25th May 2009

Misc. - Indirect Tax
DLF can denotify SEZs if duty benefits refunded: export council
Chandigarh : The Export Promotion Council for EOUs and SEZs on Friday said cash-starved realty major DLF should be allowed to denotify its special economic zones if the developer is willing to refund the duty-free benefits claimed, even as the government would take the final call on the matter on June 2.
EPF AND MISC PROVISIONS ACT, 1952
PF withdrawal claims surge to over 1 crore
Delhi : Provident fund withdrawal claims have soared to 1.01 crore (10.1 million) in 2008-09, but the spurt is not entirely becaues of job losses on account of recession which marked the just concluded fiscal.
RBI
RBI Governor predicts revival by year-end
Maharashtra : RBI Governor predicts revival by year-endSuch recovery can sustain only if the govt returns to fiscal discipline, says RBI Governor Subbarao. World’s top tax havens India better placed to tide over crisis Excerpt from: RBI Governor predicts revival by year-end
Heavy govt borrowing preventing rate cut: RBI
Maharashtra : The new finance minister will have a difficult time convincing the Reserve Bank (RBI) to expand the fiscal deficit to spur spending in the economy. RBI governor D Subbarao said at a financial management seminar on Friday that the heavy borrowing programme of the government has reduced the space for keeping interest rates low in the economy
IRDA
Bancassurance: IRDA panel to look at norms
Delhi : Banks might get to tie up with multiple insurance companies to distribute their products if a panel set up by the industry regulator comes to a consensus on the issue. Following requests from various life and general insurance companies asking Insurance Regulatory and Development Authority (IRDA) to allow banks to have distribution relationships with multiple insurers, the regulator has formed a seven-member committee to look into the matter
Misc. Corporate Laws & Other Commercial Policies
Commerce ministry moots lifting agri-export ban
Delhi : Ahead of a new minister taking charge, commerce ministry officials have recommended removing the export ban on all agricultural commodities because surplus production has kept domestic prices under check.
Govt to consider deregulating fuel prices: Deora
Delhi : The government will consider deregulating petrol and diesel prices, as also increasing rates of natural gas sold by state firms, said Murli Deora, who is likely to start a second term as petroleum minister. Also Read Related Stories News Now - ONGC seeks to retain Cambay basin block - Cairn India to sell Rajasthan crude at discount - ONGC to pay Rs 852 cr for subsidising petrol, diesel in Jan-Mar - ONGC to float new tender for cancelled rig contract - Top 10 cos lost Rs 2,600 cr last week - Royalty burden weighs on ONGC Also Read Related Stories News Now - Volatile Sensex ends up 150pts; Sterlite slips 4% - Now, a course in screenplay writing - LTTE claims Prabhakaran is alive - PM calls meeting of Union Cabinet - Mayawati government transfers 13 IAS officers - FIIs net sell Rs 639cr in F&O on Friday More Separate draft Cabinet notes are ready for giving public sector Indian Oil, Bharat Petroleum and Hindustan Petroleum freedom to fix petrol and diesel prices when crude oil prices are below $75 a barrel and raising rates of natural gas produced by Oil and Natural Gas Corp (ONGC) and Oil India Ltd from nominated fields.
Relief package for shipping likely
Delhi : After handing out sops to exporters, real estate and auto companies to tide over the global economic downturn, the Centre may provide a similar relief package to the domestic shipping industry. “We know that the shipping industry in the country is facing difficulties. We are actively considering a package of Rs 10,000 crore to help the industry. The government will also take note of other concerns of the industry,” said CBS Venkataramana, joint director general of shipping on Friday
Mumbai SEZ moves HC for fast acquisition
Maharashtra : Mukesh Ambani-promoted Mumbai SEZ, coming up in the neighbouring Raigad district, on Tuesday moved the Bombay High Court seeking speedy completion of the land acquisition process by the district administration.
FDA-approved inspectors plan short-notice audit of trials
Delhi : Drug Controller General of India (DCGI) is planning random audit of clinical trial sites across the country on a regular basis by thisJune and will suspend any human experiment if the research organisation is found violating the guidelines. The move comes in the wake of successful audits over the last few months that enabled the drug regulator to efficiently monitor the human trials, a health ministry official said.
New govt to start with national rural policy
Delhi : In a first, the new government will come out with a comprehensive national rural policy to shore up the rural economy and take its growth rate closer to the urban areas’.
Treat domestic work as deemed exports: HYSEA
Andhra Pradesh : The Hyderabad Software Exporters’ Association (HYSEA) has asked the new Government at the Centre to treat all domestic IT work as ‘deemed exports’ and extend the benefits of STPI scheme further in order to help the industry cope with the slowdown
INTERNATIONAL BUSINESS
Under BofA, Merrill faces uncertain future in Asia
A revolving door of senior executives, an exodus of top talent, and a sluggish integration with Bank of America are taking their toll on the Merrill Lynch franchise in Asia.
MERGER & ACQUISITION
Healthcare sees most M&A deals
Delhi : Healthcare sector has emerged as the second most targeted sector after the finance sector in the global merger and acquisition (M&A) deal tally so far this year
DEPARTMENT OF COMPANY AFFAIRS
E-stamps to simplify doing business in India
Delhi : The ministry of corporate affairs (MCA) is planning to introduce e-stamps in lieu of the current stamp paper. Once implemented it will become simpler for companies to pay the stamp duty electronically, leading them to save on time and effort of going to the concerned office of the state government to buy stamps