Other Briefings
Income Tax Department Wants Hong Kong Included in Tax Pact with China
Aug. 10 – India’s Income Tax Department wants its tax agreement with China to include Hong Kong SAR, to pursue a pending tax plea on Hutchison Telecommunications International (HTIL) when it sold its Indian conglomerate Hutchison-Essar to Vodafone for US$11.1 billion in 2007. The government department is demanding US$1.7 billion tax on the deal. “HTIL […]
Airport Authority of India to be Converted into a Public Company
Aug. 5 – The Civil Aviation Ministry of India plans to convert the Airport Authority of Indian (AAI) into a public company as a way of raising funds. The ministry will amend the laws contained in Airport Authority of India Act, the principal act governing various airports in India. By converting the AAI into a […]
ICICI to Collect Credit Card Debt as Salary Deductions
Jul. 27 – India’s largest private sector lender, ICICI Bank, has announced that it will soon be allowed to request companies to deduct money from an employee’s salary to cover credit card debts. The new terms and conditions of banking with ICICI are effective starting July 23 and and is expected to be adopted by […]
Retail Sector Not Open to Reforms
Jul. 17 – India has indicated no plans to reform its retail industry in efforts to safeguard the second largest source of jobs in the country. India’s retail market remains untapped and closed to foreign investors. AT Kearney’s Global Retail Development Index last year ranked it as the second most attractive emerging market. Minister of […]
Toshiba Announces Joint Venture Deal with JSW Group
Jul. 9 – Japanese tech company, Toshiba, has agreed to a joint venture deal with JSW Group to build a US$160 million power equipment manufacturing plant in the country’s southern Chennai City, Tamil Nadu within five years. The JSW Group is under the O. P. Jindal Group and manages businesses in steel, energy, mining, aluminum, […]
IT Tax Benefits May be Extended for a Year
Jul. 2 – The government may extend tax exemptions to March 31, 2010 for the exports earnings of information technology units doing business in the Software Technology Parks of India (STPI) in a bid to help the country’s sliding export market. According to the Times of India, IT businesses working in the STPI have been […]
FDI Cap on Radio, TV to be Raised
Jun. 29 – The Indian government is contemplating raising the foreign direct investment (FDI) cap on FM radio broadcasters and direct-to-home TV service providers. The FDI limit on broadcasters is to be changed from 20 percent to 24 percent and 49 percent to 74 percent for television service providers, according to the proposal submitted by […]
Infosys CEO to Head First National ID System
Jun. 26 – The co-founder of Infosys Technologies has resigned from his post to head the agency tasked to gather data from citizens for the first national identification system. Nandan Nilekani will lead the National Unique Identification Authority as chairperson with the monumental task of organizing data from the nation’s more than 1 billion citizens. […]
