Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on April 20, 2011, Government has approved 21 Proposals of Foreign Direct Investment amounting to Rs. 1027.20 crore approximately. Following 21 (Twenty one) proposals have been approved.
Haryana Excise and Taxation Department has collected a revenue of Rs 16,068.81 crore during the financial year 2010-11. The revenue during the previous fiscal was 24.54 per cent more as compared to 2009-10, Haryana’s Excise and Taxation Minister Kiran Choudhry said, while presiding over a meeting to review the functioning of the Department here.
The RBI today tightened the provisioning requirement for banks on certain types of bad and restructured loans as part of its prudential provisioning framework. Banks’ bad loans are classified into three categories — sub-standard, doubtful and loss. The advances classified as ‘sub-standard’ will now attract a provision of 15 per cent as against the existing 10 per cent, the apex bank said in its monetary policy statement for FY12 here.
The Reserve Bank has capped interest rates charged by micro finance institutions from small borrowers at 26 per cent, but opened for MFIs the bank credit line which was curtailed following the crisis faced by the sector in October, 2010.
Home, auto and corporate loans are likely to cost more, with the Reserve Bank raising key policy rates by half a percentage point, bankers said today. I think banks do not have any other option but to increase rates. It could be 25 basis points or 50 basis points, depending on individual banks, IDBI Bank Executive Director R K Bansal told PTI.
In exercise of powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) as amended in 2010, and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, (as amended from time to time), the Central Government hereby makes the following amendment in the Foreign Trade Policy, 2009-2014.
The Annual Policy for 2011-12 is set in conditions significantly different from those a year ago. Last year’s policy was made in an environment of incipient domestic recovery and uncertainty about the state of the global economy. While signs of inflation were visible, they were driven primarily by food items. Nonetheless, there was a clear risk of food price pressures spilling over into more generalised inflation, as the recovery consolidated and domestic resource utilisation rose to levels which stretched capacities. Throughout last year, the goal of monetary policy was to nurture the recovery in the face of persistent global uncertainty, while trying to contain the spill-over of supply side inflation.
The country’s exports went up by 37.55 per cent to USD 245.86 billion during FY2010-11, demonstrating robust demand for Indian merchandise not just in Western economies, but in new markets like Latin America and Africa as well.
PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company. The settlement came four weeks after PwC agreed to pay a record $7.5 million US penalty over its auditing work for Satyam.
The Income Tax chief recently made surprise visits to some offices in the department and found to his dismay their poor maintenance and the indifferent attitude of senior officers towards their juniors. During his visit to have a first hand feel of the condition in the I-T offices, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra was shocked to see obsolete furniture, dilapidated coolers, broken tubelights — all covered under thick layers of dust.
