At a meeting with the central bank, bankers opposed the entry of new banks, as there were enough players already. Newer entrants would only increase "unnecessary" competition and deplete their margins, top bankers told central bank officials.
The long-pending issue of seizure of Indian generic drugs by European Union countries has been resolved, with the EU accepting India's position and agreeing to amend the rules to plug the loopholes that led to the seizure of shipments.
A recent decision of the high court in Chennai on the levy of service tax on software sale has made the Union finance ministry hopeful of a similar verdict in the case of copyright services.
The empowered committee of state finance ministers has approved the position paper of the Centre on the information technology network for the proposed indirect tax regime.
Banks are putting up stiff resistance to Reserve Bank of India's move to deregulate the interest rate on savings bank accounts -- the last bastion of administered rates. Banks benefit from low-cost savings deposits.
Customers can meet in the Sapphire conference room, put away their valuables in the Topaz locker room and freshen up in the Opal dressing room.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs).
The appointment of a deputy governor to the country's central bank has always been surrounded by controversy. And this time is no exception. One of the Reserve Bank of India executive directors, C Krishnan, who was called to an interview for the post, has declined to appear before the search committee. The interview was scheduled for September 9.
According to RBI sources, the government -- which appoints deputy governors -- is of the view that it will do away with the practice of reappointment to important posts like chairman of the Securities and Exchange Board of India, RBI, National Bank for Agriculture and Rural Development.
In a counter affidavit filed in the court, the department has said that temporary transfer of rights to copy in a limited manner will be chargeable to service tax.
With a rising proportion of Non-Performing Assets in education loans, banks have approached the government, seeking protection in the form of a credit guarantee fund of at least Rs 2,500 crore.
The ministry has told the government banks to put the system in place by March 2011.
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
Says banks strong enough to tackle the problem on their own
But contentious areas like special economic zones, capital gains and Ulips may see changes
Finance Minister Pranab Mukherjee had asked officials in his ministry to finalise the draft by August 20 so that it could be in Parliament before the session concluded on August 27, said a finance ministry official.
The government has proposed a new regulatory architecture for large financial institutions, by establishing "a college of supervisors" comprising representatives from various regulatory agencies.
As the first quarter review of the credit policy approaches, voices from the market are getting louder by the day that 'baby steps' may not be sufficient to fight rising prices.
The changes to the original draft of the Direct Taxes Code are going to cost taxpayers, with the government planning to significantly alter the slabs.
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