Please refer to paragraph 160 of the Second Quarter Review of the Monetary Policy for the year 2009-10 (copy of extract enclosed) wherein it was proposed to link the risk weights of banks’ exposure to NBFCs categorised as Infrastructure Finance Companies (IFCs) to the credit rating assigned to these NBFCs by external credit assessment institutions (ECAIs).
Please refer to paragraph 178 of the captioned policy. NBFCs-ND-SI engaged predominantly in infrastructure financing have represented to the Reserve Bank that there should be a separate category of infrastructure financing NBFCs in view of the critical role played by them in providing credit to the infrastructure sector. Currently, the Reserve Bank has classified NBFCs under three categories, viz., Asset Finance Companies, Loan companies and Investment Companies. It has now been decided to introduce a fourth category of NBFCs as “Infrastructure Finance Companies”(IFCs).
Punjab VAT notification levying additional tax ; Effective February 5, 2010, dealers are required to charge an additional tax calculated at 10% of the amount of tax payable. The additional tax in respect of liquor shall be effective April 1, 2010., Punjab Entry Tax notifications levying entry tax on certain goods
The Reserve Bank of India (RBI) has asked banks to enable existing home loan borrowers to benefit from lower rates along with new customers, a senior official of the Indian Banks’ Association (IBA) told Reuters. In a letter to the IBA, the central bank has asked banks to reconsider their decision after lenders told the Reserve Bank of India (RBI) last year that reducing rates on all home loans is unviable for them.
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).The department, in its tax returns for 2008-09 that is assessed in the current financial year, found that most of brokers or market entities paying STT calculated total income and the tax liability on such income before availing of the rebate under section 88E of the Income Tax Act.
Global business consultancy firm, Deloitte, plans to almost double its India workforce to 24,500 over the next 30 months, a top company official said. “We will hire around 12,000 people in every sector, including IT, CAs, financial services. The process has started and 40 per cent of the total hires will be freshers,” Deloitte India’s Managing Director Hari Kumar told PTI on the sidelines of the Nasscom Summit here today.
The new Companies Bill, which seeks to replace the legislation enacted way back in 1952, is likely to be approved by Parliament in the monsoon session, corporate secretary R Bandyopadhay said on Thursday. “With the speed at which the parliamentary standing committee is proceeding with the discussions, I am hopeful that the Bill would be passed in the monsoon session.
With virtually no reprieve from the tax burden on their pay packages and continuing anomalies and inequities, the new rules for valuation of perquisites announced by the Central Board of Direct Taxes (CBDT) on December 18, 2009 have hugely disappointed millions of salaried employees.
Shri Anand Sharma, Union Minister of Commerce & Industry, has stated that the FDI inflows for the month of December, 2009 have been of the order of US $ 1.542 billion. Addressing a press conference here today he informed that this is an increase of 13%, in US $ terms, over inflows in the month of December, 2008 (previous year), which were US $ 1.362 billion.
Addressing the Board of Approval members, the Chairman informed that so far 571 formal approvals have been granted for setting up of SEZs out of which 348 have been notified. He further informed that over Rs. 1,28,385 crore have been invested in the Special Economic Zones during this short span of time and direct employment of the order of 4,90,358 persons has been generated in the Special Economic Zones. During the first three quarters of current financial year, total export of Rs. 1,51,786 crore approximately has been made from SEZs.
