Aug. 4 – A recent Supreme Court decision has ruled that payment made in kind will also be subject to taxes in India.
This was based on an appeal made in court by local company Kanchanganga Sea Foods regarding its payment in kind to Hong Kong-based company Eastwide Shipping for lending the use of vessels and personnel. The Indian company gave Eastwide 85 percent of fish catch as payment. It was able to get its foreign partner official permission to fish in an Indian economic zone. Read the rest of this entry »
Jun. 25 – India will exempt tax on services that deal with low-cost housing construction, power distribution, services within ports and airports, selected tournaments and championships, foreign travelers in transit and those flying to and from the northeast starting July 1.
“Repair of ships or boats or vessels belonging to the Government of India, including the Navy or the Coast Guard or the Customs, but does not include government owned public sector undertakings,” the Central Board of Excise and Customs (CBEC) said as to the services exempted from tax. Read the rest of this entry »
Apr. 12 - As the Indian economy develops, the need for massive improvements in its transportation network also increases.
With Mumbai’s first monorail service about to be launched and those familiar street level cantilevered rail lines now weaving their way above the city’s roads, other places in the country have already started taking notice. All three major monorail companies – Bombardier, Scomi and Hitachi - are setting up operations in India because of anticipated demand. Read the rest of this entry »
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. Read the rest of this entry »
Dec. 17 - Italian Minister for Economic Development said it would consider creating preferred shipping routes exclusively for Indian trade.
A collaboration agreement is in the works to link the ports of Venice with Mumbai and Genoa with Chennai with the aim of making Italy the gateway for Indian products bound for the European and Mediterranean market. Read the rest of this entry »
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. Read the rest of this entry »
Oct. 27 - Business India magazine has just released its tenth best business schools survey which ranks India’s top institutions. The top ten is as follows with the name of each school also linked to its website.
1) Indian Institute of Management, Ahmedabad
2) Indian Institute of Management, Bangalore
3) Indian Institute of Management, Calcutta Read the rest of this entry »
By Chris Devonshire-Ellis
Oct. 26 - In the latest politically correct movement of stupidity, the State of Orissa is now legally to be known as Odisha following a ruling by the Indian Union Cabinet. The regional language, previously known as Oriya, will now be called Odia.
The move follows prolonged lobbying by the BJP Party, long bent on correcting misnamed cities and states. The confusion arises partly due to the phonetic and dialect differences in pronouncing the English version and the local language version with the BJP determined to revert all names to the ones used locally. Hence Bombay became Mumbai, Madras became Chennai and Calcutta became Kolkata. Read the rest of this entry »
Oct. 20 - The New Mangalore Port Trust (NMPT) has signed an agreement with Sical Iron Ore Terminal (Mangalore) Ltd., a subsidiary of the Chennai-based Sical Logistics to set up mechanized iron ore handling facility.
The port has been handling iron ore fines in 2003 and volumes have been increasing steadily since then. Last year, there were eight million tons handled manually. The new investment mechanized this process and will lead to increased handling capabilities. Read the rest of this entry »
Sept. 11 - Mercedes-Benz’s Indian arm, Daimler India Commercial Vehicles, is tapping into the high potential of the Indian market by launching a localized range of small trucks by 2012 from its Chennai plant.
Wilfried Aulbur, Mercedes-Benz India managing director and CEO, announced this after the launch of the Actros 4841K range of new trucks being manufactured at the company’s facility in Chakan, Pune. There is already an order placed for 100 of the trucks with future orders said to reach up to 250 trucks in the next three years. Read the rest of this entry »
