European leaders were scheduled to discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut an estimated €1 trillion a year that the EU is losing to tax evasion or avoidance.
In a big new round of reforms, the government is likely to announce a slew of measures to boost foreign fund flows into India and pep up a falling rupee.
Gaurav Choudhury reports.
Doors open wider
The rupee on Tuesday fell 30 paise to 55.41 against the US dollar, due to sustained dollar demand from importers and weak local equities. This would make hotel stay, air tickets and visa charges costlier.
HT reports.
If the finance ministry has its way, a new pricing policy for petrol and diesel will soon be put into place that will benefit consumers by bringing down the price of the two fuels by anywhere between Rs. 1- 2 a litre each. Anupama Airy reports.
US Ambassador Nancy Powell’s comment on Bengal was both critical as well as flattering. She said even though West Bengal was not the first place that came to mind when thinking of business and national economy, the state had its own importance.
Notwithstanding steps announced by India and China to reduce their trade deficit during premier Li Keqiang's ongoing visit, Chinese analysts believe the imbalance is likely to keep growing in the short term due to structural problems.
China is India's largest trading partner, with two-way commerce totalling $66.5 billion last year. But trade is skewed significantly in China's favour with the deficit totalling $29 billion in 2012, according to Chinese figures.
India will take more steps if necessary to curb gold imports, finance minister P Chidambaram said on Monday. The country’s overseas purchases of gold and silver shot up 138% in April.
In an underground mall just a stone’s throw from China’s teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub.
India’s largest exploration company, Oil and Natural Gas Corporation (ONGC), is in the process of selling stakes of some deep-water blocks to global energy giant Royal Dutch Shell. ONGC owns 56 deep-water blocks at present.
Aimed at widening its revenue base from indirect tax collections, the finance ministry has implemented an amnesty scheme for service tax defaulters to pay their dues without any penalty.
Income Tax department has slapped a fresh Rs. 577-crore tax demand notice on Infosys for 2009-10 assessment year, adding to the tax woes of India's second largest IT firm.
India remains opposed to the European Union’s emission norms for airlines even as European Commission said it may fine Air India and Jet Airways for not sharing emission data. A senior aviation ministry official said that the matter will be taken-up with the commission.
With an assistance of €1 billion from Germany, India will develop green corridors fto link power generated from renewable sources like wind and solar energy into the national grid.
State-owned oil companies have deferred a decision on the revision in petrol prices to end of this month.