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    December 23, 2008
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    December 7, 2008
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December 23, 2008
Effects of global recession
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Countercyclical measures implemented to mitigate global financial shock and stabilise domestic growth expectations.
The government and central bank implemented coordinated countercyclical measures-monetary easing through lower reserve ratios and policy rates, liberalisation of external commercial borrowing, a fiscal package increasing plan expenditure and reducing an ad valorem indirect tax rate, and export support-to mitigate a global financial shock, with authorities stating the economy is not in recession and noting growth expectations while observing that apportioning effects among measures is not feasible.
December 16, 2008
Economic Recession
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Monetary policy measures eased to bolster domestic liquidity and support growth amid global financial shock to the economy.
Global financial turmoil moderated domestic growth-GDP at constant prices slowed to 7.8% for Apr-Sep 2008-09-while savings and investment ratios sustained growth potential. Authorities implemented monetary measures (reductions in Cash Reserve Ratio, Statutory Liquidity Ratio, repo and reverse repo rates; liberalised external commercial borrowings) and a fiscal package (additional plan expenditures, reduced ad valorem Cenvat rate, export support) to ensure financial system functioning and improved money market liquidity.
December 13, 2008
Bail-Out Package to small and Medium Industries
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MSME credit support expanded through refinance and enhanced collateral-free guarantee coverage, plus shorter lock-in and prompt payment advisories.
Measures expand MSME credit availability by establishing a refinance facility for SIDBI to support incremental lending through banks, NBFCs and state financial corporations; increasing the loan threshold and setting a specified percentage guarantee cover under the credit guarantee scheme to promote collateral-free lending; reducing the lock-in period for guaranteed loans to encourage bank participation; and advising public sector enterprises to ensure prompt payment of MSME bills.
December 7, 2008
While announcing the Measures for stimulating the Economy, central government failed to do justice with the Service Providers
Show AI Summary
Service tax disparity increases burden on service providers and calls for rate alignment with excise to restore parity.
Central fiscal measures cut peak excise duty while leaving the service tax rate unchanged, creating a disparity where excise on goods is lower than tax on services; this note criticises the inconsistency, stresses the disproportionate burden on the service sector and its pass-through to consumers, and highlights unequal treatment of packaged versus customized software that results from differing excise and service tax rates.
December 6, 2008
Issuance calendar for marketable dated securities
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Issuance calendar for government securities announced with auction schedule and retail reservation under non-competitive bidding.
The Government, with the Reserve Bank, issued an indicative calendar for marketable dated securities from December 1, 2008 to March 31, 2009 allocating aggregate issuance across five auction periods into 5-9 year and 20-year-and-above tenors. All auctions include a non-competitive bidding facility reserving a portion for specified retail investors, variable rate bonds may be issued depending on market conditions, and the Government/Reserve Bank retain the flexibility to modify notified amounts, issuance periods or maturities after due notice.
November 14, 2008
Companies Bill, 2008 - auditors should face severe consequences (unlimited liability) in case of contravention
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Auditor liability: enhanced accountability requires auditors to refund fees and pay damages for misleading audit reports.
The Companies Bill, 2008 enhances auditor accountability by imposing eligibility and disqualification rules, prescribing appointment and vacancy procedures, and granting auditors broad rights of access and reporting obligations under accounting and auditing standards. It prohibits specified non-audit services, restricts signing and certification to the appointed auditor, requires compliance with auditing standards and possible additional reporting, and establishes penal and remedial measures including fines, imprisonment for knowing contraventions, refund of remuneration and payment of damages for misleading audit reports. Cost audit procedures and obligations for specified companies are separately provided.
November 13, 2008
Ways and means advances to GOI for FY 2008-09
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Ways and Means Advance limit retained temporarily to address government cash flow mismatches from auction cancellations and expenditure bunching
The Ways and Means Advance limit was retained at an elevated temporary ceiling until December 31, 2008, after consultation with the government. The measure is time bound and intended to provide short term liquidity accommodation to meet unanticipated mismatches between government payments and receipts caused by cancelled auctions and the bunching of expenditure following a supplementary demand for grants.
November 11, 2008
Whether transfer of Banking Undertaking on the facts and circumstances of this case gave rise to taxable capital gains - matter of AY 1970-71 solved now
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Capital gains on slump sale: notional cost rules absent for the assessment year, so compensation not taxable as capital gains.
Whether transfer of a banking undertaking generated taxable capital gains for AY 1970-71 where compensation was received on nationalisation; the Supreme Court found that on the facts and circumstances it was not possible to compute capital gains and the compensation was not taxable as capital gains under the law then prevailing, and noted that a statutory notional cost mechanism for slump sales was introduced only after the relevant assessment year.
November 7, 2008
Acquisition and transfer of immovable property in India by a person resident outside India
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Foreign acquisition of immovable property: authorities must verify residency, visa eligibility before registering transfers.
Foreign nationals and non-resident entities face specific restrictions and permissions under the Foreign Exchange Management framework for acquiring immovable property in India: non-resident Indian citizens and persons of Indian origin may acquire property other than agricultural land, plantations and farm houses; foreign companies with an established business presence may acquire property necessary or incidental to that business subject to regulatory conditions; and foreign nationals who qualify as a person resident in India by reason of prolonged stay and demonstrable intention may acquire property, provided intention is evidenced by visa and supporting documents. State authorities must verify eligibility and may review prior registrations for compliance.
October 31, 2008
40 FDI Proposals Approved
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Foreign direct investment approvals: multiple proposals cleared, several deferred or rejected, high-value cases referred for higher consideration.
Forty FDI proposals were approved across ministries for activities including retail, broadcasting, power, telecom, infrastructure and financial services, many involving conversion of operating companies into operating-cum-holding companies to permit downstream investment, issuance of warrants, share allotments and regularisation of equity; seven proposals were deferred and four rejected; two high-value proposals and one previously CC(F)I-approved proposal were referred to CCEA for consideration.
October 24, 2008
External Commercial Borrowings policy reviewed
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External Commercial Borrowings policy relaxed to allow rupee and foreign currency expenditure under the automatic route and broaden eligible uses.
ECB policy now permits specified borrowings under the Automatic Route for rupee and foreign currency expenditure for permissible end uses, removes a prior minimum maturity requirement for large rupee infrastructure capital expenditure within the threshold, and recognises telecom spectrum payments as an eligible end use. Borrowers may hold proceeds offshore in prescribed instruments, with overseas bank affiliates, or remit to rupee accounts pending utilisation, subject to prohibitions on capital market, real estate and inter corporate lending. Authorities have raised and will review all in cost ceilings by maturity band, instituted monitoring of SME unhedged forex exposures, and will operationalise the credit enhancement window.
October 23, 2008
Companies Bill, 2008 Introduced in Lok Sabha
Show AI Summary
Corporate governance reform modernizes company law, strengthening director liability and time bound insolvency procedures.
Companies Bill, 2008 proposes a consolidated legal framework for corporate regulation from incorporation to winding up, reinforcing corporate governance through strengthened shareholders' rights, director duties and liabilities, recognition of Key Managerial Personnel and board committees, mandatory Director Identification Numbers, introduction of One-Person Companies, application of e-Governance, harmonisation with sectoral regulators, mandatory consolidation of group accounts, prohibition of public deposit-raising except by special statute, criminalisation of insider trading by directors and KMP, a graded penalty and adjudication regime, and unified time-bound insolvency, merger and rehabilitation procedures under the National Company Law Tribunal.
October 14, 2008
Scope of service tax cannot be extended by merely issuance of a clarification / circular - Chit Fund is not subject to service tax
Show AI Summary
Scope of service tax cannot be expanded by administrative circular; chit fund activities fall outside taxable services.
In the absence of any statutory definition of cash management or asset management, chit fund activities cannot be treated as falling within banking and financial services for service tax purposes, and the scope of service tax cannot be extended by issuance of a circular; any extension requires specific legislative inclusion rather than importation from the RBI Act or other provisions.
October 10, 2008
Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection
Show AI Summary
Service charge caps for electronic payments and cheque collection set, limiting bank fees and promoting electronic settlement.
Levy and limitation of bank fees for electronic payment products and outstation cheque collection are prescribed, establishing service charge caps and conditions for their application. Inward electronic credits are to be free; outward transfers and outstation cheque collections are subject to capped, all-inclusive charges. Banks may not levy additional courier or out-of-pocket fees, must accept deposits for collection, and are encouraged to use electronic modes and enhanced clearing to expedite settlement. The provisions apply only to transactions within India and exclude large-value cash handling charges.
September 5, 2008
Whether Foreign exchange losses on account of foreign currency translation is notional loss by mere book entries or actual loss as per income tax
Show AI Summary
Foreign currency translation losses treated as deductible when arising from cash call contributions under production-sharing contracts.
Where co-venturer contributions under a production-sharing contract are treated as Cash Call investments rather than loans, foreign currency translation differences arising from translating monetary balances at balance-sheet exchange rates are recognised in profit and loss; clause 3.2 of Appendix C disallowing exchange losses on loans does not apply to cash call contributions, so such translation losses are deductible and translation gains are treated as receipts.
August 30, 2008
The Companies Bill, 2008
Show AI Summary
Corporate governance reform: new framework strengthens director duties, independent directors, investor protections and streamlined insolvency and dispute forums.
The Bill creates a comprehensive corporate law framework covering incorporation through liquidation, emphasizes corporate governance by strengthening shareholder rights, disclosures, independent directors and directors' duties, mandates unique director identification and electronic compliance, introduces One-Person Companies and tighter regimes for not-for-profits, restricts public deposit raising, criminalizes insider trading by directors/KMPs, requires consolidated financial statements and independent valuation, and consolidates insolvency, merger and liquidation adjudication into specialised tribunals with time-bound rehabilitation and enhanced enforcement measures.
August 14, 2008
Overseas Direct Investment by Registered Trust / Society - Relaxation
Show AI Summary
Overseas direct investment by registered trusts and societies permitted in same sector with prior regulatory approval.
Registered trusts and societies that have set up hospitals in India are permitted to make overseas direct investment in the same sector by establishing a Joint Venture or Wholly Owned Subsidiary, subject to the prior approval of the Reserve Bank and the other terms and stratified eligibility criteria specified in the earlier circular; a formal amendment to the Foreign Exchange Management Regulations is awaited to incorporate these relaxations.
July 4, 2008
28 FDI proposals cleared
Show AI Summary
Foreign direct investment approvals authorise varied equity inflows and company status changes while several proposals remain deferred.
Approval of 28 foreign investment proposals across multiple sectors authorizes varied modes of inward investment including equity introductions, majority and minority stakes, establishment of wholly owned subsidiaries, conversions to holding cum operating companies, downstream investments, share transfers and issuance of compulsorily convertible instruments; several approvals invoke compliance with applicable Press Notes, some note no fresh foreign exchange inflow due to internal restructurings, one proposal advised to access the automatic route, and 11 proposals were deferred for further consideration.
July 2, 2008
Corrigendum to Press Note 7 (2008) - Consolidated Policy on Foreign Direct Investment
Show AI Summary
Foreign investment in non-banking finance companies permitted up to full ownership automatically, subject to capitalization norms and RBI compliance
The corrigendum restates that specified Non-Banking Finance Company activities are eligible for up to 100% foreign investment on the automatic route, subject to minimum capitalization norms for fund based and non fund based NBFCs, conditions permitting wholly foreign owned operating subsidiaries when prescribed capital is brought in, subsidiary capital compliance for joint venture NBFCs with limited foreign equity, and adherence to Reserve Bank of India guidelines; minimum capitalization is to consist of ordinary shares and applies where foreign holding (direct and indirect) exceeds the specified thresholds.
June 22, 2008
Clarifications on queries raised by Lending Institutions on Agricultural Debt Waiver and Debt Relief Scheme, 2008
Show AI Summary
Debt relief eligibility: clarifies which agricultural loan components and interest qualify for waiver and reimbursement.
Clarifies computation and scope of the eligible amount under the Agricultural Debt Waiver and Debt Relief Scheme, 2008: interest on accounts classified as NPA after NPA date cannot be claimed or recovered; for non NPA accounts, applicable interest overdue as of December 31, 2007 and unpaid by February 29, 2008 may be included but interest claims shall not exceed principal; certain loan types (short term production credit, investment credit for asset acquisition, specified allied activity loans) are covered subject to ceilings; back ended subsidies, crop insurance payouts and other non qualifying charges must be adjusted or excluded; SHG loans are eligible if borrower wise data can be satisfied; loans disbursed before the cut off are excluded except for restructured loans under specified packages.

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28 FDI proposals cleared

July 4, 2008

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Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 24th June, 2008, Finance Minister, Shri P. Chidambaram has approved 28 Proposals of Foreign Direct Investment amounting approximately to Rs. 1327.7251 Crore.  The proposals relate to Ministries/Departments, namely Chemicals & Petro-chemicals, Industrial Policy & Promotion, Information & Broadcasting, Urban Development, Tourism and Economic Affairs.            

Following is the details of 28 approved proposals:

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (Rs. In crore)

ATOMIC ENERGY

1

M/s Global Energy Mining and Minerals KFT., Hungary

Induction of FDI up to 74% in Mining and Separation of Titanium Bearing Minerals and Ores.

24.05

COMMERCE

2

M/s Giordano Fashions (India) Pvt. Ltd.

To establish a chain of Single brand retail stores.  Press Note 3 of 2006 attracts.

5.09

3

M/s Marks & Spencer Plc.

Induction of 51% FDI for single brand retail trading.  Press Note 3 of 2006 attracts.

.0051

4

M/s Pearle Europe B.V.

Induction of 50% FDI for single brand retail trading.  Press Note 3 of 2006 attracts.

Not indicated

ECONOMIC AFFAIRS

5

M/s Aquamarine Resorts Pvt. Ltd., Mumbai

To acquire the status of foreign owned Indian holding cum operating company to make downstream investment.  Proposal attracts Press Note 1 of 2005.

90.00

6

M/s International Asset Reconstruction Co. Pvt. Ltd., New Delhi

To issue and allot equity shares and compulsorily convertible preference shares up to 19.56% of its post-issue paid-up share capital, on a fully diluted basis.

24.20

7

M/s Onmobile Global Ltd., Bangalore

Acquisition of 100% equity share capital of a foreign company by share swap and cash basis.

No Fresh Inflow

8

M/s Shetruns Hills Pte Ltd., Samoa

Transfer of shares from erstwhile OCB to NRs.

0.66

FINANCIAL SERVICES

9

M/s HSBC Violet Investments (Mauritius), Mauritius

Induction of foreign equity by way of acquisition and open offer of equity shares and conversion of operating company into an operating cum holding company to make further downstream investment.

No Fresh Inflow

HEALTH

10

M/s Midmark Corporation, USA

Induction of FDI up to 49% in a company engaged in the manufacture of SSI reserved items.

1.11

INDUSTRIAL POLICY & PROMOTION

11

M/s Simbiosys Biowares India Pvt. Ltd., Bangalore

Conversion of operating company into holding cum operating company.

No Fresh Inflow

12

M/s Mikuni Corporation, Japan

To establish a WOS to undertake the business of manufacture, assembly and sale etc., of automotive components and other parts and sub-assemblies thereof for the two and three wheeler vehicles.  Proposal attracts Press Note 1 of 2005.

20.00

INFORMATION & BROADCASTING

13

M/s Getit Infoservices Ltd., New Delhi

Issue of equity shares and zero coupon compulsorily convertible preference shares.  The Company is engaged in the publishing of scientific magazines/ specialty journals.

23.00

PETROLEUM

14

M/s ENI UK Holding PLC, UK

Acquisition of shares of a Company engaged in the exploration, development and production of crude oil and natural gas in India.  Proposal attracts Press Note 1 of 2005.

26.11

POWER

15

M/s BBI Power Krishnapatnam Company, Hyderabad

Issue of shares against remittances already received.

No Fresh Inflow

URBAN DEVELOPMENT

16

M/s Apricot Realtors Pvt. Ltd., Chennai

To acquire the status of foreign owned Indian holding cum operating company to and to make downstream investment.

No Fresh Inflow

17

M/s Macquarie India Properties Pty Ltd., Australia

To set up a WOS to carry out investment advisory and financial consultancy services to the real estate investment industry and undertake investment research activities in connection therewith.  Proposal attracts Press Note 1 of 2005.

2.25

18

M/s Eldeco Infrastructure & Properties Ltd., New Delhi

Induction of foreign equity by way of subscribing to and acquisition of equity shares and change in status from operating company into operating cum holding company.

195.67

COMMERCE

19

M/s Esys Information

To include some more trading/ manufacturing activities in existing activities and to do the business on wholesale basis and institutional sales.  To procure some of the items from the Small Scale Industries.

No Fresh Inflow

INDUSTRIAL POLICY PROMOTION

20

M/s Virgo Engineers Ltd.

Transfer of Shares from NRI to NR.  The original investment was not received in foreign exchange since at the time of investment the applicant was resident of India and the shares were issued as bonus shares.

No Fresh Inflow

21

M/s Parryware Roca Pvt. Ltd.

To increase foreign equity from 50% to 100% and conversion from operating company to operating cum holding company to make downstream investment.

741.48

22

M/s Mitsui & Co(I) Pvt. Ltd.

To issue equity shares to square off the Security deposit amount.

11.60

23

M/s G.E. Global Sourcing India Pvt. Ltd.

Conversion of operating company to holding cum operating company to make downstream investment.

No Fresh Inflow

ECONOMIC AFFAIRS

24

M/s A.W. Faber Castell India Pvt. Ltd.

Amalgamation/ merger of companies as approved by the High Court.

No Fresh Inflow

INFORMATION & BROADCASTIN

25

M/s Macmillian India Ltd.

Publication of specialty magazine.

No Fresh Inflow

26

M/s Multiscreen Media Pvt. Ltd.

Issue of equity shares to resident and NR.  The 100% FDI is permissible through FIPB.

158.39

ECONOMIC AFFAIRS

27

M/s ITP Publishing India Pvt. Ltd., Mumbai

Induction of foreign equity up to 100% in a company engaged in the activities of publishing of specialty magazines

4.10

COMMERCE

28

M/s Mokshayug Access (India) Pvt. Ltd., Bangalore

Conversion of operating company into operating cum holding company to make downstream investment and to establish a WOS.

0.01

2.         The proposal of M/s R.E.D. Graniti SPA has been advised to access auto route.

3.         The following 11 (eleven) proposals have been deferred:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Interglobe Enterprises Ltd., New Delhi

To set up a new JV to undertake the operation and management of one or more duty free shops.

2

M/s Asia Motorworks Holdings Ltd., Mumbai

Induction of foreign equity by way of subscribing to fully and compulsorily convertible debentures and conversion of operating company into an operating cum holding company.

3

M/s Perfect Circle India Ltd., Maharashtra

Induction of FDI up to 51% in a company engaged in manufacture of internal combustion piston engines and other parts and accessories.  Proposal attracts Press Note 1 of 2005.

4

M/s Russell Square Holding B.V. Neetherland

To setup a JV to undertake the business of Advertising.  Proposal attracts Press Note 1 of 2005.

5

M/s Mediacom Worldwide Incorporated, USA

Setting up of a JV.

6

M/s Amar Ujala Publications Ltd.

Amalgamation of two companies consequent upon the order of Hon'ble High court and induction of fresh FDI

7

M/s Transcend Infrastructure Ltd.

Increase in FDI beyond 49% in building towers, acquiring towers or securing management rights of towers for the purpose of leasing or licensing the shares use of these towers to communications and broadcasting.

8

M/s RISH PTE Ltd., Cock Islands

Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval.

9

M/s RISH PTE Ltd., Cock Islands

Post-facto approval for the FDI already brought in under automatic route, which otherwise requires FIPB approval.

10

M/s JSW Infrastructure Ltd., Mumbai

Ex-post-facto approval for having undertaken the activity of holding company.

11

M/s Broadband Pacenet (India) Pvt. Ltd., Mumbai

Induction of foreign equity  by way of subscribing to or acquisition of shares up to 74% equity of the company

 

BSC/SS/DN-171/08

 

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