Cairn India gets Rs. 20,495-cr tax notice
Cairn India said on Friday that it has received an order from the Income Tax Department seeking Rs. 20,495 crore for alleged failure to deduct withholding tax on purported capital gains arising in 2006-07 to its former parent, Cairn UK Holdings Ltd. Read The Hindu BusinessLine report here: http://goo.gl/vrxOcZ
Govt committed to power tariff reduction: Anil Swarup, coal secretary
“Objectivity and transparency were the two guiding principles. The auction is a prime example of cooperative federalism since the entire proceeds go to the states..” says the man who oversaw the Coal block auctions that raised around Rs 2 lakh crore. Read Coal Secretary Anil Swarup’s interview with TOI here: http://goo.gl/geRHqG
SBI to put Kingfisher House on block
TOI reports that State Bank of India is “enthused by the widespread response to its mega auction of Rs 1,200 crore worth properties belonging to defaulters” and is planning to include Kingfisher House on the e-auction block in the next round. It further reports, “…the sale of the assets is expected to add a few hundred crores to SBI’s bottomline for the third quarter as successful bidders have to make full payment by March 29” Read the full story here: http://goo.gl/WeUtja
Narendra Modi government caught in a bind as retrospective tax cases tumble out
The Economic Times reports, “multi-national firms which may have been under the impression the retrospective tax was dead and buried are likely to be disabused of the notion. Notices to MNCs relying upon the retrospective amendment could eventually result in a spate of tax demands, a development that may dampen the investment climate which had been uplifted after Congress joined hands with BJP to pass the insurance Bill.” Read more at: http://goo.gl/Fa6SXt
Fresh FDI in realty sector to be okayed if minimum investment made in 6 months
Financial Express reports on Commerce Ministry’s clarification “that fresh foreign direct investment (FDI) can be brought into a construction project only if the minimum capitalisation requirement of five-million dollar has been achieved within six months of approving the building plan.” Read more about it here: http://goo.gl/8O2ZgQ
Exports decline 15% in Feb due to Euro Zone woes
Continued uncertainty in the Euro Zone resulted in a sharp 15.02 per cent export decline in February to $21.54 billion from the same month last year, reports The Hindu BusinessLine: http://goo.gl/6Fb8ax
Hike Defence FDI, Access Technology
“FDI will come, if foreign manufacturers are given majority stakes -from 51% to 100% ownership -in joint ventures” argues The Economic Times’ editorial after the government acknowledged in Parliament that FDI in defence has not picked up, despite a hike in the ceiling from 26% to 49% last August. Read ET’s take here: http://goo.gl/7pZCNl
Growth concerns remain
IIP numbers, though dodgy, cannot be ignored, says the editorial in today’s The Hindu BusinessLine. It continues, “The latest consumer inflation and industrial output numbers suggest that the economy is not wholly free of the ghosts of the recent past.” Read their take here: http://goo.gl/7cIiMG
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)