board of ... of investing 5% of the Employees' Provident Fund monies in Stock Exchange.
newshopper.sulekha.com/employees-provident-fund-investment-in-stock- market_news_883497.htm - Cached - Similar
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Finance Ministry again asks labour ministry to invest part of EPF ...
24 Dec 2010 ... 2010: India saw gold rush despite robust stock markets ... investing a portion of the Rs 5 lakh crore EPF corpus in stocks would help the ...
economictimes.indiatimes.com/...invest...epf-in.../7153801.cms - Cached
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EPF investing in stocks creates wealth for members ~ Guide to CSE
12 Aug 2010 ... Some of the people who are shouting today about the EPF investing in the stock market, are the same people who were attempting to break up ...
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Finance, Labour Ministries Lock Horns over NPS and EPF | Central ...
29 Aug 2010 ... However, the Labour Ministry has forwarded the letter to EPFO to take a view on ... Favouring the stand of no investment in stock markets, ...
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18 Aug 2010 ... a strong possibility that the EPF investment options of ... Since of late, Sri Lanka's stock exchange has been hailed as one of the best ...
www.epf.lk/pdf/Press_20100818e.pdf
18 Aug 2010 ... a strong possibility that the EPF investment options of ... Since of late, Sri Lanka's stock exchange has been hailed as one of the best ...
www.epf.lk/pdf/Press_20100818e.pdf
No investments of EPFO money in stock markets: FIC - Finance news
26 Aug 2010 ... No investments of EPFO money in stock markets: FIC-Finance news- New Delhi: Despite the Finance Ministry's request to consider investments ...
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EPF Panel Rejects Plan To Invest Funds In Stocks
The Employees Provident Fund (EPF) Organisation has rejected the Finance ... could invest 15% of its funds in companies listed on Bombay Stock Exchange and ...
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| Vol. 29 | Jan 1st - 15th 2011 | No. 25 |
| Editorial | ||
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http://www.dalitvoice.org/
India's central bank needs to calibrate monetary policy in order to manage inflation and also support growth, Governor Duvvuri Subbarao said on Monday.
The Reserve Bank of India will hold its monthly policy review on January 25.
Aiming to tackle near double-digit inflation, the Reserve Bank today hiked key lending and borrowing rates, as also the mandatory cash reserves banks park with it, by 0.25 per cent. ( Watch )
But lenders said the move would not lead to any immediate increase in commercial and personal loan rates.
The rate hike by the Reserve Bank will gently tighten money supply and help moderate inflation -- which is hovering close to 10 per cent, Finance Minister Pranab Mukherjee said today. ( Watch )
He, however, also felt that inflation has peaked and would begin falling and be lower than the 5.5 per cent projected by RBI for this fiscal.
"These policies should have a gentle impact in tightening money in the economy and should dampen further inflationary pressures," he told reporters here.
The central bank today hiked key short-term lending and borrowing rates (repo and reverse repo) and CRR, the portion of money banks park with it, by 25 basis points each. These moves are aimed at tempering demand for loans and would, in turn, check consumer spending.
The hike is part of the steady exit from the easy money policy that the RBI unveiled in the wake of the global financial meltdown in 2008. RBI began rolling back monetary stimulus in January when it hiked CRR to 5.75 per cent and later in March, it hiked repo and reverse repo by 0.25 percentage points each.
"If nothing untoward happens on the weather front, my belief is that overall inflation has peaked and should be on downward trajectory from now on," Mukherjee said.
Wholesale prices-based inflation was 9.90 per cent in March and is largely fed by food inflation, which is around 17 per cent. Food prices are on a high due to supply side constraints.
"My own belief based on analysis done in my ministry is that inflation is now on downward trajectory and in 2010-11 will be less than 5.5 per cent and in fact closer to four per cent with an upward bias," Mukherjee said.
The measures complement well the policies of the Finance Ministry aimed at controlling inflation and promoting sustainable growth, he said.
The RBI projected the economy to grow 8 per cent this fiscal.
"The well balanced measures which involves raising the repo rate, reverse repo rate and CRR by 25 bps each reflect a mature and balanced view of the needs of our economy and I fully endorse the measures," Mukherjee said.
India has now bounced back with growth seemingly back on track and inflation, though high, on a clear downward trend, he said.
"Hence I believe that it is time to move back towards 'neutral' policy rates that is rates should prevail when an economy is stable and on track," he said.
The RBI increased repo and reverse repo, the rates at which it lends to and borrows short-term money from banks, by 25 basis points.
It also hiked CRR , the portion of money that commercial banks deposit with the central bank, by an identical percentage -- a move that would suck out Rs 12,500 crore from the system. The increase would come into effect on April 24.
Commenting on RBI's annual monetary policy for 2010-11, Finance Minister Pranab Mukherjee said, these measures "should have a gentle impact on tightening money in the economy and should dampen further inflationary pressure."
While the RBI sees inflation easing to 5.5 per cent by the end of the current fiscal from 9.9 per cent in March, Mukherjee asserted that it would be lower than RBI's estimate.
Top executives of banks, including Oriental Bank of India and IDBI Bank , said that the RBI move would not translate into any immediate hike in interest rates.
Industry chamber FICCI secretary general Amit Mitra said the RBI move would put pressure on interest rates, but lending rates would not go up immediately.
"...the 25 basis points hike in repo rate would certainly put pressure on interest rates. However, given the situation, we expect lending rate hike should not be imminent," Mitra said.
The hike in rates is happening for the second consecutive month. It had last month raised repo and reverse repo rates by 25 basis points, as part of roll-back of its easy money policy unveiled in the wake of the global financial crisis in 2008.
Hike in repo and reverse repo, the rates at which RBI lends and borrows from banks, to 5.25 and 3.75 per cent respectively, will raise the cost of fund for the lenders and would temper the demand for loans and, in turn, consumer spending.
Unveiling the policy, Reserve Bank Governor D Subbarao said, "RBI will continue to monitor macro economic conditions, particularly the price situation, closely and take further action as warranted."
The three major factors that could have a bearing on inflation are uncertain monsoon, volatile prices of crude in the international market and demand pressures.
As regards the growth prospects, Subbarao said, the economy is likely to grow by 8 per cent (with an upside bias).
RBI's growth projection, however, is lower than the Finance Ministry's estimate of 8.5 per cent for 2010-11.
The following are the revised policy rates and reserve ratios of the central bank:
Bank rate: 6 percent
Repurchase (repo) rate: 5.25
Reverse repurchase rate: 3.75
Cash reserve ratio: 6 percent
Statutory liquidity ratio: 25 percent
RBI tightens prudential norms for NBFCs; interest rate to go up
The Reserve Bank today tightened the prudential norms for non-banking financial companies to protect them from any impact of possible economic downturn, a development that may push up their lending rates
Under the new RBI norms, both deposit and non-deposit taking NBFCs will have to set aside 0.25 per cent of performing loans to meet any financial exigencies.
The RBI's decision is expected to push up lending rates by NBFCs as they will be required to keep additional funds as buffer even for those loans on which interest has been paid regularly by the borrowers.
According to experts, this could push interest rate by up to 25 basis points.
"In the interests of counter cyclicality and so as to ensure that NBFCs create a financial buffer to protect them from the effect of economic downturns, it has been decided to introduce provisioning for standard assets also", the central bank said in a statement.
Earlier, the NBFCs were required to set aside funds for doubtful and bad assets. These are those loans on which the interest has not been paid regularly by borrowers or defaults had been reported.
NBFCs, the notification said, "should make a general provision at 0.25 per cent of the outstanding standard assets".
Standard assets comprise those loans on which interest has been regularly by the borrowers and the possibility of default is remote.
The notification also said the provisions on standard assets should not be reckoned for arriving at net NPAs.
The provision towards standard assets need not be netted from gross advances but shall be shown separately as 'Contingent Provisions against Standard Assets' in the balance sheet, it added.
I-T dept busts Rs 150 crore 'ponzy scheme' in West Bengal
ASANSOL (WEST BENGAL): The Income Tax department here has busted a Rs 150 crore 'ponzy scheme' -- a fraudulent investment scheme that pays returns to investors through illegal funds -- which allegedly duped poor investors from villages and small cities of West Bengal, Orissa and other adjoining areas.
The department has seized cash, bank drafts and fixed deposits worth Rs 12.57 crore from the premises of the firm and has detected unaccounted income to the tune of Rs 150 crore-- the biggest ever tax disclosure in West Bengal in recent times through such dubious schemes also known as 'chit fund'.
A 'ponzi scheme' (popular local name) is an illegal investment scheme that pays returns to investors, not from the actual profit earned by the operators of the scheme but from illegal funds or money paid by subsequent investors thereby evading taxes and duping poor people, a senior I-T officer said.
The department is also taking the help of police to trace the numerous investment agents who canvassed for the illegal scheme in the villages and small cities.
"The 'ponzi' firm, run by three individuals based in Asansol, used to take huge deposits from public by promising unusually high returns. A large part of the money mobilised was siphoned off by the promoters. The money so collected was partly used to honour the deposits which mature and the balance was siphoned off as cash and investments, sources said.
The promoters had appointed agents who used to enroll poor villagers in West Bengal, Orissa and adjoining areas for these schemes, promising returns between 12-15 per cent. The illegal business kept running as the deposits kept increasing year after year and when the investors came to take the money on maturity, the individual was paid to keep the trust factor intact. Out of greed often people re-invested the matured sum in order to make more money, sources said.
The department conducted searches on the firm and has computed a tax liability of Rs 50 crore to be paid to the I-T before March 31 this year, they said.
The deposits mobilised by the company were not shown in the account books to evade taxes, they said.
The department seized Rs 5.67 crore cash, Rs 4.90 bank drafts and fixed deposits worth Rs 2 crore during its operations.
World Cup 2011: Rohit, Sreesanth omitted from squad
CHENNAI: Leg spinner Piyush Chawla was the surprise inclusion while young batsman Rohit Sharma and speedster S Sreesanth were today dropped from India's 15-member squad for the upcoming cricket World Cup to be held in the sub-continent from February 19.
Tamil Nadu spinner Ravichandran Ashwin, who is also a useful batsman, was also named in the squad announced by the BCCI secretary N Srinivasan after a meeting of the selection committee here.
There were just a couple of spots up for grabs in the team and the selectors opted to include Chawla and Ashwin ahead of Pragyan Ojha in the squad which has as many as three specialist spinners which came as a surprise.
India's major concern ahead of the team selection was the injuries to four key players - Sachin Tendulkar, Virender Sehwag, Gautam Gambhir and pacer Praveen Kumar - but the selectors decided to include them, expecting all four to be fit in time for the high-profile tournament.
Apart from inclusion of Chawla, who last played a ODI match in 2008, there were no major surprises in the squad to be captained by Mahendra Singh Dhoni and Virender Sehwag as his deputy.
The national selectors, who met for one and half hours to finalise the team here, picked three specialist spinners considering that the high profile-event will be held in India, Sri Lanka and Bangladesh.
"This is the best possible winning combination we have picked up which will win us the World Cup. We (selectors) engaged in thorough discussion at the meeting here before finalising the squad.
"Taking into account all the conditions like wickets, the opposition we will be playing, the selectors have chosen a very well balanced team," said chief selector Krishnamachari Srikkanth told reporters after the meeting.
The chief selector said the reason behind picking up three specialist spinners were the turning wickets in India.
"Don't forget that you are playing in India. The spinners probably play a very major role on the turning wickets. I am confident that the kind of balance we have, the kind of batting line-up we have, this cricket team led by M S Dhoni and others will do the job for us", he said.
"This particular Indian team is doing brilliantly for the last couple of years in both Test and ODI cricket. They are playing consistently not only in India but outside. We are confident this team will do well and win the world cup for us in front of the home crowd," he added.
Srikkanth said there is going to be a lot of pressure on players given the mega-event is taking place in the sub-continent.
"There is lot of pressure playing in India and the sub-continent. There is going to be tremendous amount of pressure on players and selectors. This team will repeat the 1983 feat again and win us the World Cup," Srikkanth said.
Trade unions are up in arms against the reported refusal of the Finance Ministry to approve and notify 9.5 per cent interest rate on PF deposits for 2010-11, decided by the EPFO trustees in September last.
"We won't let it happen. It is anti-labour. This is workers' money and the trustees of the money decided it in accordance with the law," Secretary Hind Mazoor Sabha, A D Nagpal told PTI when asked about the Finance Ministry's stand on paying better returns to over 4.71 crore subscribers of EPFO.
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Finance Secretary Ashok Chawla reportedly wrote to the Labour Ministry opposing payment of 9.5 per cent interest rate on PF deposits.
When contacted, Labour Ministry sources said that they would soon be sending a reply to the letter after consulting the Employees Provident Fund Organisation (EPFO).
The Central Board of Trustees (CBT), highest policy- making body of the EPFO, which is headed by Labour Minister Mallikarjun Kharge had raised the interest rate on PF deposits for 2010-11 to 9.5 per rate from 8.5 per cent in September, after it found a surplus of over Rs 1,700 crore.
The EPFO had been paying an interest rate of 8.5 per cent since 2005-06.
Nagpal, who is also a member of the CBT, and instrumental in finding out the surplus amount, said, "Finance Ministry has to see that there is no overdrawal from the Interest Suspense Account. This money belongs to workers and has to be given to them."
The Finance Ministry, he further said, "should not drag its feet as it is workers' money".
Expressing similar views, Secretary of the All India Trade Union Congress (AITUC) D L Sachdev said, "Their (Finance Ministry's) stand is unreasonable. This is surplus money detected after verification of Interest Suspense Account over several years."
"This money belongs to workers and CBT in its wisdom decided to give it to workers by raising rate of return from 8.5 to 9.5 per cent for 2010-11," he added.
He further said that "by this decision the Finance Ministry is trying to pressurise Ministry of Labour and Employment and CBT to agree for investing a portion of EPFO's large corpus of Rs 3 lakh crore in stock market".
The CBT had several times in the past rejected the Finance Ministry's proposal of parking EPFO funds in stock markets.
Finance Ministry, under its new investment pattern issued in August 2008, had asked the EPFO to invest up to 15 per cent of its funds in equities.
Don't have info on Swiss a/c then give affidavit: CIC to MEA
The CIC has directed the External Affairs Ministry to submit an affidavit that it does not have any information about the Indians who have stashed their black money in Swiss banks or about investigations in such matters.
The Central Information Commission's order comes barely days after the Supreme Court questioned the government for keeping under wraps the names of individuals who have stashed blackmoney in foreign banks.
"The Commission directs the CPIO, MEA to submit his affidavit affirming on oath on a non-judicial stamp paper the fact that neither any list of the account holders nor any other information about such investigation, information whereof has been sought by the applicant is available on record," Information Commissioner Annapurna Dixit said.
The direction to submit the affidavit within three days came after the MEA denied having any records pertaining to the accounts held by Indians in Swiss Banks for depositing their blackmoney and said that no such information has ever been provided by the European country.
The case relates to an RTI application filed by one Promod Chawla who sought to know from the Cabinet Secretariat if Swiss and German governments passed any information about accounts held by Indian nationals in their banks, the details of such accounts and steps taken by the government to investigate such accounts.
The application was forwarded, under the provisions of the transparency law, to the MEA to provide a suitable reply.
The Ministry said no such information is available with it and that Finance Ministry is renegotiating the Double Taxation Avoidance Agreement (DTAA) with Switzerland.
Chawla then filed an appeal with the Central Information Commission saying he was not satisfied with the reply provided by the MEA.
Information Commissioner Dixit directed the MEA officials to again search the records and provide information to the applicant.
During the hearing, MEA again reiterated that no records pertaing to information about blackmoney deposited in foreign banks could be traced by it.
After going through the arguments of both sides, Dixit pointed out that according to MEA there is no record of any list of Indians holding secret accounts in Swiss Banks or elsewhere, provided by Government of Switzerland or by any other country to MEA, as also no record of any such information having been submitted by Indian Ambassadors.
She directed the official to submit a copy of a duly sworn and attested affidavit with the Commission and RTI applicant before January 20.
Indian-American appointed to US n-trade committee
WASHINGTON: An Indian-American nuclear industry expert, Vijay Sazawal , has been appointed to the Civil Nuclear Trade Advisory Committee (CINTAC) to advise the US commerce department on trade issues facing the industry.
Srinagar-born Sazawal, 64, who has over 35 years of professional experience in the nuclear industry covering the entire fuel cycle, will serve on the committee for two years.
In a letter appointing Sazawal to CINTAC, US Commerce Secretary Gary Locke said the Committee "will advise me on trade issues facing the US civil nuclear industry for use by me and other Department of Commerce officials in our roles as members of the Civil Nuclear Trade Working Group of the Trade Promotion Coordinating Committee".
"CINTAC will provide consensus advice on the development and administration of programmes and policies to expand US civil nuclear exports and strengthen the competitiveness of the industry," Locke noted.
Sazawal is currently director of the government programmes at USEC Inc , a leading supplier of enriched uranium fuel for commercial nuclear power plants worldwide.
At USEC, which he joined in 2002, Sazawal provides corporate programme oversight and coordination of various projects funded or supported by the US government.
He is a member of the management team involved in the American Centrifuge Project, the leading initiative by USEC to build state-of-the-art centrifuge nuclear enrichment plants based on American technology.
Prior to joining USEC, Sazawal worked at COGEMA Inc , now Areva NC, for seven years as vice president of engineering and technology.
Sazawal came to the US in 1970, joined Westinghouse Electric Corporation in the Advanced Reactors Division as part of the design and technology team working on the Clinch River Breeder Reactor Project in 1975 after completing his doctoral degree in structural mechanics from the Michigan Technological University.
Sazawal graduated from the Tyndale Biscoe Memorial High School and the Amar Singh College and holds a bachelor's degree in mechanical engineering from the Banaras Hindu University and a master's in technology in materials engineering from the College of Technology in Bhopal.
He is a member of the Sigma Xi, the American Academy of Mechanics, the American Society of Mechanical Engineers and the American Nuclear Society.
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Britain wants India to open up retail sector and further liberalise defence and financial services to promote economic growth and deal with the food security problem.
The issues are likely to come up for discussion during the visit of UK's Secretary of State for Business, Innovation and Skills Vince Cable who is arriving in India on January 17 on a three-day visit along with a 50-member business delegation.
India has finalised free trade agreements (FTA) with Japan and Malaysia and will sign the deals in February, the country's minister for commerce and industry, Anand Sharma , said on Friday.
In a bid to cash in on the Cricket World Cup, global soft drink and snacks major PepsiCo today unveiled six new flavours of its Lay's potato chips, inspired by the top teams participating in the tournament.
"We are the global snacks partner with the ICC World Cup in 2011. That's why we are building on this relationship. As a global snacks partner, we are leveraging the association to give consumer experiences and build our brand image," Pepsico Foods India Marketing Director Vidur Vyas told reporters.
The six new flavours are named after India, Sri Lanka, West Indies, Australia, England and South Africa.
These snacks will also be available in the other two host countries -- Sri Lanka and Bangladesh -- as well.
India, Sri Lanka and Bangladesh are the co-hosts of the tournament, which is being held from February 19 to April 2.
Vyas said the flavours might remain in the market after the tournament, depending on consumers' response.
The company has also kicked off its World Cup advertising campaign, featuring Bollywood actor Saif Ali Khan and Indian captain Mahendra Singh Dhoni .
However, Vyas, declined to comment on the kind of investment or the marketing spend Pepsico has earmarked for the campaign.
Sharma, talking to reporters at a conference in Singapore, said he expected the FTAs will boost trading volumes between India and its partners.
"Much more will come when we sign the final agreements, which will give a further boost (on trade), and also the agreements between India and ASEAN on services which will be completed very soon," Sharma told a press briefing.
ASEAN is the Association of Southeast Asian Nation , which comprises Indonesia, Malaysia, Singapore, Philippines, Thailand, Brunei Darussalam, Vietnam, Laos, Myanmar and Cambodia.
The FTA deal between India and Malaysia is expected to almost double trade by 2015, while the deal with Japan could boost bilateral commerce tenfold between the two Asian powers.
The deals would allow these countries to reduce dependence on traditional growth engines such as China and the United States.
Trade between India and Japan in 2009 was 940 billion yen ($11 billion), about 4 per cent of Japan's trade with China, Japanese government figures show, and the FTA will eliminate tariffs on 94 per cent of bilateral trade flows in 10 years.
Malaysia is India's 19th largest trade partner, with exports and imports totalling about $8 billion in 2009-2010, while India is Malaysia's 12th largest trading partner.
The United Arab Emirates is India's biggest trade partner, followed by China and the United States.
"We want to talk to the government about opening up areas of retail, defence where this debate is going on... Defence Minister yesterday made announcements about the private sector's involvement in the defence sector," British High Commissioner to India Richard Stagg told reporters.
At present, the government allows 51 per cent FDI in single brand retail and 100 per cent in the cash-and-carry (wholesale) formats, while FDI in multi-brand retail is prohibited. In defence and insurance sectors, 26 per cent FDI is permitted.
The UK has strong expertise in areas like retail, infrastructure, energy, financial services and defence.
The visit is aimed at further identifying opportunities for British and Indian companies to work together to realise ambitious goals of economic growth in areas like infrastructure development, Stagg said.
Besides, Cable would chair the meeting of the US-India Joint Economic and Trade Committee (Jetco) with Commerce and Industry Minister Anand Sharma.
It was set up in 2005 to tackle trade and investment barriers on both sides and promote business links. The 6th Jetco meeting was held on 4 February last year in London.
Cable would also attend the launch of British India Infrastructure Group which would be co-chaired by Permanent Secretary of the Department for Business, Innovation and Skills Martin Donnelly and Finance Secretary Ashok Chawla.
"There are enormous opportunities available in India's infrastructure sector. British companies have expertise in the sector and can help in the infrastructure development of the country," Stagg said.
The government has planned to invest USD 1 trillion in the infrastructure sector during the XII Five-Year Plan (2012-2017).
Besides, Cable would hold meetings with Road and Transport Minister Kamal Nath and Minister for Corporate Affairs and Minority Affairs Salman Khurshid.
"Cable will also look at corporate governance which is very important particularly at a moment when we move towards more global standardisation... We see more opportunities for both countries to work more closely together in this regard," Stagg said.
During 2009-10, India-UK bilateral trade stood at USD 10.6 billion.
17 JAN, 2011, 11.42AM IST, VIKAS DHOOT,ET BUREAU
Finance Ministry rejects 9.5% interest on PF pay out for FY11
NEW DELHI: The finance ministry has rejected the 9.5% interest pay out proposed on provident fund savings for 2010-11 saying the 'surplus funds' found by the PF department from its past accounts were 'unverifiable.'
Labour Minister Mallikarjun Kharge had recommended raising the employees' provident fund (EPF) rate to 9.5% in September 2010 after the PF department's accounts revealed a surplus from the past.
In a tersely worded communiqué to Labour Secretary Prabhat Chaturvedi, Finance Secretary Ashok Chawla has termed the calculations used to arrive at the PF rate as 'incorrect.'
Chawla's letter, written with the express approval of Finance Minister Pranab Mukherjee, also asked the labour ministry to get the Employees' Provident Fund Organisation (EPFO) to first update and settle all pending accounts of its 5 crore members.
The EPF rate has been at 8.5% since 2005-06 and the rate would have stayed the same in 2010-11 as per its earnings. But a review exercise of EPFO's Interest Suspense Account, where EPF's annual income is parked till it is distributed to members, revealed a surplus of about 2,000 crore.
While the EPFO board cleared the 9.5% PF rate on this basis, the finance ministry had commissioned a special audit of the accounts in question by the Comptroller and Auditor General of India (CAG).
The CAG found that the surplus amount cited in the suspense account can not be verified till all accounts are updated by the EPFO. The CAG usually audits EPFO's accounts at the end of a financial year. Chawla has cited the CAG's findings while communicating the finance ministry's refusal to notify the PF rate.
EPF interest is manually credited to workers' accounts. On 31 March 2010, the suspense account had a balance of 27,000 crore - which means EPFO's dated systems had not credited that much interest due to its 5 crore members' accounts. More than 11 crore account statements were pending on April 1, 2009.
The PF department has admitted that the huge balance in the suspense account would 'ideally' vanish if all past years' annual accounts were updated. PF officials also explained their surplus calculations to the finance ministry in at least two separate meetings. But their defence did not cut much ice.
"The problem is that the PF department classifies worker accounts that haven't been credited interest due to them as pending for the 'current year' and pending for the past," a senior government official told ET.
If some accounts have past interest credits pending, it is not possible to ascertain for how many years they have not been updated. Till the amounts in the suspense account can be broken down to verify how many members' account credits are pending for how long, a 'surplus' can't be claimed from the same funds.
The labour ministry is likely to request the finance ministry to reconsider its decision. It is expected to point out that as per the rules, the EPF rate is announced at the beginning of a financial year and is always based on estimated inflows and incomes.
The finance ministry has already notified a tax-free PF rate of 8.5% for 2010-11, effective from September 1. Historically, the tax-free PF rate notified by the income tax department has never been lower than the EPF rate for the year.
http://economictimes.indiatimes.com/news/economy/policy/finance-ministry-rejects-95-interest-on-pf-pay-out-for-fy11/articleshow/7301185.cms
Insurance penetration in rural and social sectors is marked by high risk and hence require more dynamic and efficient risk management systems, Confederation of Indian Industry (CII) said in a statement.
"...Hence there is a strong need to raise FDI Cap in Insurance sector from the current 26 per cent to 49 per cent," CII said in its comments on the Insurance Laws (Amendment) Bill, 2008.
The Insurance Bill, when enacted, would allow raising the FDI cap for the industry to 49 per cent. However, it has been awaiting approval since 2008 as it was delayed by strong opposition from the Left parties.
The insurance sector already has joint ventures with several foreign companies like ERGO International AG , Prudential Plc, ING Group , Allianz and Aviva .
These companies would be able to increase their investments in their Indian joint ventures if the FDI limit is increased.
"Greater foreign investments would help in training and skills upgradation of the agents. Raising the FDI cap will enable expertise (skills) and know-how transfer that are generally not available under the current regime," CII said.
The industry chamber said currently there is a shortage of expertise in the Indian insurance industry (like actuarial, underwriting, claims management).
Further, CII has suggested that non-executive directors of a Corporate Agent be permitted to be the Director of Life Insurance Company .
"This would help regularise many cases where the promoter companies of the insurance companies have their own corporate agency like banks and finance companies," it said.
t "...was an extraordinary trip, to India, where we fully embraced India's rise as a great power and a great partner for the United States," Obama's National Security Advisor Tom Donilon told reporters Friday ahead of next week's state visit of Chinese President Hu Jintao.
The US engagement with both India and China was part of Obama administration's Asia policy "to get great power relationships right, with positive, cooperative and comprehensive relationships, as we are seeking with China, with great powers."
One piece of the US effort in Asia "is to engage rising countries in Asia, and that was on display I think in our work on the India-Indonesia trip. We really have deepened these relationships," Donilonn said.
Making a distinction between Hu's Washington visit and Obama's New Delhi trip, he said: "The visit to India was the first visit by an American President to India since 2006, since March of 2006."
"There was an effort there where we were really trying to make really kind of a step function increase in the quality of the relationship and had a different set-it just had a different strategic dynamic to it.
"Also, the-three days there in India, again, trying to build out each of the aspects of the relationship. It was a different project," Donilonn said.
"Obviously, the commercial and economic relationship between those two countries is obviously fundamentally different," Press Secretary Robert Gibbs added.
"And the investment that we saw in American companies represented a fairly decent-size leap in the type of economic relationship that we've had with the Indians in trying to put that on a bigger playing field in terms of its citizens."
Meanwhile, in a follow up to the Obama visit, 24 US businesses including Boeing , Lockheed Martin , GE Hitachi , Westinghouse are embarking on a mission to India to pitch their high tech ware from civil-nuclear to defence and civil aviation.
Leading the Feb 6-11 business development mission to India will be US Commerce Secretary Gary Locke who accompanied Obama to India in November.
More than $10 billion in business deals between US companies and Indian private sector and government entities, supporting 50,000 American jobs were signed during the Obama visit.
Besides the aviation and nuclear power majors, other businesses joining the trade mission are based in 13 states across the country and more than half of them are small- and medium-sized companies, the US commerce department announced Friday.
The delegation, which also includes senior officials from the Export-Import Bank (EX-IM) and the Trade Development Agency (TDA), will make stops in New Delhi, Mumbai and Bangalore.
During the trip Locke will highlight export opportunities for US businesses in the advanced industrial sectors, of civil-nuclear trade, defence and security, civil aviation, and information and communication technologies.
Crackdown unleashed on EPFO, FCI
Rajni Shaleen ChopraTags : Employees Provident Fund Organisation,EPFO delays, pension problems, consumer forum,compensation, Food Corporation of IndiaPosted: Mon Jan 17 2011, 01:52 hrsChandigarh:Upholds consumer forum order to give compensation ranging from Rs 50,000 to Rs 75,000 to five complainants
A delay of two to three years, or even more, creates pension problems for retired employees and unfortunately, this is a common problem in the country. The Chandigarh Consumer Disputes Redressal Commission has taken a stern note of this, and in five recent judgments, imposed heavy penalties on the Food Corporation of India (FCI) and the Employees Provident Fund Organisation (EPFO).
Commission President Justice Pritam Pal and members Neena Sandhu and Jagroop Singh Mahal have ordered compensation ranging from Rs 50,000 to Rs 75,000 for the complainants, along with litigation costs of Rs 5,500.
Incidentally, all five complainants had retired as senior executives of FCI . Vijay Kumar Kapoor, a resident of Sector 3, Panchkula; Charanjit Singh Sandhu of Phase 11, Mohali, Om Parkash Chugh of Sector 18-C, Chandigarh, S C Gaba of Sector 42-D, Chandigarh, and Vinod Kumar of Sector 32-D, Chandigarh, retired between 2006 and 2009.
http://www.indianexpress.com/news/crackdown-unleashed-on-epfo-fci/738263/10 JAN, 2011, 03.23AM IST, PRIYA KAPOOR,ET BUREAU
Get Rs 10 lakh gratuity for not hopping jobs
Are you ruing your decision not to change jobs while your peers jumped more than two or three times to land fatter salaries? Don't worry, because patience is not only a virtue but can also be very rewarding in financial terms. If you have completed at least five years of service, you are eligible for a fat lump-sum payment in the form of gratuity when you are finally bidding farewell to a company. Your former colleagues, who changed every two or three years for lucrative new offers, will not be eligible for the same benefit.Gratuity is one of the oldest employee-retention tool in the basket of HR managers. It used to be one of the three major retiral benefits along with Employees' Provident Fund and pension. The objective was to make it lucrative for an employee to stay in the company in the long term and reap benefits. But unlike the retention bonuses that companies now offer to select employees, gratuity used to be for all employees in a company.
However, gratuity has lost favour over the years because job-hopping has become a norm. "The average employee now changes jobs every 2-4 years," says Kris Lakshmikant, CEO and managing director of Bangalore-based HR firm Head Hunters India.
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Besides, patience is in short supply in this era of instant gratification. "Youngsters today are more concerned with cash in hand than what comes to them after 10-20 years. They do not think of long-term benefits and give no significance to benefits such as gratuity," says Lakshmikant.
This can be a costly judgement error. Even with a small hike in your basic salary, your gratuity corpus can assume gigantic proportions over the long term. If someone starts his career at a basic salary of Rs 30,000 and gets a nominal 10% increment every year, his gratuity at the end of 20 years will be Rs 14.1 lakh (see graphic). However, the Payment of Gratuity Act , 1972, places a cap of Rs 10 lakh on the amount that a company has to pay as gratuity, although a company is free to give more if it wants to.
What's more, the tax exemption limit for gratuity has now been raised to Rs 10 lakh (see box), which makes this long-term benefit even more attractive. "You should consider the fact that a lump sum of up to Rs 10 lakh you get is tax-free while the raise in your next salary would be taxable. So when you decide to change jobs and there are only a few months left for entitlement of the gratuity, buy some more time from the new employer so that you are able to avail this benefit," says Veer Sardesai, a Pune-based certified financial planner.
Governed by the Payment of Gratuity Act, 1972, gratuity is a defined benefit plan. It is mandatory for companies with more than 10 employees on their payrolls to give gratuity to an employee on resignation, retirement and termination of service.
However, an employee is eligible for this benefit only on completion of five years of continuous service with the company. Say, you leave after working for three years and rejoin after sometime and work for another two years, you are not entitled to this benefit.
http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/get-rs-10-lakh-gratuity-for-not-hopping-jobs/articleshow/7240875.cms
Ambanis' Gujarat plans mean Maharashtra unsafe for investment: Bal Thackeray
MUMBAI: Shiv Sena chief Bal Thackeray has said recent announcements by the Ambani brothers about making 'huge investments' in Gujarat gave the message that Mumbai and Maharashtra were not good for industrial investment.
"Mukesh Ambani built a house costing over Rs 4,000 crore in Mumbai but made investments in Gujarat....There is the house in Mumbai to get peaceful sleep. A huge investment is made in Gujarat because there is industrial peace (in that state)," Thackeray said in an editorial in party mouthpiece 'Saamana'.
At the recent Vibrant Gujarat Global Investors Summit, Mukesh Ambani announced that his Reliance Industries will make forays into the cement sector by setting up a project in Kutch district of Gujarat while Anil Ambani said his Group will invest Rs 50,000 crore in Gujarat in the next 5-7 years.
"What investments have the Ambani brothers made in Maharashtra? If they have not done so, it should be seen why they didn't invest in this state," he said.
Thackeray lauded Gujarat Chief Minister Narendra Modi, saying he had the 'political will' to snatch an industrial project to his state.
Vibrant Gujarat 2011: Career Point to invest Rs 300 crore on education sector in Gujarat
MUMBAI: Career Point Info Systems today said it has signed a Memorandum of Understanding (MoU) with Gujarat Government to invest Rs 300 crore in the formal education space in the state.
The Kota-based company will set up educational institutions in higher education, vocational training and skill development segment. The company inked the MoU on the second day of Vibrant Gujarat 2011 summit at Gandhinagar, a statement released here said.
"We are proposing an investment of Rs 300 crore in Gujarat over a period of four years. We expect to start the first institution imparting skill development courses by 2012 subjected to getting timely approval from various regulatory authorities," Career Point Managing Director and Chief Executive Officer Pramod Maheshwari said.
Vibrant Gujarat 2011: Tata Housing to invest Rs 1,000 cr in Ahmedabad township
MUMBAI: Tata Housing today signed an agreement with the Gujarat government to investment Rs 1,000 crore for developing a township in Ahmedabad on a public-private partnership (PPP) model.
The agreement was signed on the second day of the Vibrant Gujarat Summit at Gandhinagar , Tata Housing Managing Director and Chief Executive Brotin Banerjee said.
"The proposed project, which would be a township and may involve one or multiple projects, needs many clearances from the state administration and we hope to get them in the next two months. The project, to be developed on PPP model, would in the affordable housing segment," he said.
On the project completion and the type of the housing, he said, it will take at least three-four years for completion and it would be in the affordable (Rs 10-20 lakh, 2-3 BHK units) range.
On the increasing focus of the Tata Group in Gujarat, he said the state offers one of the best investment climates in the country today. Moreover, the state administration is very proactive when it comes to private sector investment.
"In fact, we have been looking at entering Gujarat for some time now, but one way or other, it never materialised. The Vibrant Gujarat summit just enabled it."
The USD 73-billion Tata Group, the country's largest industrial house that straddles from salt to software, has already pumped in Rs 30,000 crore in Gujarat. The recent high profile investment was by Tata Motors at Sanand near Ahmedabad to roll out the world's cheapest car, the Nano.
At the summit yesterday, Tata Motors had signed a pact with the state for rural transportation.
Vibrant Gujarat 2011: L&T commits Rs 15,000 cr investment on infra projects
AHMEDABAD: Engineering and construction major Larsen & Toubro on Wednesday said it will invest Rs 15,000 crore in Gujarat on infrastructure projects in the state.
"This year we have signed an MoU to invest Rs 15,000 crore in Gujarat in infrastructure projects," Larsen & Toubro chairman and managing director AM Naik said in Ahmedabad at the 5th Global Summit of Vibrant Gujarat.
He, however, did not specify the details of the projects and the timeline of the investment .
"The company has been investing in the state and our commitments will grow by the day," Naik added.
L&T, which set up operations in Gujarat in 1979, currently has nine factories operational in the state.
It also has a shipbuilding facility at Hazira, which is geared up to take up construction of niche vessels like specialised Heavy lift Cargo Vessels, CNG carriers, Chemical tankers, defense and para military vessels and other role specific vessels.
17 JAN, 2011, 06.57PM IST,REUTERS
Is a solar trade war about to flare?
EBERSWALDE , GERMANY: Germany's fifth-biggest solar power park emerges as a smudge on the horizon long before you reach it on the outskirts of the small, sleepy village of Eberswalde, an hour's drive north of Berlin. "In the far distance, you can see it," Peter Kobbe says, pointing through heavy December snowfall as he steers his Citroen van along an icy road.Kobbe, 64, works at Finow airport, where a local investment firm built the 58 million euro ($77 million) solar park in 2009. Finow itself was built by the Nazis before World War Two and later became one of the Soviet Union's main Cold War hubs. Now the small aircraft that still use the airport share it with about 90,000 solar modules -- which together generate enough to power 6,400 households a year.
"This is where they (the Soviets) used to store their nuclear weapons," says Kobbe, who runs a small museum documenting the airport's history, guiding his van over the snow-covered landing strip.
Now there's a different foreign presence in Finow. When the first solar modules arrived for installation they came not from a local manufacturer -- German solar company Conergy runs a factory just 45 minutes away in Frankfurt an der Oder, for instance -- but from China's Suntech Power Holdings , now the world's largest maker of photovoltaic (PV) solar modules. "We were quite surprised when the trucks brought Chinese modules, and not German ones," Kobbe says. "But they were probably cheaper." Solarhybrid, which spearheaded construction of the park, says reductions in Germany's renewable subsidies meant it had to use Suntech modules to stay competitive.
Germany has long been the global solar industry's engine. Europe's biggest economy consumed more than half the solar panels produced around the world in 2010. Solar accounts for just two per cent of Germany's power production, but the country added a record 8,000 megawatts (MW) of solar modules last year -- equal to the capacity of eight nuclear reactors -- far outpacing Italy, Japan and the United States.
So why are China's solar companies benefiting at the expense of renewable energy manufacturers in Europe and the United States? Virtually non-existent a decade ago, Chinese solar companies now control two thirds of solar cell production in the $39 billion global PV market. Critics say this is mostly because the generous subsidies they receive at home give them an advantage over other countries' manufacturers and restrictions keep foreign companies from competing for China's domestic projects. European and U.S. subsidies are designed to boost solar usage no matter who builds the hardware. Chinese subsidies, western firms complain, help Chinese solar manufacturers alone.
Resentment in western capitals is building. Beijing is currently considering plans to spend up to $1.5 trillion over five years to back strategic industries, including alternative energy, a source with ties to the leadership and direct knowledge of the proposal told Reuters in December.
The Obama administration, prompted by a complaint by the United Steelworkers union in September, is now considering taking a case against China to the World Trade Organization (WTO) regarding Beijing's support of its solar companies. Last month, the U.S. government complained to the WTO that China illegally helped its wind power manufacturers. The issue of trade will be under discussion when Chinese President Hu Jintao visits Washington. Could a green trade war be brewing?
"I think we're always afraid of a trade war so we don't act. The Chinese are never afraid of a trade war so they do act. And that's why they're beating us in too many cases on clean energy and other industrial concerns," said U.S. Senator Sherrod Brown , a Democrat whose home state of Ohio is a hub of solar panel production for companies such as First Solar Inc , which still ranks as the world's top solar maker by market value and is one of the largest producers.
"For 10 years we've always stepped back because we're afraid, we don't want to upset anybody. Every other country practices trade according to its national interest. We practice trade according to an economic text book that is 10 years out of print."
So far, Berlin's response has been more restrained, relying on European Union discussions with China to overcome the trade disputes. But "if such talks remain unsuccessful, the launch of a WTO dispute settlement can be considered," Jochen Homann, deputy German Economy Minister, said in a statement to a member of the German parliament who then passed it on to Reuters.
SUPPORTING THE SUN
Every solar company in the world relies on some form of subsidy to build or sell its products. That's because solar electricity is still about eight times more expensive than power generated by coal-fired plants. The global solar industry only really began to take off when, about a decade ago, governments introduced subsidies for clean energy systems in an effort to trim their carbon dioxide output and reduce dependence on fossil fuels.
Germany's supports are generous -- an estimated 7.3 billion euros this year -- and have been so successful that Berlin started reducing payments for new solar plants last year, bringing forward by more than a year a decrease it already planned. The support comes indirectly, through so-called feed-in tariffs. Berlin doesn't pay solar panel makers directly, but forces larger utilities to pay the generators of solar power, including homeowners, more for each watt that comes from the sun. In the end, the cost for solar power -- currently about 28.74 euro cents per kilowatt hour (KWh), which is down about 27 per cent since the beginning of 2010 -- is borne by all consumers. Because the subsidy goes to the person or company generating power, the issue of where the equipment is made is ignored.
The United States, too, subsidizes its solar industry. Last month Washington extended for a year a popular cash grant program that pays 30 per cent of the development costs to build power plants that use solar modules. Crucially, that help is available to anyone building a solar power plant, irrespective of where the panels come from. U.S. companies also earn manufacturing tax credits for production facilities, and states and cities often waive taxes to lure manufacturers to set up operations.
6 JAN, 2011, 07.20AM IST,ET BUREAU
PF PRIMER: How to close a depository account
You need a depository or demat account if you want to buy or sell shares. When you buy shares, a stock broker transfers the shares to your depository account. And when you sell them, your shares are transferred to the broker's account. Investors keep shares in the electronic form in two depositories: the Central Depository Services Limited ( CDSL )) or National Depository Services Limited ( NSDL).Depositories receive shares from depository participants who could be brokers like Religare, Geojit BNP Paribas ,India Infoline or banks like HDFC Bank , ICICI Bank and so on. Many a times we open multiple depository account, without realising that there are annual maintenance charges levied for every account that we hold. So here is how you could close or transfer your demat account.
The Process:
If you have no shares lying in your depository account (because you sold them off) or if you are unhappy with the services of your depository participant you can consider closing your account. However, to close your depository account first and foremost there should be no shares lying in it. If there are shares lying in the account, you need to transfer them to some other account or remat them (get them back in physical form). Besides this, you also need to ensure there is no negative cash balance in your account. Negative cash balances may arise due to non-payment of annual maintenance charges or past transfer charges not paid up. If you request for an account closure without settling the negative balance, the depository can reject your application.
To transfer your depository account to another depository of your choice you need to submit an application in the prescribed format , along with annexure Q to your depository participant. The details of the new depository account have to be mentioned in the application form. Along with that you also have to submit all the unused delivery instruction slips issued by the depository participant. Once this request is received the depository will transfer all the shares to the new depository account within 3-5 working days.
If your current depository account is in the name of Mr A and Mrs B and if the new account is also in the same order i.e. Mr A and Mrs B, then there are no charges which will be levied by the depository for the transfer. However if the new account order is not the same but in a different order say Mr A and Mr C, then the depository participant could levy a charge for transferring each stock to that account, based on the rate that he charges.
http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/pf-primer-how-to-close-a-depository-account/articleshow/7226885.cms
Nearly half of H1B visa holders from India: US report
WASHINGTON: Nearly half of H-1B work visa holders in the US were from India, who were mostly hired for technology-related positions, according to an official report.
The Government Accountability Office (GAO) said that between 2000 and 2009, 46.9 per cent of the total approved H-1B visa holders had India as their country of birth.
"Between fiscal year 2000 and fiscal year 2009, the majority of approved H-1B workers (initial and extensions for both employers subject to the cap and cap-exempt employers) were born in Asia," said the report titled 'H-1B Visa Programme: Reforms are needed to minimise the risks and costs of current programme'.
"Over the last decade, the top four countries of birth for approved H-1B workers were India, China, Canada and the Philippines. Across all 10 years, about 64 per cent of approved H-1B workers were born in these four countries, with the largest group from India," it added.
Although information on the total H-1B workforce is lacking, data on approved petitions show that, since 2000, most people that were approved to be H-1B workers were born in China or India, were hired for technology positions and increasingly held advanced degrees, it said.
"Using publicly available data on H-1B-hiring employers we learnt that at least 10 of the top 85 H-1B-hiring employers in fiscal year 2009 participate in staffing arrangements, of which at least 6 have headquarters or operations located in India," the report said.
"Together, in fiscal year 2009, these 10 employers garnered nearly 11,456 approvals, or about 6 per cent of all H-1B approvals. Further, 3 of these employers were among the top 5 H-1B-hiring companies, receiving 8,431 approvals among them," it said.
The H1B cap for 2011 quota is 65,000 for general category.
To ensure that the H-1B programme continues to meet the needs of businesses in a global economy while maintaining a balance of protections for US workers, the report recommends that the Congress may wish to consider reviewing the merits and shortcomings of key programme provisions and making appropriate changes as needed.
Such a review may include, but would not necessarily be limited to the qualifications required for workers eligible under the H-1B programme; exemptions from the cap; the appropriateness of H-1B hiring by staffing companies; the level of the cap; and the role the programme should play in the US immigration system in relationship to permanent residency.
The 34 H-1B employers GAO interviewed reported that the cap has created some additional costs, though the cap's impact depended on the size and maturity of the company. For example, in years when visas were denied by the cap, most large firms reported finding other, sometimes more costly, ways to hire their preferred job candidates.
On the other hand, small firms were more likely to fill their positions with different candidates, which they said resulted in delays and sometimes economic losses, particularly for companies in rapidly changing technology fields.
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http://economictimes.indiatimes.com/news/news-by-industry/services/travel/visa-power/nearly-half-of-h1b-visa-holders-from-india-us-report/articleshow/7290694.cms
Govt expects over Rs 300 crore in taxes from IPL-4
Government is expected to collect more than Rs 300 crore in taxes from the fourth edition of the Indian Premier League T20 cricket tournament which will begin in April this year.
According to sources, the taxes would be obtained as Tax Deducted at Source (TDS) from the remuneration paid to players, umpires, coaches, commentators among others under the I-T category while advertising, marketing and consultancy services will be taxed under the service tax bracket.
As per an estimate calculated by the Revenue department, the IPL will fetch about Rs 150 crore each under the direct (income tax) and indirect (service tax) categories.
The T20 tournament is being played from April 8 to May 22 in various Indian cities with foreign and domestic players being paid large amounts of money. Almost 60 matches would be played in the fourth edition of the tournament.
The latest edition is coming at a time when the earlier versions of the T20 tournament are being probed by agencies like I-T department and Enforcement Directorate for "taxation aspects of transactions relating to the IPL" including the flow of money from offshore destinations into the tournament.
The government had received Rs 91 crore as taxes under the TDS category from the IPL's first edition, while the second edition which was hosted in South Africa had fetched the department "few crores" as income tax.
The third edition brought about Rs 400 crore under TDS category for the government.
The Revenue department expects a rise in taxes this year following a last year I-T department order which had termed the BCCI a commercial organisation and not a charitable one and also a notification in 2008 had brought sports-persons under the professionals category.
The Board of Control for Cricket in India (BCCI) has filed an appeal against the I-T order.
Under the service tax category, advertising, marketing and consultancy services are taxed, the official said.
The Central Board of Direct Taxes (CBDT) notification in 2008 had expanded the scope of 'professionals' under the Income Tax Act, 1961 which included sports-persons, umpires, referees, coaches, trainers, team physicians and physiotherapists, event managers, commentators, anchors and sports columnists.
The notification categorised their services as 'professional services.' Such services are taxed in accordance with Section 194J of the I-T Act.
13 JAN, 2011, 04.13AM IST, SRUTHIJITH KK,ET BUREAU
Parliamentary Standing Committee on Finance irked by BCCI role in IPL-II
NEW DELHI: Tempers flared at a meeting of the Parliamentary Standing Committee on Finance investigating financial impropriety in the conduct of the Indian Premier League (IPL). Top cricket board officials pleaded ignorance of wrongdoings and blamed former IPL chairman Lalit Modi .According to a person with knowledge of the developments, top board officials came under heavy fire from the committee that refused to accept that officials of the Board of Control for Cricket in India apart from Modi were unaware of how the tournament was conducted and of the decisions taken.
"How could they be unaware when Srinivasan was signing the cheques," the person, who spoke on condition of anonymity, said, referring to BCCI president-elect N Srinivasan, who was the board's treasurer at the time.
Srinivasan, owner of the IPL team Chennai Super Kings, has been under a cloud recently due to heightened attention on the multiple roles he plays at India's richest sports body and the potential conflict of interest that arise from these.
BCCI president Shashank Manohar, secretary N Srinivasan, administrative officer Ratnakar Shetty and IPL CEO Sundar Raman were among those who attended the standing committee hearing.
The committee is headed by former finance minister Yashwant Sinha and has members from across the political spectrum. Sinha could not be reached for comment.
The committee has definitive evidence of violations of foreign exchange laws committed during the second IPL season held in South Africa, the person said.
The IPL in South Africa was conducted using an SA cricket board bank account in that country. The surplus after the tournament was transferred to BCCI bank accounts in India, in a serious violation of the Foreign Exchange Management Act, the person said.
When BCCI officials pleaded that they were unaware that this constituted a violation, members of the committee were vocal in their objection to this defence, arguing how could a board with chartered accountants, lawyers and executives of large companies be unaware of the laws of the land.
BCCI officials were also grilled on the broadcast deal involving Multi Screen Media (formerly Sony) and World Sport Group and the controversial facilitation fee. Tempers ran high when board officials plead ignorance of multi-million dollar deals, the person said.
"They kept saying it was all done by Modi and they were unaware of everything, when all the decisions were endorsed by the governing council and the executive council of the BCCI," the person said.
BCCI president Manohar declined to comment, saying the standing committee chairman had requested confidentiality of proceedings. Srinivasan could not be reached for comment. BCCI officials have been given time to respond in writing to a number of issues. As the next IPL season nears, the complex legacy left behind by Modi continues to dog India's cricket administrators.
15 JAN, 2011, 12.47AM IST,ET BUREAU
RBI cracks the whip on fund diversion by companies
CHENNAI | MUMBAI: The Reserve Bank of India has said some corporate clients of banks have diverted loans meant for business purposes, and has provided a six-step approach to prevent such diversion.A "review revealed that the expected level of due diligence had not been exercised in some cases facilitating diversion of funds by the borrowers", the central bank said in a letter to bank chief executives. "The shortcomings, amongst others, included crediting of term loan disbursements to the current/cash credit accounts of borrowers and utilisation thereof for day-to-day operations."
The central bank did not highlight specific instances of diversion, or the total amount of funds diverted.
"This (the move) has come in the light of many things that have happened in the markets and the regulator has stressed this factor," said Lakshmi Vilas Bank Managing Director & CEO PR Somasundaram. "Monitoring end-use of funds is an inbuilt and routine process for our bank. But now we will be more cautious and might bring in another layer to monitor the whole process."
Although the BI did not explicitly state why the circular has been issued now, many believe the series of corruption episodes, including the Citibank fraud, might have forced it to let banks know that it is watching. Many officials, including executives of LIC Housing Finance and Bank of India, were arrested last year in the bribes-for-loans scandal. Also, there were preliminary enquiries into loans given to some real estate companies, a sector the central bank has flagged as 'sensitive'.
"RBI might have smelt that funds have been diverted into stocks or real estate and that's why it is asking banks to monitor end-use of funds. We lend to SMEs and other projects and keep tabs on how the funds are being used at branch levels," Karur Vysya Bank Chairman and CEO PT Kuppuswamy said.
The six steps banks should follow are: meaningful scrutiny of the periodical progress reports; regular visits to assisted units and inspection of securities charged; periodical scrutiny of accounts; introduction of stock audits; initiation of prompt action if warranted, including withdrawal loans; and examination of all aspects of diversion of funds during internal audit.
Over-reliance on auditors should be avoided if the banking system has to grow in strength, RBI said.
"Inflation is sky-high and the Citibank issue is another dimension. That's why RBI is stressing on this issue now," said AK Jagannathan, MD & CEO of Tuticorin-based Tamilnad Mercantile Bank.
Some banks not monitoring use of loans: RBI
Even as India has been cited as an example of prudential banking norms, the Reserve Bank today said some lenders are not monitoring effectively use of loans by borrowers, which is facilitating diversion of funds.
This came to light when the Reserve Bank, as a part of ongoing supervision, undertook an assessment of the practices in vogue at certain banks for ensuring the use of funds.
"The review revealed that the expected level of due diligence had not been exercised in some cases, facilitating diversion of funds by borrowers," RBI said in a communication to Chairmen and Chief Executive Officers of banks.
The central bank found that the shortcomings, among others, included crediting of term loan disbursements to the current or cash credit accounts of borrowers and utilisation thereof for day-to-day operations.
Some banks exclusively rely on Chartered Accountants' certification both in regard to infusion of promoters' contribution and deployment of banks' funds, it found.
"In the context of the above, it is advised that the efficacy of the existing machinery in your bank for post- sanction supervision and follow-up of advances may please be evaluated and made robust, wherever considered necessary," it said.
RBI asked the lenders for periodical scrutiny of the books of accounts of the borrowers and introduction of stock audits depending upon the extent of exposure, besides other measures.
Effective monitoring of the use of funds lent is of critical importance in safeguarding a bank's interests, RBI said.
"Further, this would also act as a deterrent for borrowers to misuse the credit facilities sanctioned, and in the process, help build a healthy credit culture in the Indian banking system," it added.
Diversion of funds, say for day-to-day purposes, may lead to default in some cases and add to bad debts of banks, experts say.
Net non-performing assets (NPAs) of banks rose to 1.12 per cent of total loans during 2009-10 from 1.05 per cent a year ago.
India has often been cited as having prudent banking norms which enabled it to significantly decouple itself from global financial crisis.
14 JAN, 2011, 11.23AM IST, SIDHARTHA,TNNBudget likely to be low on reforms, high on spending
NEW DELHI: Until the last weekend, when officials in the revenue department went for the annual pre-Budget quarantine, they were yet to get a sense of what finance minister Pranab Mukherjee wanted as the broad theme for the 2011-12 budget.After all, major direct tax changes have been put on the backburner following the introduction of the Direct Taxes Code Bill in Parliament and there is little political headway on rolling out Goods & Services Tax.
Given the political stalemate over the setting up of a joint parliamentary committee to probe the 2G spectrum allocation scam, officials say, Mukherjee is likely to steer clear of any controversial reform moves such as opening up the closely policed retail sector to greater foreign participation . What is, however, clear is that the government is gearing up to announce major spending for schemes that appeal to the aam aadmi. Significant allocation for implementing the Right to Eduction and the proposed Food Security Act are expected even though these schemes are yet to be given final shape.
Based on back-of-the-envelope calculations , the National Advisory Council's recommendations on providing guaranteed foodgrain supply will push up the food subsidy bill to over Rs 92,000 crore from the existing Rs 56,700 crore. According to the calculations of the Prime Minister's Economic Advisory Council , in the first phase the cost would be Rs 85,000 crore.
Similarly, the provision for funding the Right to Education is expected to result in a significant outgo.
In fact, on direct taxes, as reported by ToI over a month ago, the revenue department has already made it clear that it would not entertain any proposals from the industry that are not urgent. In case of GST, where political uncertainty has further delayed a consensus on the issue, the finance ministry could spell out a roadmap of sorts, officials said.
Another area where the government is likely to earmark additional funds is to boost the farm production and agriculture infrastructure as the government wants to be seen as dealing with food management that has emerged as major headache for the last three-four years.
With managing inflation being the key thrust, oil subsidy is set to increase. It is, however, unclear if it will be in the form of tax foregone -- through a cut in duties -- or additional support to oil companies for selling subsidised auto fuel.
Budget may give fiscal sops for agri food supply chain infra
Faced with repeated bouts of food inflation, the Finance Ministry is likely to give fiscal sops in the forthcoming Budget, to investment in all segments of the cold storage chain for fruit and other agri products.
As directed by the Prime Minister's Office , the Department of Industrial Policy and Promotion along with the Department of Food and Public Distribution, Ministry of Food Processing , have begun work on preparing the proposals for consideration of the Finance Ministry, sources said.
"Investment will be encouraged in supply chains, including provisions for cold storages, which will be dovetailed with organised retail chains for quicker and more efficient distribution of farm products and minimising wastage," the PMO had said yesterday.
While foreign direct investment is not allowed in the multi-brand retail, the organised retail stores promoted by the domestic industrial houses have been steadily growing.
However, the missing link has been the back-end supply chain from the farm gate to the consumer.
The proposals under consideration of the government include 100 per cent depreciation on all investments in physical cold storage assets by the private sector in agriculture and the entire agri-value chain and tax holiday in respect of the profits for 5- 10 years.
As big investment is required in building the supply chain, the industry has been seeking fiscal sops for promoting the organised retail which accounts for less than per cent of the total domestic retail estimated at about USD 450 billion.
It wants tax sops across different segments of the back-end infrastructure.
"Cold chain infrastructure is not confined to cold storages , but extends to temperature handling across the value chain from farms to consumers," FICCI Secretary General Amit Mitra said.
The cold chain includes farm level pre-coolers, small capacity chill cold storage refrigerated trucks, food processing plants, refrigerated display cabinets for retail shops and deep freezers.
The measures announced by the PMO to fight food inflation included support to augment storage capacity of cereals and modernising godowns and other infrastructure.
It is for the second time within a year that prices of edible items have shot up. The food inflation,fuelled by high prices of vegetables, milk, meat and eggs, has climbed up, close to 17 per cent at the wholesale level.
The UPA coalition government has come under a severe attack from the Opposition parties for not being able to rein in food prices.
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Editorial Be bold at the topExpectations play a role in how inflation actually shapes up, whichever school of economic thought you belong to or reject. IndiGo flies high IndiGo's $15.6 billion purchase involving A-320 aircraft is hugely significant for Indian aviation. Getting brainy in North Korea News is one of the last remaining genuinely secretive states in the world has produced the much sought-after elixir of life. | |||
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http://economictimes.indiatimes.com/Opinion/opinionshome/897228639.cms
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By Sanjaya Baru, 17/01/2011
Mamata: Wedded to her own future, not the railway's
Only one-way bets are being taken in Kolkata. Mamata Banerjee will be the next chief minister of West Bengal! All sceptics are welcome to bury their heads in sand.For a state that has not experienced serious "anti-incumbency" for a generation, the results of the 2011 state legislative assembly elections will feel like a revolution. And, as in all revolutions, dealing with the aftermath is going to be more challenging for the victor than the vanquished. Ms Banerjee must start preparing now.
No one, but no one, any longer questions the inevitability of the exit of the Left Front government in West Bengal. Recent violence in the state is a sign of things to come. Neither the victor, Ms Banerjee's Trinamool Congress, nor the vanquished, the Communist Party of India (Marxist), is going to react calmly to the change of regime. Expect more bloodshed in Bengal.
While Ms Banerjee should not take her victory for granted, and there is still doubt among political analysts in the state whether her party will secure outright majority or will have to depend for support on the Congress party, she must devote time to planning what she wants to do with her victory.
Bengal is in a shambles. The state's economy has not recovered from the Nandigram and Singur controversies. An old business elite continues to lord over the few business opportunities available in the state. Few of India's more dynamic new business groups have as yet pitched tent in the state. Those who have, maintain only a token presence. Bengal desperately needs an industrial renaissance. Can Ms Banerjee deliver?
Her track record as a Union minister for railways does not as yet offer a convincing answer either way. She has worked hard to modernise the Indian Railways, and has lent her ear to the wise counsel of several competent advisors both within the railways administration and outside, like the secretary-general of the Federation of Indian Chambers of Commerce and Industries (Ficci), Amit Mitra, but her commitment to the future of the railways has been weaker than to her own.
To some extent, this is understandable. Her ministry was the most important weapon in her political armoury in the battle she has waged in her home state. She has used the Indian Railways, and will try to do so again in the forthcoming railway budget, to improve her political prospects.
Hopefully, Ms Banerjee will resist this temptation, given that her victory in Kolkata is at hand, and will leave behind a stronger national railway system.
India has been busy celebrating marginal improvements in railway finances and services in the past six years at a time when China has emerged as a railways power of the world. As railways analyst Raghu Dayal wrote in these columns ( BS ,June 21, 2010), till 1990 the railway systems of China and India were more or less on par. In the past two decades, China has entered an altogether different league, both in terms of scale and the quality of projects it has been able to deliver.
Despite her best intentions, and much early promise, Ms Banerjee has not been able to reverse the tide of populism and short-termism that has long gripped the Indian Railways. On the eve of her departure from Delhi and the beginning of a new innings in Bengal, there is much Ms Banerjee can do for the future of the Indian Railways that can inspire greater confidence in her ability to alter the future of Bengal.
Indeed, Ms Banerjee must quickly articulate a "Vision 2020" for West Bengal because well into her term as chief minister, she can only ride on the promise of a better future rather than the possibility of an improved present.
The energy and imagination she has spent in seeking to unseat the deeply entrenched Left Front in Bengal will be nothing compared to what she would need to restore growth and momentum to Bengal, and that too in the face of likely civil unrest stirred both by her own restive supporters and sullen CPM cadres.
Make no mistake, the change of government in West Bengal is not going to be smooth. This is not going to be just about one set of ministers replacing another. This will be nothing short of a regime change. An entire generation of CPM leaders and cadres has grown up not knowing defeat and loss of power and patronage, unlike in Kerala where the Left Front is habituated to being in and out of office.
Even the Indian Administrative Service has been suborned in the state. Ms Banerjee is known to be a suspicious lady and so will not come to easily trust the officials she will have to work with.
What a Trinamool government would mean for Bengal would depend on whether Ms Banerjee follows the N TRama Rao model (for he too had engineered a regime change in Andhra Pradesh after nearly three decades of uninterrupted Congress party rule) or the Lalu Prasad-Mulayam Singh models of regime change in Bihar and Uttar Pradesh. For all his faults, NTR's focus was on the future, the Yadav duo never thought about it!
West Bengal's human capital, its natural resources and locational advantages offer it the opportunity to reemerge as a centre of manufacturing and knowledge-based industry. Bangladesh has, in fact, shown more recently what improved governance can do for a hapless people. Both the late Jyoti Basu and chief minister Buddhadeb Bhattacharya had good intentions. While the former was lazy and showed little commitment to his own views, the latter tried hard. Mr Bhattacharya cannot be accused of not trying. He was ill-served by his own party and its national leadership.
Source: Business Standard
7/01/2011
Cabinet rejig likely this week
PM Manmohan Singh in whirlwind meetings with Sonia Gandhi, to meet with President Pratibha Patil shortly even as sources say a massive revamp in the Union cabinet is in the offing
New Delhi: While this week is said to be the 'best window' for a reshuffle in the Union Cabinet, Prime Minister Manmohan Singh and Congress president Sonia Gandhi, who have had at least four rounds of discussions in the past week, are still seized with the issue of its timing and scale. Official sources said the reshuffle was expected any day after Monday.
A host of issues were said to have come up in the deliberations over Cabinet reshuffle by the top leadership of the Congress. While the UPA government is set to take a call on the contentious issue of statehood for Telangana this month, the ruling dispensation is still undecided whether a Cabinet rejig should precede this decision or vice-versa. If the UPA decides against statehood for Telangana, some Congress MPs from the region are set to be accommodated and placated with a berth in the Union Council of Ministers.
The top leadership is also said to have an eye on Shunglu Committee report on alleged irregularities in the Commonwealth Games project. The three-month timeframe given to the committee was over on January 15 and it is expected to submit its report in the next few days. This report may have a significant bearing on the fate of Urban Development Minister Jaipal Reddy and Sports Minister M S Gill, among others, in terms of their direct or indirect role or accountability.
Gandhi and Singh were also said to be under pressure from allies. The NCP was learnt to have conveyed to the Congress that it would like Civil Aviation Minister Praful Patel to be elevated as a Cabinet minister and in exchange Sharad Pawar could shed one of his portfolios. The Trinamool Congress, which still has one Minister of State berth vacant in its quota, is likely to nominate senior leader Sudip Bandopadhyay. The Congress leadership is not inclined to give Telecom portfolio back to the DMK, which is yet to nominate anybody in place of A Raja in the Union Cabinet, said sources. T R Baalu was learnt to be in the race as a replacement for Raja.
While the Congress leadership is keen that Kapil Sibal retains Telecom portfolio, the Human Resource Development Ministry remains his first love, said the sources.
There are several other issues factoring in the Congress leadership's calculations, like, regional representation as also inadequate Muslim representation. The party secured six seats in Karnataka in the last Lok Sabha elections, but has four ministers from the state -- S M Krishna, M Veerappa Moily, Mallikarjun Kharge and K H Muniyappa. Except Moily, the other three ministers have been facing flak in the party for the dismal performance in their strongholds in the recent local bodies elections.
The Congress inducted two Cabinet Ministers from Himachal Pradesh where the party got just one Lok Sabha seat. There is not a single Cabinet Minister from Uttar Pradesh, which will go to polls in 2012. Two Ministers of Sate with Independent charge, Salman Khursheed and Sriprakash Jaiswal, are expecting a Cabinet berth from UP quota this time. Rajya Sabha Deputy Chairman K Rahman Khan has long been in race for a Cabinet berth.
There are many ministers who were learnt to have conveyed their interest in organisational responsibility to party leadership. Given his desire to bring down the average age of his Cabinet, the Prime Minister is also likely to promote some young MoSes, who have proved their mettle in governance.
Meanwhile, Finance Minister Pranab Mukherjee's return to New Delhi on Saturday night set landlines and mobiles ringing in the capital as he was to go to Thiruvananthpuram on Saturday and return only on Sunday evening. His programmes was cancelled due to Sabarimala tragedy.
All this as Prime Minister Manmohan Singh is scheduled to call on President Pratibha Patil on Monday evening. Singh may apprise the President of his intention to expand his ministry ahead of the Budget session which is likely to start in the third week of February.
A reconstitution of the AICC Secretariat is also on the cards in which some ministers are expected to be drafted for party work.
There has been no representation to three states in the Union ministry -- Chhattisgarh, Goa and Manipur.
The Prime Minister may utilise the opportunity to inject fresh blood by inducting younger faces.
Source: Indian Express
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Whistleblower hands WikiLeaks offshore bank secrets
AFP - - 1 hour ago
LONDON — WikiLeaks founder Julian Assange vowed to publish secret details of offshore accounts after a Swiss banking whistleblower handed over data Monday on 2000 purportedly tax-dodging individuals and firms. Former Swiss banker Rudolf Elmer, ...
Swiss banker gives secret documents of super rich to WikiLeaks
Oneindia - 3 hours ago
London, Jan 17 (PTI) A former Swiss banker todayhanded over documents of 2000 high net worth people from US,Britain and Asia to WikiLeaks that he claims would exposeattempts by these business leaders and lawmakers to evade taxpayments. ...
Rudolf Elmer: Whistleblower and wanted man
CNN International - - 34 minutes ago
Rudolf Elmer is due to face trial in Switzerland this week on charges of breaking Swiss bank secrecy laws. Rudolf Elmer describes himself as "a culprit, a witness, a whistleblower, an activist and a reformer. ...
Swiss tax whistleblower to give WikiLeaks new data: report
Reuters - - Jan 16, 2011
A screen shot of a web browser displaying the WikiLeaks website with a picture of its founder Julian Assange in Bern December 4, 2010. ZURICH (Reuters) - A former Swiss private banker who was one of the first whistleblowers to use WikiLeaks by ...
Banking secrets handed to WikiLeaks
Aljazeera.net - 5 minutes ago
Former Swiss banker passes on details of alleged tax evasion by politicians, celebrities and business leaders. A former Swiss banker has passed on documents allegedly detailing tax evasion attempts by hundreds of business leaders, politicians and ...
Ex-Swiss banker hands files to WikiLeaks
CBC.ca - 1 hour ago
WikiLeaks founder Julian Assange, left, accompanied by Rudolf Elmer, hold a news conference at the Frontline Club in London on Monday. A former Swiss banker, Elmer has given WikiLeaks a CD that reportedly contains confidential bank account details of ...
Swiss Banker Spills Secrets to WikiLeaks
Voice of America - 10 minutes ago
Photo: AP A former Swiss banker on Monday handed over to WikiLeaks thousands of documents containing the secret banking details of politicians, multinationals and hedge funds using banking havens to avoid paying taxes. Rudolf Elmer handed the disks ...
Timeline of articles
Number of sources covering this story
| BJP asks govt to name Indian account holders in Swiss bank 22 minutes ago - Times of India | |
| WikiLeaks Acquires Details of Thousands of Swiss Bank Accounts 2 hours ago - ABC News | |
| Accounts dossier given to WikiLeaks 5 hours ago - The Press Association | |
| WikiLeaks: the latest developments 6 hours ago - The Guardian (blog) | |
| Swiss banker vows to hand secrets to WikiLeaks Jan 16, 2011 - msnbc.com |
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CVC Thomas 'fully eligible' for post, government tells apex court
Sify - 25 minutes ago
New Delhi, Jan 17 (IANS) Strongly defending Central Vigilance Commissioner (CVC) PJ Thomas' appointment, the government Monday told the Supreme Court that Thomas was an 'outstanding civil servant of impeccable integrity' and 'fully eligible to be the ...
Centre defends Thomas''s appointment, questions SC authority
Oneindia - 1 hour ago
New Delhi, Jan 17 (PTI) The Centre today stronglydefended the appointment of controversial bureaucrat P JThomas, facing a corruption case in a Kerala court, as CentralVigilance Commissioner, saying he was an "outstanding officer"with "impeccable ...
Indian Government defends Thomas''s appointment, questions SC<br />(SC-CVC 3LST)
Oneindia - 1 hour ago
The apex court, which had earlier examined the file relating to Thomas'' appointment as CVC, sought theexplanation, issued him notices along with the Centre onvarious petitions which contended that he did not fulfill thecriteria for holding such an ...
Business
Analysts cheer TCS Q3 results; say above mkt expectationEconomic Times - 1 hour ago MUMBAI: After muted performance by IT bellwether Infosys, the country's largest software firm Tata Consultancy Services (TCS) has cheered market observers by posting 30 per cent jump in net profit at Rs 2369.83 crore for the third quarter ended ... TCS net up 30 % at Rs. 2370 cr The Hindu Strong TCS leads Q3 profit parade Hindustan Times L&T: markets ignore good results and worry about slower order bookingsLivemint - - 26 minutes ago Larsen and Toubro Ltd's (L&T) revenue grew robustly in the December quarter, but the pace of order inflows appeared to confirm market fears about a slowdown in new projects for the sector. L&T profit up 11 % in third quarter The Hindu Subbarao reiterates concern over inflationLivemint - - 20 minutes ago Mumbai: Reserve Bank of India (RBI) governor D. Subbarao on Monday reiterated his concern over inflation a week before the next monetary policy review, which is expected to feature further tightening measures. Need to calibrate policy: RBI Hindustan Times RBI governor hints at rate hike Moneycontrol.com Rupee ends at 7-week low of 45.52/53 Vs dlrTimes of India - 3 hours ago MUMBAI: Rupee on Monday ended at seven-week low of 45.52/53 a dollar after losing 16 paise due to hectic demand for the US currency from oil importers who anticipate crude prices to touch USD 100 a barrel soon. Rupee off 1-month low on export dollar sales Economic Times High inflation to weigh on real income growth, says surveyEconomic Times - 2 hours ago MUMBAI: Income disparities in India are likely to widen further in view of the high inflation, which the government has so far failed to arrest, according to a survey conducted by global financial institution, Credit Suisse. Axis Bank's loan book grows, but NIM comes under pressureLivemint - - 38 minutes ago Macro concerns such as high inflation, imminent interest rate hikes and relatively tight liquidity conditions continue to weigh on bank stocks. Tata Steel FPO to raise up to Rs. 3700 crThe Hindu - 1 hour ago Tata Steel is proposing to open a follow-on public offer (FPO) of 5.70 crore equity shares of the face value of Rs.10 each for cash at a price band fixed between Rs. High input costs to put pressure on steel prices: Tata Steel Economic Times SAIL FPO: Govt questions biz ethics of 4 banks Hindu Business Line Brand Mahindra in makeoverHindustan Times - 16 minutes ago Keeping with its global ambition, Mahindra Group on Monday said it will embark on a new brand - Rise - to ensure that all group firms speak in one voice. Why 'Rise' is the new Mahindra mantra? Moneycontrol.com Mahindra & Mahindra to use 'Rise' as new brand positioning Economic Times SEBI effect: ADAG stocks rattledHindustan Times - 21 minutes ago Stocks of Anil Dhirubhai Ambani (ADA) Group companies tumbled on Monday, and its market capitalisation fell below Rs 1 lakh crore at Rs 99375 crore, after losing Rs 6500 crore in Monday's trading. Anil Ambani groups stumble after settlement Financial Times No alternative to petrol price hike: DeoraSify - 1 hour ago New Delhi: A day after petrol prices were hiked by about four percent, Petroleum Minister Murli Deora said on Monday that there was no alternative but to do so as the state oil marketing companies were facing huge losses. Deora seeks meeting with FM on revenue loss by oil PSUs Hindustan Times Murli Deora to ask FM to abolish duties levied on oil Moneycontrol.com Vegetables centre comes up in Haryana with Israeli helpSify - 26 minutes ago Chandigarh, Jan 17 (IANS) Aiming to give a boost to agriculture in Haryana, a centre of excellence for vegetables has come up at Gharaunda town in the state's Karnal district, with support and expertise of Israel. Govt to provide subsidy to promote vegetable production Business Standard Britain to push India to open up retail sectorReuters India - - 1 hour ago Britain's Business Secretary Vince Cable speaks during a news conference in Mumbai January 17, 2011. Cable is in India on a three-day visit. British cos can add to India's infra ambitions: UK Biz Secy Moneycontrol.com Gross violations by Lavasa, approval difficult: Envt MinMoneycontrol.com - 1 hour ago The environment ministry has submitted it reports after the Lavasa survey. The reports suggests that there have been gross violations by Lavasa and it would be very difficult the Ministry to approve the project. MOEF to submit report on Lavasa on Tuesday IBNLive.com Status quo on Lavasa to continue India Today Higher margins boost Essar Oil's profitabilityLivemint - 26 minutes ago Essar Oil Ltd benefited from rising crude oil prices, higher volumes and better refining margins in the December quarter. Its net profit more than doubled to Rs273 crore in the December quarter from the September quarter. Essar Oil Swings To 3Q Net Profit On Higher Refining Margins Wall Street Journal Essar Oil reopens talks with Shell refineries Business Standard IFRS ordinance may be issued early next month: Govt SourcesMoneycontrol.com - 1 hour ago An ordinance to formalise International Financial Reporting Standards (IFRS) converged standards or what will now be called IndAS is expected by early next month. Electricity boards may face losses after shift to IFRS India Infoline.com New Delhi pressed over IFRS Financial Times Audi unveils super sports car R8 V10 at Rs 1.3 croremydigitalfc.com - 35 minutes ago By G Balachandar Jan 17 2011 , Chennai R8 V10 priced at over Rs 1.35 crore (ex-showroom). To cash in on the luxury car market in the country, the company has also indicated plans to launch at least five models this year. See rapid growth in agriculture: FMMoneycontrol.com - 1 hour ago Finance Minister, Pranab Mukherjee has said that India's economy recovery was broad-based and driven by the industry. "The rapid recovery of growth momentum is comforting but we cannot be complacent as there are several challenges Indian economy faces. Assocham urges RBI to increase bank liquidityThe Hindu - 1 hour ago The Associated Chambers of Commerce and Industry of India (Assocham) on Monday cautioned the Reserve Bank of India (RBI) against any attempt at tightening its monetary policy and maintained that the need of the hour was to increase bank liquidity and ... Further rate hike will affect growth rate: Assocham Business Standard RBI reference rates for US dollar, euro The Hindu Citibank's compensation not to impact probe: PoliceDaily News & Analysis - 3 hours ago Place: Gurgaon | Agency: PTI The police today said the decision of Citibank to compensate victims of the Rs400 crore fraud will not impact the ongoing investigations against the accused persons as they face criminal charges. Citibank's compensation not deter probe say police Moneycontrol.com MCA clears Swan Telecom, says RCOM never had more than 9.9%Economic Times - 1 hour ago NEW DELHI: The Ministry of Corporate Affairs has given a clean chit to Swan Telecom (now Etisalat DB) and said Anil Ambani-led Reliance Communication never had more than 9.90 per cent stake in the company. | Images The Hindu  Forbes (blog)  Moneycontrol.co...  The Hindu  NDTV.com  Azerbaijan Busi...  Business Standa...  Business Standa...  Moneycontrol.co... Popular storiesLivemint - - |
-- "If IIP goes down and inflation goes up, it will have an adverse impact, but I am not coming to any premature conclusion"
Mukherjee holds pre-Budget consultations with economists
NetIndian - 1 hour ago
Union Finance Minister Pranab Mukherjee today said that, though industrial growth had slipped to 2.7 per cent in November 2010, the cumulative growth during ...
See rapid growth in agriculture: FM Moneycontrol.com
FM holds pre-budget session with economists indiablooms
Deora seeks meeting with FM on revenue loss by oil PSUs
Hindustan Times - 3 hours ago
PTI Oil minister Murli Deora has sought a meeting with finance minister Pranab Mukherjee to discuss precarious finances of state-owned oil firms, ...
Deora defends oil companies on petrol price hike IBNLive.com
Arun Shourie pats Pranab
TruthDive - 20 hours ago
Kolkatta, Jan 16 (TruthDive): The BJP got a jolt when its senior member and former Union Minister Arun Shourie said Pranab Mukherjee is India's best Finance ...
I'm an antique among netas, says Pranab Times of India
I am an antique piece, says Pranab Deccan Herald
Pranab Mukherjee, Chidambaram spat casts shadow on cabinet reshuffle plan
Daily News & Analysis - - 21 hours ago
The growing chasm between finance minister Pranab Mukherjee and home minister P Chidambaram ahead of the ...
India, World Bank sign $1.5 billion pact to support the country's National ...
Moneylife Personal Finance Magazine - Jan 14, 2011
World Bank group president, Robert B Zoellick and India's finance minister Pranab Mukherjee were present at the signing of the deal to supplement the ...
Costlier food items push inflation to 8.43% Times of India
Inflation at 8.43% to force RBI hand Financial Express
Inflation has eased from August: Pranab Mukherjee
India Infoline.com - Jan 14, 2011
Inflationary trend has eased from its levels in August but the current level of food inflation is not acceptable, Finance Minsiter Pranab Mukherjee said in ...
FM: Food inflation unacceptably high; to discuss with states on 19 Jan Moneylife Personal Finance Magazine
Inflation woes: Experts eye 50 bps rate hike from RBI Moneycontrol.com
Inflation, uncertain global environment main concerns: Pranab
Economic Times - Jan 13, 2011
NEW DELHI: Finance Minister Pranab Mukherjee today said high inflation and uncertain global environment are main concerns faced by the Indian economy ...
IIP dips to 2.7%; FM calls it 'worrying'
Economic Times - Jan 12, 2011
NEW DELHI: The industrial output growth plunged to an 18-month low of 2.7% in November, prompting Finance Minister Pranab Mukherjee to call the dip ...
Slowing industrial growth worrying: Pranab IBNLive.com
IIP hits 18 month low, FM promises corrective steps Moneycontrol.com
Govt to take steps to boost industrial output: FM India Infoline.com
Telangana Congress MPs favour trifurcation
Express Buzz - Jan 13, 2011
They told Union finance minister Pranab Mukherjee, defence minister AK Antony, law minister M Veerappa Moily and party president's political secretary Ahmed ...
No alternative to T, Cong MPs tell high command Times of India
India, Pakistan can't live in perpetual tension: Pranab
Hindustan Times - Jan 12, 2011
PTI Citing the collapse of the Berlin Wall that unified Germany, finance minister Pranab Mukherjee said that differences between India and Pakistan may be ...
<B>Letters:</B> Doubting the debates
Business Standard - 3 hours ago
This refers to the interview with Montek Singh Ahluwalia titled "CAG erred on 2G spectrum matter" (January 17). The contentious issues in the Comptroller ...
Montek joins anti-CAG chorus on 2G losses India Today
Montek backs Sibal on 2G scam figure Times of India
Montek not worried about IIP dip, hopeful of 8.5 pc growth
The Hindu - Jan 12, 2011
PTI The Hindu Deputy Chairman Planning Commission, Montek Singh Ahluwalia with Member Secretary, Planning Commission, Sudha Pillai. ...
Inflation commensurate with economic prosperity: Montek Hindustan Times
Govt to announce steps to check price rise today
Economic Times - Jan 12, 2011
... Mukherjee today holding discussions with Food and Agriculture Minister Sharad Pawar and Planning Commission Deputy Chairman Montek Singh Ahluwalia . ...
Montek push mirrors divide Calcutta Telegraph
Food prices on PM's menu today Indian Express
Worried over inflation, Govt may announce steps today
Hindustan Times - Jan 12, 2011
... Mukherjee holding discussions with Food and Agriculture minister Sharad Pawar and Planning Commission deputy chairman Montek Singh Ahluwalia Wednesday. ...
Centre seeks to get on top of inflation The Hindu
Price pill awaits PM okay Calcutta Telegraph
Not after NRIs money: Montek
Hindustan Times - Jan 9, 2011
Even as Planning Commission Deputy Chairman Montek Singh Ahluwalia dispelled the impression that India was after NRI funds, the chief ministers sought their ...
Video: Power of One with Montek Singh Ahluwalia
NDTV Profit
NDTV Profit India not after NRIs' money, Montek tells diaspora Economic Times
Montek tells dalit firms to set up fund for community
Times of India - Jan 3, 2011
NEW DELHI: Planning Commission deputy chairman Montek Singh Ahluwalia on Monday urged a group of dalit entrepreneurs to set up a dedicated venture capital ...
Montek moots mechanism to address corruption Business Standard
Opaqueness in environmental clearances, says Montek Business Standard
More spending on Muslims' education suggested for 12th plan
Indian Express - Jan 14, 2011
A formal meeting between Deputy Chairman of Planning Commission Montek Singh Ahluwalia, Minority Affairs Minister Salman Khursheed, Deputy Chairman of Rajya ...
Citibank fraud is no indication of regulatory failure: Montek
Hindu Business Line - Jan 5, 2011
"I don't see this (Citibank fraud) as a regulatory failure," Mr Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission told reporters here. ...
March inflation may be 7 pct: Ahluwalia Economic Times
Impose cess on pumping of ground water: Montek
Indian Express - Dec 29, 2010
Montek Singh Ahluwalia (left), with his wife Isher Judge Ahluwalia and Panjab University VC Prof. RC Sobti at the university on Wednesday. ...
Sobti asks Planning Commission for `15 cr Times of India
From the margins, dalit tycoons take centrestage Times of India
His 'go, no-go' hits growth ... I hope Jairam understands that: Montek
Indian Express - Dec 21, 2010
Planning Commission Deputy Chairman Montek Singh Ahluwalia today questioned the concept of 'go, no-go' areas devised by the Union Ministry of Environment ...
Video: Montek questions MoEF's 'go,no-go' idea NDTV Profit
NDTV Profit Montek wants Jairam to be more flexible India Today
PlanCom for 'sensible' definition of no-go areas Business Standard
"We aim to invest $1 trillion in the infrastructure sector in the 12th plan period. We hope that 30% of the proposed investment will come from overseas funds"
Jan 10, 2011 Ticker Magazine (5 occurrences)
more by Kamal Nath
Input, interest costs remain a concern for cos: IRB Infra
Moneycontrol.com - 11 hours ago
Last year, Roads and Highways Minister Kamal Nath had projected that the country would build close to 3000 km in FY11. Difficulties in toll tax collection ...
Kamal Nath calls for joint efforts to develop sustainable transport system
Oneindia - Jan 8, 2011
New Delhi, Jan 8(ANI): Union Road Transport and Highways Minister Kamal Nath has appealed to all the stakeholders to join hands with the government in its ...
Delhi underground metro to be world's largest by '17 Economic Times
Indian Roads Congress & French Ministry Signs MoU in the Field of Road ... Webnewswire.com (press release)
For me, it's miles to go before I sleep: Nath
Rediff - Jan 10, 2011
Transport Minister Kamal Nath visualises 2011 as a year full of 'promises' for adding thousands of Kms of Highways, and is inspired by four-time Pulitzer ...
Govt to finalise NHAI chief by Jan-end: Nath
Business Standard - Jan 7, 2011
PTI / New Delhi January 07, 2011, 18:39 IST Minister for Road Transport and Highways Kamal Nath today said that the government would zero in on the National ...
Rediff.com » Business » We are not building roads for the future but catching ...
Rediff - - Dec 22, 2010
The price discovery mechanism foresees the two sides working out a mutually agreeable price to undertake the project, Kamal Nath, who signed an emorandum of ...
M'sia on road to sealing US$5b Indian highway deal Business Times (subscription)
Poor road connectivity triggering rise in commodity prices: Kamal Nath
India Infoline.com - Dec 28, 2010
Lack of proper road infrastructure is one of the factors responsible for rise in commodity prices, said Kamal nath, UnionMinister for Road Transport and ...
To mine or not to mine
Daily Pioneer - Jan 16, 2011
It is not just the Coal Minister who is upset with him; others like Surface Transport Minister Kamal Nath, Civil Aviation Minister Praful Patel and Steel ...
Has 2010 been the country's 'scammiest' year ever?
Daily News & Analysis - Jan 9, 2011
This request came because the minister Kamal Nath refused the CBI permission to initiate an enquiry against Patel. Why did he do that? ...
India and Malaysia Signs MoU in the Field of Highway Management and Development
LogisticsWeek - Dec 22, 2010
The MoU was signed by Shri Kamal Nath, Minister of Road Transport and Highway, Government of India and Dato’ Shaziman bin Abu Mansor, Minister of Works, ...
Local firms set to pounce on India highway projects Malaysia Star (blog)
Contractors set for infrastructure spending boom Business Times (subscription)
Govt sanctions Rs 43 cr for road projects in Pondy, Karaikal
Hindu Business Line - Jan 4, 2011
The Union Minister of State for Planning and Parliamentary Affairs, Mr V. Narayanasamy, said the Road Transport and Highways Minister, Mr Kamal Nath, ...
"Now that the Supreme Court has asked us, we will beissuing show-cause notices to each one of them and within thetimeframe mentioned in the report we will decide on each andevery individual case"
Jan 12, 2011 Oneindia (5 occurrences)
more by Kapil Sibal
The 2G Scam: Arithmetic According to Kapil Sibal
NewsClick - - 8 hours ago
Kapil Sibal has now thought fit not only to pick up all the arguments given by A. Raja for giving 2G license and spectrum at throw-away prices to favoured ...
Montek backs Sibal on 2G scam figure Times of India
CAG report on 2G is unrealistic, says Montek IBNLive.com
DoT to look into process followed in 1999 to frame NTP 2011
Economic Times - 7 hours ago
NEW DELHI: Telecom ministry will look into the process followed while the formulation of NTP '99 to come out with a New Telecom Policy 2011, for which ...
Gag disorder Hindustan Times
Is Sibal overplaying his cards?
Hindustan Times - - Jan 16, 2011
Union telecom minister Kapil Sibal has needlessly damaged his own image by making avoidable comments against the Comptroller and Auditor General's (CAG ...
Congress-CAG spat: From bad to worse Express Buzz
BRACING FOR THE PERFECT STORM Livemint
Mandatory test for teachers' eligibility soon: Sibal
Sify - 1 hour ago
New Delhi: Human Resource Development Minister Kapil Sibal on Monday said that a Teacher Eligibility Test (TET) will soon be made mandatory for teachers as ...
Shri Kapil Sibal Moots Institutional Framework between NCERT and SCERTs Press Information Bureau (press release)
Govt. decides to launch a school education channel says Sibal All India Radio
Sibal for more interactive police-public relationship
The Hindu - Jan 16, 2011
PTI HRD Minister Kapil Sibal today underlined the need for a more interactive relationship between police and public to find solutions to problems faced by ...
No loss to nation, CAG got it wrong, says Sibal
Indian Express - Jan 14, 2011
This is the sum and substance of Telecom Minister Kapil Sibal's findings released to the media on Friday. Sibal rejected the CAG report on the scam as ...
Oust kapil Sibal from Cabinet: Forward Bloc
Express Buzz - 14 hours ago
THRISSUR: Forword Bloc national secretary G Devarajan on Sunday said that Union Minister for Communications and Information Technology Kapil Sibal should be ...
Kapil Sibal wants new look for Chandni Chowk
Daily News & Analysis - Jan 15, 2011
Place: New Delhi | Agency: PTI Union human resource development minister Kapil Sibal today sought better planning from local authorities to improve the ...
Rename city's slum colonies, say MLAs Hindustan Times
Sources: cabinet rejig likely in next 48 hrs
IBNLive.com - 1 hour ago
Sources have told CNN-IBN that the Telecom portfolio, at present with Kapil Sibal would remain with the Congress. Sibal could be divested of the Human ...
PM may reshuffle cabinet in next 48 hours: Sources Moneycontrol.com
Education system in for a change: Kapil Sibal
Times of India - Jan 12, 2011
PUNE: Asserting that major changes would take place in the education system in the next two or three years, Union minister for human resources and ...
'Higher education for masses through hi-tech' Daily News & Analysis
Multitasking: Nilekani's key to success
Moneycontrol.com - Jan 13, 2011
Indian entrepreneur and businessman Nandan Nilekani is one of the most unusual icons. He believes himself to be an 'accidental tycoon' being at the right ...
One million Aadhaar numbers generated
India Infoline.com - Jan 13, 2011
"It took us nearly six weeks to cross one lakh enrolments," Nandan Nilekani, Chairman of the Unique Identification Authority of India said. ...
Bangalore: Honorary Doctorates for Nilekani and Sreedharan
Mangalorean.com - Jan 10, 2011
By Team Mangalorean Bangalore, Jan 10: Nandan Nilekani, formerly of Infosys and currently chairman of the Unique Identification Authority of India (UIDAI), ...
VTU to honour Nilekani, Sreedharan Deccan Herald
UID launch in Bangalore delayed
Times of India - Jan 7, 2011
BANGALORE: Nandan Nilekani, chairman of the Unique Identification Authority of India (UIAI), will have to wait longer before he gets his Aadhaar. ...
Bangalore's IISc students slam unique ID scheme Aadhaar Daily News & Analysis
IDBI Bank signs MoU with UIDAI
Central Chronicle - 3 hours ago
Shri Nandan M. Nilekani, Chairman, UIDAI, Shri RS Sharma, Director General, UIDAI and Shri RM Malla, Chairman and Managing Director, IDBI Bank Limited were ...
'UID isn't compulsory, but will become ubiquitous'
HardNews Magazine - Jan 14, 2011
At software giant Infosys, Nandan Nilekani was credited with consolidating India's position on the global software map and taking it to new heights. ...
It's 2nd in a row for crusader Santosh Hegde
Times of India - Dec 29, 2010
Nandan Nilekani was lauded by Ahmed Khan, a reader, for "executing a mammoth project like the UID. This year has been crucial in that work". ...
UID, Mobile and Bank account number to every citizen by 2020
TopNews - - Dec 26, 2010
India's one of the best entrepreneurs, Nandan Nilekani who gave this IT industry a new name with his founded Infosys, one of the most successful and reputed ...
Would it be a unique identity crisis ?
Bangalore Mirror - - Jan 1, 2011
UID Chairman Nandan Nilekani recently said that the aadhaar number will not replace the passport, driving license or the voter identity card and that by ...
BROKER-MENACE SPOILS AADHAAR IN MYSORE Star of Mysore
IDBI Bank signs MoU with UIDAI
Moneycontrol.com - Jan 11, 2011
Shri Nandan M. Nilekani, Chairman, UIDAI, Shri RS Sharma, Director General, UIDAI and Shri RM Malla, Chairman and Managing Director, IDBI Bank Limited were ...
India
CVC Thomas 'fully eligible' for post, government tells apex courtSify - 29 minutes ago New Delhi, Jan 17 (IANS) Strongly defending Central Vigilance Commissioner (CVC) PJ Thomas' appointment, the government Monday told the Supreme Court that Thomas was an 'outstanding civil servant of impeccable integrity' and 'fully eligible to be the ... Reshuffle of Council of Ministers this week?The Hindu - - 29 minutes ago A 45-minute meeting between Prime Minister Manmohan Singh and President Pratibha Patil on Monday evening triggered speculation that the former was set to reshuffle his Council of Ministers later this week. Sources: cabinet rejig likely in next 48 hrs IBNLive.com ''Either waive Verma''s diplomatic immunity or take action''Oneindia - - 1 hour ago New Delhi/London, Jan 17 (PTI) Even as India hastransferred its London-based diplomat Anil Verma, Britaintoday disclosed that it had pressed for Verma''s diplomaticimmunity to be waived which was declined by government. Indian High Commission asked to dispatch Vermas Times Now.tv India envoy recalled for 'attack' BBC News Malegaon blast accused seek bailThe Hindu - 5 hours ago PTI Nine Muslim men, who were arrested in the 2006 Malegaon blasts and in jail for the past four years, on Monday moved a special (MCOCA) court seeking bail citing Swami Aseemanand's confession pointing to a right-wing group's involvement in the attack ... Malegaon blast accused file bail plea indiablooms Gadkari accuses Congress of neglecting farmers, poor peopleThe Hindu - 17 minutes ago The Bharatiya Janata Party (BJP) president Nitin Gadkari on Monday alleged that the United Progressive Alliance (UPA) government led by the Congress had done little to solve the problems facing the farmers and the neglected sections of society in the ... Built on a house of cardsHindustan Times - 41 minutes ago You win some, you lose some. This seems to be environment and forests minister Jairam Ramesh's mantra. A week after he was criticised by the green lobby and the fishers' community for not incorporating their views in the Coastal Regulation Zone (CRZ) ... Adarsh demolition: Cong steers clear Oneindia Adarsh demolition: Cong steers clear Economic Times IFFCO chairman killed as his pistol goes off accidentallyOneindia - 1 hour ago Ferozepur, Jan 17 (PTI) Surinder Kumar Jhakar, IFFCOchairman and son of former Madhya Pradesh Governor BalramJhakar, was killed today when his pistol went off accidentallywhile he was cleaning it at his farmhouse at Abhor in Ferozpurdistrict of Punjab. IFFCO chairman Surinder Jakhar dies of gunshot wound Hindustan Times Advani hosts lunch for former Japanese PM HatoyamaHindustan Times - 1 hour ago PTI BJP Parliamentary Party Chairperson, LK Advani on Monday hosted a lunch for visiting former Japanese Prime Minister Yukio Hatoyama. Video: Hatoyama meets Indian PM and other top officials Asian News International (ANI) Navy commissions nation's 2nd UAV squadron in GujaratHindustan Times - 3 hours ago Two years after the 26/11 Mumbai terror strikes, the Indian Navy commissioned an Unmanned Aerial Vehicle (UAV) squadron at Porbandar in Gujarat for intelligence gathering, surveillance and reconnaissance along India's west coast. After DMK, TMC, NCP also favours rollback of petrol price hikeOneindia - 1 hour ago Pune, Jan 17 (PTI) After DMK and Trinamool Congress,another UPA constituent NCP today favoured a rollback of thehike in petrol prices. Petrol price hike sparks war of words in UPA IBNLive.com Price rise during UPA govt predictable : NitishOneindia - 3 hours ago Patna, Jan 17 (PTI) Bihar Chief Minister Nitish Kumartoday criticised the Congress-led UPA government for the"escalating" price rise and inflation during its rule and saidthat there has been symbiotic relation between the Congressand price rise over ... Price rise synonymous with Congress, says Nitish Indian Express Court fails to decide Banda rape victim's ageIBNLive.com - 3 hours ago Banda: A Banda court on Monday said that it cannot decide whether the Dalit girl, who has been allegedly raped by Bahujan Samaj Party MLA Purushottam Dwivedi, is a minor or not as all relevant documents are with the Allahabad High Court. CPM objects to EC probe ahead of polls in WBIBNLive.com - 12 hours ago Kolkata: The ruling CPM has objected to the Election Commission sending a team to Bengal to probe the law and order situation. The CPM General Secretary Prakash Karat has termed EC visit as "unprecedented". EC team swoops down on city today Times of India Election Commission's Bengal trip surprising: Karat Hindustan Times HC reserves order on Kasab''s appeal against death sentenceOneindia - 7 hours ago Mumbai, Jan 17 (PTI) After hearing arguments for threemonths, the Bombay High Court today reserved till February 7its order on the appeal filed by Pakistani terrorist AjmalKasab against the death sentence awarded to him for his rolein the 26/11 Mumbai ... 26/11: High Court reserves judgement The Hindu Provide spine to governance: India IncIndia Today - 55 minutes ago Fourteen top industrialists and other eminent personalities, including N. Vaghul, Deepak Parekh, Ashok Ganguly, Keshub Mahindra and Azim Premji, have called upon India's political leadership to provide a spine to governance rather than taking refuge ... Noted personalities ask govt to tackle corruption urgently Indian Express (RPTNG INSERTING WORDS IN PARA 7) Oneindia NIA to revisit murder of blast accused KaloutaOneindia - 1 hour ago Indore, Jan 17 (PTI) A team of National InvestigativeAgency (NIA) officials probing Samjhouta Express blast of 2007recently visited Giroda village near here in connection withthe murder of Ramprasad Kalouta who allegedly helped lateSunil Joshi, ... NIA to revisit murder site of Samjhauta blast accused Daily News & Analysis Haryana gives go-ahead to feasibility study for Pod taxisTimes of India - - 21 hours ago GURGAON: Taking a step forward to make the ambitious Pod taxi a reality in Gurgaon, Haryana government has given go ahead to an international firm to carry out a traffic feasibility study in the city. TRS, BJP stage road blockades over Telangana issueThe Hindu - 9 hours ago PTI The Hindu Inter-State vehicular traffic caught in a jam on the National Highway 9 near LB Nagar on the outskirts of Hyderabad on Monday as the Telangana Joint Action Committee has announced a programme of blockade of the Highways in the State . Telangana JAC intensifies stir Business Standard Telangana protesters detained for blocking roads IBNLive.com CRPF trooper killed in gunfight with MaoistsSify - 1 hour ago Patna, Jan 17 (IANS) A Central Reserve Police Force (CRPF) trooper was killed and another seriously injured in a gunfight with Maoists in Bihar's Gaya district Monday, police said. Cop dies in Maoist blasts Times of India Jharkhand CM to file nomination for Kharsawan bypoll on Jan 19Hindustan Times - 3 hours ago Jharkhand Chief Minister Arjun Munda will file his nomination papers for Kharsawan (ST) assembly by-election on January 19. Munda will file his papers as official nominee of BJP, backed by the National Democratic Alliance (NDA). Train service ban concern for Games organizers: CM Times of India Chief secy on Games tour Calcutta Telegraph | Featured videoHatoyama meets Indian PM and other top officialsAsian News International (ANI) Images NDTV.com  NDTV.com  Indian Express  Moneycontrol.co...  Indian Express  The Hindu  Oneindia  Calcutta Telegr...  SamayLive Popular stories |
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