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India's forex reserves soar to $312.9 billion
Report dated 14/06/2011 @ 2:09 AM
For the third consecutive week, India's foreign exchange reserves soared by $2.69 billion to $312.90 billion for the week ended June 3, on the back of an increase in the value of gold reserves and foreign currency assets.
India may open up retail sector to foreign investors
Report dated 12/06/2011 @ 4:42 PM
India may open up the multi-brand retail sector to foreign investors, and permit foreign direct investment upto 51 percent. It is stipulated that at least half the funds will be invested in infrastructure projects.
Kaushik Basu an inter-ministerial group head recommended allowing foreign direct investment multi-brand retail in order to tame inflation and cut farm gate and retail price differences.
India currently allows 51% FDI in single-brand retail and 100% in wholesale cash-and-carry operations.
Global retailers such as Wal-Mart, Carrefour, Tesco and Metro AG have long sought greater access to the retail sector, that is dominated by mom-and-pop operators.
The proposal is apparently to be submitted to the cabinet shortly for formal approval.
That having been said, Trade Minister A Sharma however, indicated that the government is still some distance away from this politically sensitive reform initiative.
Infosys buys New Zealand's Gen-1's software solutions
Report dated 09/06/2011 @ 4:45 PM
India's second largest software services exporter announced that its Australia and New Zealand unit has acquired New Zealand's Gen-i for an undisclosed sum.
Gen-i is the corporate information communication technology arm of Telecom New Zealand.
Infosys will take over 110 employees and contractors from Gen-i and will add 15-30 new hires immediately. The partnership has significant potential to grow New Zealand based tech jobs.
Several Indian technology players including Tata Consultancy Services and Wipro have been looking for overseas acquisitions to boost growth amid growing competition from global rivals.
Not necessary to file tax returns on income up to Rs.500,000
Report dated 08/06/2011 @ 5:09 PM
The Central Board of Direct Taxes specified that it will shortly notify people that it is not necessary to file income tax returns for salaried persons whose annual taxable income including salary and interest is up to Rs.5 lakhs. The new rules will be applicable from assessment year 2011-12 onwards.
This rule however will not cover income from other sources such as house property, capital gains and gains from profession and business.
Should a salaried person want exemption from filing IT returns, he must disclose his incomes such as dividends and interest to his employer for tax deduction.
The idea behind the ruling is that in cases where there are no other sources of income, filing of a return is a duplication of existing information.
India will be 3rd largest domestic banking market by 2050
Report dated 06/06/2011 @ 5:36 PM
According to a report from Pricewaterhouse Coopers, total credit in the E7 economies (China, India, Brazil, Russia, Mexico, Indonesia and Turkey), is likely to overtake total domestic credit in the G7 economies within the next 40 years.
Of the E7 economies, India is likely to be the fastest growing. China's growth will likely slow down due to its rapidly aging population - due in large part to its one child policy - and diminishing returns to its investment-led strategy. In contact, India and other emerging economies have much younger populations and faster-growing labour forces.
In the next few decades E7 banks will also become major competitors in the global 'war for talent'. A possibility also exists that some major E7 banks may come under foreign ownership.