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    December 23, 2008
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    December 16, 2008
    Economic Recession
    December 13, 2008
    Bail-Out Package to small and Medium Industries
    December 7, 2008
    While announcing the Measures for stimulating the Economy, central government failed to do justice with the Service Providers
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    December 23, 2008
    Effects of global recession
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    Foreign acquisition of immovable property: authorities must verify residency, visa eligibility before registering transfers.
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    40 FDI Proposals Approved
    Show AI Summary
    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.
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    External Commercial Borrowings policy reviewed
    Show AI Summary
    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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      FEMA & RBI

      40 FDI Proposals Approved

      October 31, 2008

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      Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 24th October, 2008, Finance Minister, Shri P. Chidambaram has approved 40 Proposals of Foreign Direct Investment amounting to Rs. 1498.51 Crore approximately.  The proposals relate to Ministries/Departments, namely, Commerce, Economic Affairs, Industrial Policy & Promotion, Information & Broadcasting, Power, Urban Development, Information Technology, Telecommunication, Financial Services and Road Transport & Highways. 

      Details of the proposals approved are as follows:                                                                                                                                          

      Sl. No.

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      COMMERCE

      1

      M/s Sherwin-Williams Company, USA

      To invest in the Indian subsidiary to enable the conducting of test marketing and to set up retail stores for carrying out the contemplated test marketing activities.

      2.40

      2

      M/s S. Oliver Bernd Freler Gmbh & Co.

      To acquire 50% equity for retail trading under single brand.

      US$

      5 Million

       (Rs.24.90 Crore)

      ECONOMIC AFFAIRS

      3

      M/s ILFS-ORIX Trust Company Ltd., Mumbai

      To make investment from the Foreign Offshore Fund into the Trust and to issue units in the Trust to the offshore fund.

      400.00

      4

      M/s Pegasus Assets Reconstruction Pvt. Ltd., Mumbai

      To subscribe to equity shares at a price higher than the price determined as per the pricing guidelines issued by the RBI.

      51.66

      5

      M/s Alied Digital Service Ltd., Mumbai

      Transfer of shares by way share swap.

      No Fresh Inflow

      6

      M/s INX News Pvt. Ltd., Noida

      (i) To issue equity shares for making downstream investment to the extent of 26% of the issued and outstanding equity share in the equity share capital of the applicant company, and (ii) Indirect foreign investment to the extent of approximately 12.01% of its equity capital, from and out of the above 26% equity holding.

      26.00

      7

      M/s Ashoka Buildcon Ltd., Nasik

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

      8.10

      8

      M/s Spicejet Ltd, Gurgaon

      Issuance of warrants having option to convert into equivalent number of equity shares on preferential basis in one or more trenches for providing domestic airline service in India.

      60.59

      9

      M/s Athena Project Private Ltd., New Delhi

      Transfer of shares from Indian entity to NR.

      71.25

      10

      M/s Croupier Prive Mauritius

      To make investment in commodity exchanges.

      47.57

      11

      M/s Etisalat Software Solutions Pvt. Ltd., Bangalore

      Regularization of allotment of shares at a premium against the pre-incorporation expenses.

      0.92

      12

      M/s Mahindra Holidays & Resorts India Ltd., Chennai

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

      12.37

      13

      M/s Almondz Global Securities Ltd., New Delhi

      Post-facto approval for foreign equity participation by way of subscribing to fully convertible warrants convertible into equity shares.

      8.53

      14

      M/s Forum Ventures Pvt. Ltd., Kolkata

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

      99.97

      15

      M/s Louis Vuitton Malletier

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

      150.00

      INDUSTRIAL POLICY & PROMOTION

      16

      M/s Kaal Flex Pvt. Ltd.

      To issue equity shares at a premium against the payment made for installation of plant and machinery and providing technical training.

      No Fresh Inflow

      17

      M/s Armet Armored Vehicles (India) Ltd., Kanpur

      To set up a JV company to manufacture bodies (including Cabs) designed to be mounted on motor vehicles chassis for special purpose motor lorries, armoured cars etc.

      2.55

      INFORMATION & BROADCASTING

      18

      M/s Star CJ Network India Pvt. Ltd., Mumbai

      To invest up to 100% to undertake the creation of television channels for the purpose of broadcasting and for distribution through media platforms.

      0.01

      POWER

      19

      M/s ISNI Electric Power Company Pvt. Ltd., USA

      To issue and allot equity shares in consideration for Pre-incorporation expenses in power generation sector.

      0.69

      URBAN DEVELOPMENT

      20

      M/s U. DORI Engineering Works Corporation Ltd., Hyderabad

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

      125.00

      ECONOMIC AFFAIRS

      21

      M/s Marks & Spencer Plc

      Conversion of operating company into an operating cum holding company.

      No Fresh Inflow

      22

      M/s ABB Holdings (South Asia) Ltd.

      Merger and allotment of shares pursuant to the orders passed by the Hon'ble High Court of Karnataka.

      No Fresh Inflow

      23

      M/s SCI COM Technologies Pvt. Ltd.

      To relax one of the conditions imposed in the approval letter, which requires the completion of the closure of Branch before allotting equity shares in discharge of consideration.

      No Fresh Inflow

      24

      M/s Maanaveeya Holdings & Investments Pvt. Ltd.

      (i) Removal of the one of the clause of the approval letter, and (ii) conversion of Redeemable Non Convertible Preference Shares into equity.

      No Fresh Inflow

      INDUSTRIAL POLICY & PROMOTION

      25

      M/s Philips Electronics India Ltd.

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

      No Fresh Inflow

      26

      M/s Yamaha Motor India Pvt. Ltd.

      Transfer of business operations and FC approval without transfer of equity.

      No Fresh Inflow

      27

      M/s Barings India Ltd. (now known as Macquarie Capital Advisers (India) Pvt. Ltd.

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

      No Fresh Inflow

      INFORMATON & BROADCASTING

      28

      M/s Asianet Communications Ltd.

      De-merger and transfer of shares by way of share swap.

      No Fresh Inflow

      INFORMATION & TECHNOLOGY

      29

      M/s Balaji Telefilms Ltd.

      Ex-post facto approval for conversion of operating company into an operating cum holding company to make downstream investment.

      No Fresh Inflow

      30

      M/s Geomysore Services (India) Pvt. Ltd.

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

      No Fresh Inflow

       

      TELECOMMUNICATION

      31

      M/s United Villages Networks Pvt. Ltd.

      Deletion of one of the clause from the approval letter as the activity undertaken by the company is not categorized in that category.

      No Fresh Inflow

      COMMERCE

      32

      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.

      0.51

      33

      M/s Mcleod Russel India Ltd., Kolkata

      To increase in the limit of total holdings ;of all FIIs/sub-accounts of FIIs, put together, from 24% of the paid up (i) capital of the company to 40% of the paid up capital of the company; and (ii) value of respective series of convertible debentures of the company to 40% of the paid up value of the respective series of convertible debentures of the company.  The company is engaged in growing, manufacturing and selling of bulk tea. 

      No Fresh Inflow

      ECONOMIC AFFAIRS

      34

      M/s Tutorvista Global Pvt. Ltd., Chennai

      Ex-post facto approval for conversion of operating company into an operating cum holding company.

      No Fresh Inflow

      35

      M/s Adani Power Ltd., Ahmedabad

      Post-Facto approval for conversion of operating company into an operating cum holding company to make downstream investment.

      29.69

      FINANCIAL SERVICES

      36

      M/s. Asset Reconstruction Co. (India) Ltd.

      Induction of a new foreign collaborator and increase in the foreign equity participation from 5% to 14.66% in the Asset Reconstruction.

      272.86

      INFORMATION & BROADCASTING

      37

      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.

      0.80

      38

      M/s Amar Ujala Publications Ltd.

      Amalgamation of two companies consequent upon the order of Hon'ble High court.

      No Fresh Inflow

       

      ROAD TRANSPORT & HIGHWAYS

      39

      M/s Meka Infrastructure Pvt. Ltd., Mumbai

      Conversion from operating company to operating cum holding company to make downstream Investment.

      10.00

      TELECOMMUNICATION

      40

      M/s Essel Shyam Communication Ltd., Noida

      To acquire equity shares and issue of warrants to subscribe to compulsory convertible preference share.

      92.14

                  The following 7 (Seven) proposals have been recommended to be deferred:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s Gallagher Mautitius Holdings, Mauritius

      Transfer of shares by way of share swap in IT sector.

      2

      M/s World Space (I) Pvt. Ltd.

      To provide/undertake the activities of web based services.

      3

      M/s ZF Friendrichsafen AG, Germany

      To set up a new Joint Venture Company for manufacturing and marketing of rubber and rubber-to-metal parts for automotive industry, agriculture and construction machinery, railway and construction application.  The proposal attracts Press Note 1 of 2005.

      4

      M/s G4S Corporate Services India Pvt. Ltd., Gurgaon

      Conversion of existing status of operating company into foreign owned Indian Holding Company to make downstream investment.

      5

      M/s QuEST Manufacturing Pvt. Ltd., Bangalore

      Conversion from operating company to operating cum holding company to make downstream Investment.

      6

      M/s Delight Investments Pte Ltd., Singapore

      Induction of foreign equity in two Indian companies and to convert their status from operating company into operating -cum-holding company  for making further downstream investments

      7

      M/s JT International Mauritius Pvt. Ltd

      To increase in foreign shareholding from 50% to 74%.

       

                  The following 4 (Four) proposals have been rejected:

      Sl. No

      Name of the applicant

      Particulars of the proposal

      1

      M/s Keppel Puravankara Development Pvt. Ltd., (KDPL), Bangalore

      To sell a part of unused land out of the total plot which was initially acquired to undertake a construction/housing project.

      2

      M/s RISH PTE Ltd., Cook Islands

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

      3

      M/s RISH PTE Ltd., Cook Islands

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

      4

      M/s Geld Consultancy Services Pvt. Ltd., Mumbai

      To set up JV to carry out the activities of Global Positioning System Hardware & Software and services and related equipment fields.

                  The following 2(Two) proposals have been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs. 600.00 Crore.       

      Sl. No

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs.In Crore)

      1

      M/s TPG India Investments I, Inc., Mauritius

      (i) Issuance of warrants, and (ii) Conversion of operating company into an operating cum holding company to make downstream investment to carry out the activities of Investment holding company.

      805.61

      2

      M/s Suzlon Energy Ltd., Ahmedabad

      Conversion of operating company into an operating cum holding company to make downstream investment to carry out activities of production and manufacture of wind turbine generators and generating sets.

      1800.00

                  1(One) proposal has been recommended for the consideration of CCEA, as the initial approval was granted by CCFI (now CCEA).

      Sl. No

      Name of the applicant

      Particulars of the proposal

      FDI/NRI inflows (Rs. In Crore)

      1

      M/s Pepsico India Holdings Pvt. Ltd.

      To increase the approved equity from US$ 405 Million to US$ 455 Million and also to delete a condition in the approval letter.  The initial proposal was approved by FIPB/CCFI.

      US$ 50 Million (Rs.249.05 Crore)

      BSC/SS/GN-283/08

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