The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters today. The Protocol was signed by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes (CBDT) on behalf of the Government of India and Ms. Karen Anne Tan Ping Ming, High Commissioner of Singapore to India, on behalf of the Republic of Singapore.
For the first time, DBRS has upgraded the trend of India’s Long Term foreign and local currency debt ratings from BBB (low) Negative to stable outlook. DBRS, an international sovereign credit rating agency, has been rating India’s debt since June 2007. Elaborating on the upgrade in the credit rating trend for India, DBRS has appreciated the efforts of the Government of India stating that there is ‘evidence of a stronger commitment to fiscal deficit reduction [in the] 2011-12 Budget’.
Broad Structure of Proposed Infrastructure DEBT funds (IDFs) Finalized; IDFs — A Novel Attempt to address the Issue of Sourcing Long term DEBT for Infrastructure Projects; RBI to Issue Regulations for Setting-up of IDFs on Company Route
Market regulator Sebi today exonerated N Venkataraman, former director of Pyramid Saimira Theatre , saying that he was not a board member when financial irregularities took place at the firm. It said investigations into the company’s affairs have revealed that accounts were manipulated during 2007-08, before Venkataraman was appointed as a director in PSTL.
The CBI is likely to receive by next week the documents it sought from Mauritius through Letter Rogatory in connection with the companies allegedly involved in the 2G spectrum allocation scam. Sources in the probe agency said some parts of the documents have been handed over to Indian High Commissioner in Mauritius by the local authorities, while some more are expected soon which will be forwarded to the CBI.
India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year. Both the sides are negotiating Bilateral Totalisation Agreement (BTA), which once signed, would benefit lakhs of Indians who are working in America and paying social security but are unable to get any benefit out of it.
More than half of the country’s overall workforce is self-employed, even as female employees receive less remuneration than their male counterparts for doing similar jobs, as per the data of a government survey released today. While 51 per cent of the country’s total workforce are self-employed, only around 15.6 per cent are ‘regular wage/ salaried’ employees and 33.5 per cent are casual labours, the key indicators from a survey the National Sample Survey Office (NSSO) revealed.
The Central Bureau of Investigation (CBI) will seek clarification from UB Group and India Cements over money given by them to Kalaignar TV to apparently help the channel return over Rs 200 crore allegedly received by it from DB Group of companies in return for allocation of 2G spectrum.
Mauritius Treaty – A Joint Working Group (JWG) was constituted in 2006 for the purpose of renegotiating the Direct Taxation Avoidance Convention with Mauritius and its last meeting was held in 2008. Thereafter, India has successfully used the mechanism of the Peer Review Group (PRG) of the Global Forum for Transparency and Exchange of Information for Tax Purposes – of which India is Vice Chair – to leverage arguments with the Mauritian side to be more open in furnishing tax related information to India.
Government of India has evolved a Scheme named Rajiv Gandhi Adhivakta Prashikshan Yojna (Rajiv Gandhi Advocate’s Training Scheme) to be launched on 27 June, 2011. The Scheme envisages selection of 10 young practicing Advocates from each State every year for being imparted professional training. This initiative is in sync with the Supreme Court directive in the case of State of Maharashtra vs Manubhai Pragaji Vashi (1995) 5 SCC 730 where the Court had observed that continuing and well organised legal education is absolutely essential reckoning the new trends in the world order and to meet the ever-growing challenges.
