Shri Anand Sharma Commerce, Industry and Textiles Minister of India along with Shri Pranab Mukherjee, Finance Minister and Deputy Chairman, Planning Commission led the Government of India delegation to the India-U.S. CEO Forum meeting in Washington D.C. on September 22, 2011. The Forum comprises top CEOs from both sides and is co-chaired by Ratan Tata on the Indian side and David M. Cote, CEO of Honeywell Corporation of the USA. Minister Sharma and the United States Trade Representative (USTR), Ambassador Ron Kirk chaired the session on Review of CEO/Government collaborative projects in different areas including energy efficient buildings, water, agriculture, health care/diabetes; Strategic, high tech and defence trade; and facilitating business travel and totalization agreement . US Treasury Secretary Timothy Geithner, Deputy National Security Advisor Mr. Michael Froman led the US Government delegation.
First, it is worth considering whether we are giving excessive weightage to the balance and sustainable elements of the Framework, and too little to strong growth. The question of growth is particularly relevant at this juncture, when the recent developments in the global economy are cause for serious concern. The Framework exercise was initiated on the assumption that the global economy was recovering reasonably well from the economic and financial crisis, and hence the G 20 needed to turn its attention to medium to long-term issues.
While BRICS countries recovered quickly from the 2008-09 global financial crisis, some of us have been subject to inflationary pressures and growth prospects of all our countries have been dampened by global market instability. In advanced countries, the build up of sovereign debt and concerns regarding medium to long-term plans of fiscal adjustment are creating an uncertain environment for global growth. Also, excessive liquidity from aggressive policy actions taken by central banks to stabilize their domestic economies has been spilling over into emerging market economies, fostering excessive volatility in capital flows and commodity prices.
We are meeting here at the time when global economic growth seems to be losing its momentum after about a year and half of fragile and uneven recovery. There are signs of economic and financial weaknesses in Europe and the US that threaten the global economic outlook. The robust and quick recovery in EMEs also seems to be running out of steam. It is important that at this juncture the BRICS countries have come together to discuss the implications and the possible policy responses to the emerging situation in the US and Europe and in doing so make an assessment around the following agenda points:-
requently traded shares‖ means shares of a target company, in which the traded turnover on any stock exchange during the twelve calendar months preceding the calendar month in which the public announcement is made, is at least ten per cent of the total number of shares of such class of the target company.
Notification No. 52/2011 – Income Tax [F.NO. 178/56/2011- (ITA-I)], DATED 23-9-2011 In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the table below, to issue, during the financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupees 1,000 each in case of public issue and rupees 1,00,000 each in other cases, aggregating to amounts mentioned in column (3) of the said table, subject to the following conditions, namely:-
Circular No. 44 /2011- Customs Consequent to the judgement of Hon’ble Supreme Court dated 18.02.2011, in Civil Appeals Nos. 4294-4295 of 2002 and Nos. 4603-4604 of 2005 (commonly referred to as Sayed Ali case), Board issued an Instruction F.No.437/143/2009-Cus.IV(pt) dated 15.04.2011 directing the field formations to examine pending Show Cause Notices and wherever these are not hit by time limitation to get these issued afresh by the jurisdictional Commissionerates.
NOTIFICATION NO. LAD-NRO/GN/2011-12/25/30309 These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011.
Substantial acquisition of shares or voting rights- (1) No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these regulations.
On a review of the extant ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB guidelines as under:- (i) Enhancement of ECB limit under the automatic route (a) Eligible borrowers in real sector-industrial sector-infrastructure sector can avail of ECB up to USD 750 million or equivalent per financial year under the automatic route as against the present limit of USD 500 million or equivalent per financial year.
