The finance ministry has opposed the proposed airport at Greater Noida, and has instead favoured upgrading infrastructure at Delhi airport, which it says makes more economic sense. This has come as a shot in the arm for the GMR group, the private sector developer of Delhi airport, which has been opposing another airport so close to the existing one.
The Sixth Pay Commission is likely to significantly raise basic salaries for an estimated 4.5 million central government employees. The recommendations are expected to be submitted in January, a few months ahead of schedule, and the award is likely to come into effect from January 2006.
Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns. Since then, the number of tax-payers has been increasing and so is the compliance level. In 2004-05, the compliance rose to 78.2 per cent on a tax-payer base of 29.21 million. In 2005-06, this rose to 82.1 per cent on a base of 29.63 million. In 2006-07, this has risen to a new high of 85.3 per cent on a base of 29.79 mn.
Officers of the elite Indian Administrative Service (IAS) want their pay scales to be determined on the basis of prevailing market rates. However, they are not ready to give up the substantial perks they enjoy, like palatial bungalows in city centres, number of attendants, guards, drivers and other assorted facilities.
The sixth central Pay Commission is examining the feasibility of introducing performance-linked salaries for government employees. The commission has constituted a study group headed by Indian Institute of Management, Ahmedabad Professor Biju Varkkey to develop a model on these lines.The study group has submitted interim reports and is expected to send its final report soon.
The high level of capital inflows has forced the government to put fresh restrictions on ECBs. In August this year, the Reserve Bank of India tightened ECB rules by limiting the use of foreign loans in India at $20 million per company.
The two groups have another JV, Wadia BSN, set up in 1996 to launch Groupe Danone's products from its global portfolio. However, nothing has been launched through the JV till date and Danone is in negotiations with the Wadias to dissolve the JV.
ICICI Lombard has bagged a contract from the railways to provide personal accident cover at a premium of just 4.75 paise per passenger. The personal accident cover is for a year starting from September 20, 2007.
TDS collections stood at around Rs 37,500 crore (Rs 375 billion) during April-August, about 50 per cent of the gross direct tax collections of Rs 75,244 crore (Rs 752.44 billion).
South India relatively insulated from the increase in prices.
The move would retain the public sector character of these banks, as the holding company will be wholly owned by the government, finance ministry officials said. This company, in turn, will own a majority stake in the banks.
The Reserve Bank of India is in favour of a cautious and gradual approach to financial sector reforms rather than a big-bang approach, as advocated by the Percy Mistry Committee report on making Mumbai an international financial centre.
If the valuation norms are not announced by then, the due date for paying advance fringe benefit tax (FBT) on ESOPs is likely to be extended beyond September 15.
The ordinance will raise the eligibility limit of bonus payments to those who earn Rs 10,000 a month as basic salary and dearness allowance, from the earlier cut-off of Rs 6,000 a month.
Anticipating elections, the United Progressive Alliance government plans to introduce an ordinance to relax the rules on the payment of bonus by the private sector and the Central government ahead of the festival season.
The guidelines on the valuation of employees' stock option plans (ESOPs) for calculating fringe benefit tax (FBT) will be issued by September 8.
A survey by market research firm IIMS Dataworks shows that Indian consumers rarely distinguish between banks in their decisions to opt for the one over the other. They go for the bank that comes their way, for one reason or the other.
Insurer divides country into three zones with varying premiums.
The finance ministry had strongly opposed the hike announced by the commerce ministry.
In order to expedite the implementation of the Parekh Committee's recommendations on infrastructure financing, the finance ministry has decided to pursue a few key issues instead of taking up the whole report.
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