Culture and History

Standard Chartered to Raise US$500 Million in Mumbai Listing

Mar. 31 – Standard Chartered Bank is poised to obtain the first foreign company listing in India with its submission of a draft prospectus to the Indian Stock Exchange.

The bank aims to raise US$500 million through issuance of the first Indian Depository Receipt (IDR), a move which will allow Indian investors to buy into the bank in a rupee denominated IDR, a manner similar to the issuance of American depository receipts. The move is important because it is expected to usher in an era of IDRs that could attract strong interest from other multinational companies with a focus on India and Asia. Continue reading →

Posted in Culture and History, Economy and Politics, FDI and Foreign Trade, Legal and Regulatory, Location, Retail | 1 Comment

New Consolidated FDI Document to be Released Today

Mar. 31- The government is scheduled to release a single, consolidated document on foreign direct investment today.

The new document will make it easier for foreign investors to navigate through the intricacies of doing business in the country. Currently, investors have to refer to foreign direct investment rules found in more than 177 Press Notes from the Department of Industrial Policy and Promotion (DIPP). Continue reading →

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Hotel Tax Holiday Extended to July 31

Mar. 19 – The Indian government has extended the five-year tax holiday for hotel projects from March 31 to July 31 in an effort to stimulate development in the industry prior to the Commonwealth Games in October.

The five-year tax holiday previously applied to hotels finished and operational from April 1, 2007 to March 31, 2010 covering two, three and four-star category hotels and convention centers in the National Capital Territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Ghaziabad. The new extended tax holiday scheme will continue to offer the special tax discount rates in the next five years for hotels finished by the July 31 deadline under Section 80-ID of the Income Tax Act.

Continue reading →

Posted in Automotive, Culture and History, Economy and Politics, Finance, Tax and Accounting, IT & Telecom, Location, New Delhi, Retail | Leave a comment

New Delhi Best City for Living

Mar. 9 – The Confederation of Indian Industries has ranked New Delhi as having the best quality of life for its residents among all cities in the India based on their latest “Liveability Index.”

After New Delhi, the next best cities to live in are Mumbai, Chennai and Bangalore. The survey looked at 37 Indian cities in over a decade to compute for a quality of life index. It also used hard data collected from reliable sources to eliminate the possibility of personal bias or a sampling error obscuring the reality. Continue reading →

Posted in Bangalore, Chennai, Culture and History, Economy and Politics, FDI and Foreign Trade, Mumbai, New Delhi, Real Estate | Leave a comment

Maharashtra to Charge Entertainment Tax for IPL Matches

Jan. 21 – The Maharashtra government will begin charging an entertainment tax worth up to 25 percent of all ticket sales for T20 matches organized by the Indian Premier League (IPL).

IPL matches played within municipal limits will be charged a 25 percent tax and matches held outside municipal limits will be levied a 20 percent entertainment tax. Continue reading →

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Delhi Court Includes Chief Justice Office Under Information Act

Jan. 12 – The Delhi High Court will uphold its bench order that includes the office of the Chief Justice of India within the scope of the Right to Information (RTI) Act and requires judges to declare their assets.

The bench made up of Chief Justice A.P. Shah and Justices S. Muralidhar and Vikramjeet Sen told Zee News: “RTI has over-reaching impact. Citizens who require such information should not misuse the information, thus saving the independence of (the) judiciary.” Continue reading →

Posted in Culture and History, Economy and Politics, Legal and Regulatory, Location | 1 Comment

Telangana Party Willing to Wait Until 2014

Dec. 15 – The leading Telangana political party Telangana Rashtra Samiti (TRS) said that it was willing to wait until 2014 for the promised Telangana state to become a reality.

A TRS leader was quoted in the Times of India as saying: ‘‘We would be very happy if it happens before that. But we know it’s not that simple and thus willing to wait until 2014, when the next general elections are due.’’ He said since the Congress had already agreed to the new state, there was no need to pressure it. Continue reading →

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Andhra Pradesh Government Assembly Adjourned, MP Arrested

Dec. 14 – The Andhra Pradesh assembly in Hyderabad was adjourned indefinitely or sine die following pandemonium after it began for the day’s proceedings this morning amidst chaos and slogan shouting by local MP’s favoring a unified Andhra Pradesh.

Congress MP for Vijayawada, L. Rajagopal was arrested at the Hyderabad airport after he landed to launch a fast to protest the division of Andhra Pradesh. His arrest sparked protests in the Andhra region at his arrest reports The Times of India. Continue reading →

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