Government extends interest subvention of 2 per cent for one more year for exports
Mar 3, 2010 Budget 2010
Concerns of SEZs addressed in the Budget: Anand Sharma
POLICY ISSUES ON LABOUR INTENSIVE UNITS TO BE ADDRESSED SOON
During an informal interaction with the media on the outcome of the General Budget 2010-11, Shri Anand Sharma, Union Minister of Commerce and Industry, has stated that the support and incentives for Special Economic Zones (SEZs) will continue without any dilution.
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Tags: anand sharma, foreign direct investment, income tax act, SEZ
FIPB allowed to clear FDI proposals of up to Rs 1,200 crore
Feb 12, 2010 FEMA
The government has allowed the Foreign Investment Promotion Board (FIPB), under the commerce ministry, to clear foreign direct investment (FDI) proposals of up to Rs 1,200 crore. At present, all project proposals that involve investment of above Rs 600 crore are put up before the Cabinet Committee of Economic Affairs (CCEA) for approval.
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Tags: Cabinet Committee of Economic Affairs, CCEA, foreign direct investment, foreign investment promotion board
Review of cases requiring prior approval of Foreign Investment Promotion Board (FIPB)
Feb 12, 2010 FEMA
This article summarizes the latest Press Release issued by the Cabinet Committee on Economic Affairs (CCEA) on proposals requiring prior approval of the Foreign Investment Promotion Board (FIPB) and thereafter CCEA approval. As per the existing policy, the recommendations of FIPB for any proposal falling under approval route and involving total project cost of more than INR 6000 Million were referred to CCEA for approval.
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Tags: Cabinet Committee of Economic Affairs, CCEA, foreign direct investment, foreign investment promotion board
Finance ministry asked DIPP to review of foreign investment policy to shut loopholes in the FDI policy
Jan 6, 2010 FEMA
The finance ministry, upset with the new rules for calculating foreign direct investment (FDI) in Indian companies, has sought to overhaul the entire policy to shut ‘loopholes’ that allow investors to breach sectoral FDI caps through investments via offshoots. In a fresh missive to the Department of Industrial Policy and Promotion (DIPP), the government body responsible for framing foreign investment policy, the ministry has asked for a review of the policy that has caused much confusion among investors, foreign and Indian.
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Tags: domestic investments, foreign direct investment, foreign investment, foreign investments, foreign investors, indian banks, investment limit, investment policy, loopholes, offshoots, owned company
India will not tax foreign funds at their point of entry
Dec 14, 2009 SEBI
India will not tax foreign funds at their point of entry as the government believes the economy is resilient enough to absorb the dollar deluge. Such a tax on foreign inflows — called the Tobin tax, after its proponent, 1981 Economics Nobel winner James Tobin of the US — is being fiercely advocated by the EU and the UK, while Brazil has already imposed a 2 per cent levy. Finance minister Pranab Mukherjee, however, does not favour a tax on finances entering India. He told Parliament today that “the market mechanisms have sufficient resilience and have been functioning normally”.
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Tags: black money, capital inflows, economic advisory council, finance ministry, foreign direct investment, free float, global recession, indian stocks, inflow, institutional investment, institutional investments, investment accounts, james tobin, nobel winner, pranab mukherjee, tobin tax
ED claimed to have proof of violation of FDI guidelines by Emaar MGF
Dec 7, 2009 FEMA
The Enforcement Directorate(ED) on Friday claimed to have found evidence of “large-scale” violations of Foreign Direct Investment(FDI) guidelines by real-estate major Emaar MGF in purchase of land. During its searches carried out at 13 premises of the group on Thursday, ED also claimed to have recovered about Rs nine crore in cash, two kg of gold and foreign currency worth Rs 5 lakh.
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Tags: agricultural land, agriculture land, caymon islands, emaar mgf, emaar properties, enforcement directorate, foreign currency, foreign direct investment, joint venture, mauritius, real estate group, search operation
Sue the accountant
Dec 5, 2009 Chartered Accountant
The role of modern day accounting professionals has come a long way, from a core accounting function to that of being viewed as a corporate gatekeeper. Today’s professionals are not just auditors, certifying routine book of accounts, but also on the boards of companies as directors. This multi disciplinary role puts emphasis on “always taking the correct decisions and doing everything right”. While accountants look to successfully achieve the set standards, they are increasingly exposed to being targets for easy lawsuits, bought against them by third parties. A series of lawsuits filed against some of the reputed accounting firms and professionals is a beginning of the trend.
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Tags: accountants, accounting firms, claimants, correct decisions, creditors, diligence, encouragement, foreign direct investment, good faith, innocence, law firms, lawsuits, legal sector, litigation firms, personal assets, shareholders
Absence of tax free climate affected inflows of foreign investment in the shipping sector
Dec 4, 2009 FEMA
Absence of tax-free climate has affected inflows of foreign investment in the shipping sector, reducing its competitiveness, the government informed Rajya Sabha. “The Indian flag suffers from certain barriers in terms of tax and duty structures which may have impeded the growth of foreign direct investment (FDI),” shipping minister GK Vasan told Rajya Sabha. As per him new taxes in the form of service tax, FBT etc reduced its competitiveness.
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Tags: climate, competitiveness, FBT, fiscal incentives, foreign direct investment, foreign investment, imposition, international business, shipping companies, shipping sector, tonnage tax, trade barriers