Direct Tax
India to apply 5% withholding tax to offshore rupee bonds
India
will apply a 5 percent withholding tax to offshore rupee bonds for
foreign investors, in line with the rate applied to domestic debt, Manoj
Joshi, joint secretary at the country's finance ministry, told
reporters on Tuesday.
The clarification comes amid some confusion about whether the
withholding tax also applied to offshore debt. India had cut the tax for
debt investments to the current rate from 20 percent in 2013, which
will remain in effect until July 2017. [….] Read more at:
SEBI
SEBI plans to use e-KYC for mutual fund products: Sinha
The
Nandan Nilekani panel, appointed by SEBI to look into the regulation of
online product distribution, has already met thrice and is likely to
come out with its recommendations in the next couple of months according
to U.K Sinha, Chairman SEBI.Speaking at the sidelines of the capital
market conference of FICCI in Mumbai on Tuesday,
Sinha said that SEBI plans tol use the electronic–know your client
(e-KYC) services offered by the Unique Identification Authority of India
[….] Read more at:
Sebi may soon make biz responsibility reports must for top 500 firms
To
ensure better compliance with corporate governance norms, Sebi may
expand list of companies required to submit annual 'business
responsibility report' to the market regulator, to the country's top 500
corporates. Presently, the business responsibility reports (BRs) are
mandatory for top 100-listed entities based on market capitalisation at
BSE and NSE. "As part of corporate governance efforts we are now looking
at expanding this universe say from top 100 to top 500 companies to
submit [….] Read more at:
Sebi orders two cos to refund investors' money
Capital
markets regulator Sebi has asked two companies -- Weird Industries Ltd
(WIL) and Falkon Industries India Ltd (FIIL) -- as well as their
directors to refund the money they had illegally raised from the
investors. Besides, the Securities and Exchange Board of India (Sebi)
has barred the firms and their directors from the capital markets for
four years. A Sebi probe found that WIL had mobilised Rs 3.45 crore by
issuing redeemable preference shares to 2,053 persons in 2008-09 and
2009-10. Add [….] Read more at:
Sebi cautions investors against Sumangal Industries' schemes
Having
slapped orders against Sumangal Industries for running illicit
money-pooling schemes, markets regulator Sebi today cautioned general
public against any collective investment schemes run by the company and
entities associated with it. In a 'caution notice' issued today, Sebi
said that it had passed an order in July 2013 against Sumangal
Industries, wherein, the firm, its promoters/directors were directed to
wind up the existing Collective Investment Schemes (CIS) and refund the
money [….] Read more at:
RBI
Short-term corp bonds: RBI hints at re-looking at ban on FIIs
RBI Deputy Governor H R Khan on Tuesday
said the central bank could "take a bit of a chance" by allowing
foreign investors to buy corporate debt of under-three-year residual
maturity as its works towards deepening the nascent corporate debt
market."The present curb is only on residual majority (of short term
corporate bonds) and we will look at whether some of the areas we can
see because corporate debt is slightly different from G-secs, so we can
take a little bit of chance and see which are [….] Read more at:
Economy & News
India's World Bank ranking on 'ease of business' will improve further: Arun Jaitley
Buoyed
by the jump of 12 spots in the World Bank's Doing Business report,
India is confident of breaking into the top 100 next year and the top 50
within three years. Government has reasoned that much of the reforms
that were introduced this year have not been counted in this year's
ranking and more are on the way, which will reflect positively in 2017
rankings. Finance Minister Arun Jaitley also said that the improvement
in India's ranking on the World Bank's 'Ease of doing [….] Read more
at:
Government may set up special regulator to look into bankruptcy cases, new code tilts in favour of creditors
The
government is considering setting up a special regulator to look into
bankruptcy cases and may make it mandatory to take a call on whether to
liquidate a company or not within 180 days, a person close to the
development said. The government is working on a new bankruptcy code
based on recommendations given by the TK Vishwanathan committee, which
submitted its final report to the government about ten days ago, that
would tilt the balance in favour of creditors, the person said. [….]
Read more at:
Changes happening in India but at slow pace: NAM
Policy
changes and economic reforms are happening in India but at slow pace, a
top American manufacturing body said today on the eve of the US India
Trade Policy Forum meeting here. "Since his election over a year and
half ago, Prime Minister Narendra Modi has stated his goal to boost
India's economic growth and jobs by opening India to business and
growing its participation in the global economy. But change has been
slow in most areas," National Association of Manufacturers Vice Presid
[….] Read more at:
India mulls providing easy credit to developing nations
India
is considering providing easy credit facilities to developing
countries, particularly in Africa, Commerce Minister Nirmala Sitharaman
has said. The Minister has also asked the African countries to leverage
'Duty Free Tariff Preferences' (DFTP) offered by India. Highlighting
that under DFTP scheme India provides duty free market access on over 95
per cent of tariff lines to least developed countries, Sitharaman said
businesses in India and Africa could leverage the benefits offered by
the DFTP while [….] Read more at:
Initiatives like Housing for all boost India's business ranking: M Venkaiah Naidu
The
Centre has decided to streamline approvals for construction projects in
urban areas to enable time-bound and hassle-free clearances for
projects, in what could be a major relief for builders who have been
complaining of delays in approvals for housing projects. The government
will issue a notification to this effect by the end of November,
officials said. The decision was taken on Wednesday at a high-level meeting that was convened by M Venkaiah Naidu, minister for urban development [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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