Global News Post: Finance

India Rules Out Introduction of Islamic Banking

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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">KOCHI (INDIA) (NNN-PTI) -- Reserve Bank of <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> Governor
D Subbarao on Thursday ruled out introduction of Islamic banking in the country
but said other methods for channelising funds based on the principles of
Islamic law can be looked at.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">"Islamic banking is not possible", he said, adding
the central bank could look at other vehicles based on Islamic banking
principles to channelise NRI funds.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">Replying to a question on the issue, Subbarao said: "There
are some legal problems. We have studied the issue. We appreciate the
objectives behind the request. But there are some legal problems. It can be got
around not through banking, but other vehicles".<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">He said that introduction of such banking was not possible in
the absence of a separate law for Islamic banking.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">The RBI chief further said the state Chief Minister Oommen
Chandy had told him that there were several NRIs in the southern Indian state
of Kerala who wanted to contribute to the development of the state and that
there should be a mechanism for channelising their funds.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">To questions on inflation, Subbarao said: "I will talk
about inflation later. I will only say that our next mid quarter monetary
policy review is on December 18. Last policy review was on October 30".<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Trebuchet MS"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS";">In view of the high inflation, the Reserve Bank in its last
policy review refrained from reducing interest rates, though it did cut the
Cash Reserve Ratio (CRR) by 0.25 per cent, releasing Rs 17,500 crore of primary
liquidity into the system. -- NNN-PTI<o:p></o:p></span></div>
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India Rules Out Introduction of Islamic Banking

KOCHI (INDIA) (NNN-PTI) -- Reserve Bank of India Governor D Subbarao on Thursday ruled out introduction of Islamic banking in the coun...

INDIA: Anand Sharma invites Canadian Pension Funds to invest in Indian Infrastructure projects

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<i><span style="font-family: "Trebuchet MS"; font-size: 10pt;">The Minister of International Trade and Asia-Pacific Gateway,<o:p></o:p></span></i></div>
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<st1:place w:st="on"><st1:country-region w:st="on"><i><span style="font-family: "Trebuchet MS"; font-size: 10pt;">Canada</span></i></st1:country-region></st1:place><i><span style="font-family: "Trebuchet MS"; font-size: 10pt;">,   Ed Fast meeting the Union Minister for<o:p></o:p></span></i></div>
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<i><span style="font-family: "Trebuchet MS"; font-size: 10pt;">Commerce & Industry and Textiles, <o:p></o:p></span></i></div>
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<i><span style="font-family: "Trebuchet MS"; font-size: 10pt;">Anand Sharma, in <st1:place w:st="on"><st1:city w:st="on">New Delhi</st1:city></st1:place> on November 05, 2012.</span></i> <i><span style="font-family: "Trebuchet MS"; font-size: 10pt;">Photo © PIB<o:p></o:p></span></i></div>
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<span style="font-family: "Trebuchet MS";">NEW
DELHI(PIB)--- In a bilateral meeting with Canadian Minister of International
Trade and Minister for Asia – Pacific Gateway   Edward
Fast, Union Minister of Commerce, Industry & Textiles,  Anand Sharma suggested that substantial
pension funds in Canada – private and public – could be usefully channeled
through the Infrastructure Debt Fund. It is to be noted that both the sides
have finalised a tripartite agreement for an infrastructure debt funding
mechanism linking both lenders and borrowers through the IDF. The IDF would
source most of its funding from pension funds, insurance funds and sovereign
wealth funds.  Sharma also highlighted
the need to address the investment asymmetry. Indian investment in <st1:country-region w:st="on">Canada</st1:country-region> is estimated at $ 14.2 billion and
Canadian investment in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region>
at nearly $ 4.3 billion. Owing to <st1:country-region w:st="on">Canada</st1:country-region>’s
healthy banking sector and private equity funds, Sharma also encouraged greater
Canadian investment into <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>.
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<span style="font-family: "Trebuchet MS";">Sharma
expressed satisfaction over the negotiations on Comprehensive Economic
Partnership Agreement (CEPA). “The negotiations on CEPA are proceeding
smoothly, and we hope that it would be finalised by 2013,” said Sharma. The
sixth round of CEPA negotiations are going to be held in <st1:city w:st="on"><st1:place w:st="on">Ottawa</st1:place></st1:city> from November 14-16, 2012. The fifth
round of CEPA negotiations between <st1:country-region w:st="on">India</st1:country-region>
and <st1:country-region w:st="on">Canada</st1:country-region> was held recently
in <st1:city w:st="on"><st1:place w:st="on">New Delhi</st1:place></st1:city>
from 24th to 26th July, 2012. <o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">Sharma
hoped that an early conclusion of Foreign Investment Promotion & Protection
Agreement (FIPPA) between <st1:country-region w:st="on">India</st1:country-region>
and <st1:country-region w:st="on"><st1:place w:st="on">Canada</st1:place></st1:country-region>
would help in providing a fair and equitable treatment to bilateral foreign
investments on a reciprocal basis. The issue of Social Security Agreement was
also discussed between Sharma and Fast. 
Sharma was also optimistic that the SSA is signed at the earliest. “This
step would reinforce faith in the bilateral negotiation process,” said Sharma. <o:p></o:p></span></div>
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<span style="font-family: "Trebuchet MS";">The
bilateral trade between <st1:country-region w:st="on">India</st1:country-region>
and <st1:country-region w:st="on"><st1:place w:st="on">Canada</st1:place></st1:country-region>
during 2011 stood at USD 5.216 billion as against USD 4.088 billion in 2010,
registering an increase of 28.35% over the year 2010. In 2011, <st1:country-region w:st="on">India</st1:country-region>’s exports to <st1:country-region w:st="on">Canada</st1:country-region>
showed an increase of 25%, while the imports from <st1:country-region w:st="on"><st1:place w:st="on">Canada</st1:place></st1:country-region> registered an increase of
31.7%, over 2010. The total bilateral trade for the first eight months of this
year stood at USD 3.640 billion – a 16.4% increase as compared to the same
period for last year.<o:p></o:p></span></div>
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INDIA: Anand Sharma invites Canadian Pension Funds to invest in Indian Infrastructure projects

The Minister of International Trade and Asia-Pacific Gateway, Canada , Ed Fast meeting the Union Minister for Commerce & In...

India Keen on Islamic Finance System

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</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">  <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">NEW DELHI (NNN-Bernama): Islamic finance has attracted considerable Indian government and local media interest as the subject is considered new, World Islamic Economic Forum (WIEF) Foundation Secretary-General Ahmad Fuzi Abdul Razak said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">He said this has been the case in all WIEF visits to other countries as well, and in India in particular simply because no Islamic finance institution has been established there.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">"I think the Indian government will look at this seriously with a view to coming out with a policy decision eventually as regards the establishment of Islamic banks and finance institutions in the country," he told Bernama. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Ahmad Fuzi said WIEF will continue to provide that platform and welcome participants from India to attend its session on this particular area. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">"They should take advantage of the opportunities available in Malaysia with regards to training programmes because it is difficult to establish such institutions without developing the right expertise and building up resources," he said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Ahmad Fuzi was here with a delegation led by WIEF Chairman Musa Hitam for Wednesday's one-day International Advisory Panel (IAP) meeting, which saw substantial participation from India's corporate and public sectors.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">"The meeting in New Delhi was very successful, we were able to resolve and make decisions on a number of aspects in relation to the preparation for the 8th WIEF in Johor, Malaysia," Ahmad Fuzi said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The 8th WIEF will be held on Dec 4-6 at the Persada Johor International Convention Centre with the theme "Changing Trends, New Opportunities". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">He said WIEF has also built a database after a series of meetings with the Indian business community and provided more information to the media in India about WIEF. -NNN- BERNAMA<o:p></o:p></span></div></div>

India Keen on Islamic Finance System

NEW DELHI (NNN-Bernama): Islamic finance has attracted considerable Indian government and local media interest as the subject is consid...

Indian Govt. to Announce Measures to Boost Market

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</span></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">KOLKATA, India (NNN-Bernama) -- Government will soon announce measures to improve market conditions, Finance Minister Pranab Mukherjee disclosed here on Saturday. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"The steps we have taken...And we will be able to take certain measures to be announced on Monday which will improve market condition," Mukherjee, who will resign as Finance Minister on June 26, told reporters. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Secretary in the Department of Economic Affairs R Gopalan had on Friday consulted RBI Governor D Subbarao, who is aboard, about the measures underway, Press Trust of India (PTI) quoted the Finance Minister as saying. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Mukherjee expressed concern over sharp depreciation in rupee and inflationary pressures. "I would like to say GDP (growth) is at 6.5 per cent.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">There is inflationary pressure on economy, there is depreciation of Rupee. These are, no doubt, signs of weakness in Indian economy ...I am concerned but I am not depressed". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said when the global economy is in turmoil,"then no country can expect that there will be pocket of development and particularly a large economy like India which is the third largest in terms of purchasing power parity cannot remain insulated from external factors". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Rupee has lost over 20 per cent against the US dollar in the last one year.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">It has weakened to over Rs 57 to a dollar, exerting inflationary pressure on the economy, particularly with regard to crude oil imports. The stock market has lost ground and industrial growth has slipped to 0.1 per cent in April. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">However, Mukherjee, who has been named as the UPA Presidential candidate said the Indian economy is resilient with strong fundamentals. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said the period from January to June 6, 2012 saw an inflow of FII money to the tune of US$8 billion, as against negative flow in 2011. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"...FDI stood at USD 46-48 billion which is higher than last fiscal," Mukherjee said. -- NNN-BERNAMA<o:p></o:p></span></div></div>

Indian Govt. to Announce Measures to Boost Market

KOLKATA, India (NNN-Bernama) -- Government will soon announce measures to improve market conditions, Finance Minister Pranab Mukherjee di...

India's First 'Talking' ATM for Visually Impaired Inaugurated

India's First 'Talking' ATM for Visually Impaired Inaugurated

AHMEDABAD (NNN-Bernama) -- India's first "talking" Automated Teller Machine (ATM) for visually impaired was on Wednesday ina...

Tax on Almost All Services except Funeral, Gambling in India

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</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">NEW DELHI, India (NNN-Bernama) -- Funerals, betting and gambling have been exempted while almost all other services will be taxed from July 1, Press Trust of India reported. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Under the new Service Tax regime, only 17 services are in the negative list, which means they will not be subjected to tax. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">The government has widened the definition of 'Services' to bring in more activities under the tax net. At present, 119 services that come under 'positive list' are levied. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">The 'negative list" approach was proposed in the Budget. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Following assent of the President to the Finance Bill, the Finance Ministry said the new service tax regime will come into force from July 1. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">The Budget also hiked the service tax rate by two per cent to 12 per cent.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Services like metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms have been kept in the negative list. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Other important services which will not attract the tax include funeral, burial, mutate services and transport of deceased. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Coaching classes and training institutions will come under the net, though the tax will not be levied on school, university education and approved vocational courses. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Travel in first class and in air-conditioned rail coaches, too, will attract service tax. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">The services sector account for about 60 per cent of the country's Gross Domestic Product. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">In order to bring as many services as possible in the net, the government has come out with a very wide definition of service. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">With some exception, it has been defined service as "any activity carried out by a person for consideration". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br />
</div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">The government aims to garner US$22 billion from the Service Tax during 2012-13. -- NNN-BERNAMA <o:p></o:p></span></div></div>

Tax on Almost All Services except Funeral, Gambling in India

NEW DELHI, India (NNN-Bernama) -- Funerals, betting and gambling have been exempted while almost all other services will be taxed from Ju...

India: Tax Overhaul Bill to Be Introduced in Parliament Monsoon Session

<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span style="line-height: 18px;"><br />
</span></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">  <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">NEW DELHI (NNN-PTI): The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50 year-old Income-tax laws, will be brought in Parliament in the monsoon session and most of the recommendations of the Standing Committee will be accepted. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Finance Minister Pranab Mukherjee stated this in the Rajya Sabha ( Upper House) on Tuesday as he moved the Finance Bill, 2012 for consideration and passing. It has already been approved by the Lok Sabha (Lower House). <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"I will have the opportunity after the Budget session is over, to go through all the recommendations (of the Standing Committee) and thereafter approval of the Cabinet, in the next monsoon session bring the DTC bill for approval of the both the Houses," Mukherjee said. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"...And that stage many of the recommendations of the standing committee will be accepted," he said. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The minister said he could not go through the all the recommendations the Standing Committee on DTC as the report was given on March 9 and Finance Bill presented on March 16. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"...Therefore it was quite natural that I could not take into account all major recommendations on the DTC," he said. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The DTC Bill will have far reaching consequences on the income tax laws in the country as it replaces the Income-tax Act, 1961. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Parliamentary Standing Committee on DTC, headed by senior BJP leader Yashwant Sinha, in its report had given a number of recommendations, including raising income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh now. <o:p></o:p></span></div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><br />
</div><div class="MsoNormal" style="tab-stops: center 234.0pt; text-align: justify; text-justify: kashida; text-kashida: 0%;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Mukherjee ruled out reopening of cases where assessment orders have been finalised following retrospective amendment in laws related to taxation of overseas deals involving Indian assets. -NNN-PTI<o:p></o:p></span></div></div>

India: Tax Overhaul Bill to Be Introduced in Parliament Monsoon Session

NEW DELHI (NNN-PTI): The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50 year-old Income-tax laws, will be brought in Parl...

India: National Policy on Microfinance

<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span style="line-height: 18px;"><br />
</span></span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">New Delhi (PIB) --- The Indian Government told the lower house of parliament today that Planning Commission had constituted a High Level Committee on financial sector reforms under the Chairmanship of  Raghuram G. Rajan, Professor, Graduate School of Business, University of Chicago in August, 2007. The Committee submitted the report in September, 2008. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Committee observed that, “despite its success, the future growth of microfinance is constrained by a number of factors. An important issue is the ability of MFIs to raise financing. Given the large estimated demand for microcredit, MFIs need multiple sources of financing, apart from the traditional loan financing from banks. Other constraints include an unclear regulatory environment and the lack of well-developed management information systems and an adequate supply of trained management talent to facilitate sustainable scaling up.” <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Minister of State for Finance, Namo Narain Meena, said that to provide a formal statutory framework for the promotion, development, regulation and orderly growth of the micro finance sector and thereby to facilitate universal access to integrated financial services for the unbanked population, the Department of Financial Services is formulating Micro Finance Institutions (Development and Regulation) Bill 2012.  <o:p></o:p></span></div></div>

India: National Policy on Microfinance

New Delhi (PIB) --- The Indian Government told the lower house of parliament today that Planning Commission had constituted a High Level C...

India Signs Three Loan Agreements with ADB Worth US $826 Million for Facilitating Power Transmission within India

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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikpmnII-ps_RFkZFSc2sFsjWFEOcbif8KF6tOajVC_XvjWXKIHSgRe_rlaf-cOJu8Kg6xXcItOVA9llAwAGkE1YM8eI6_iboiJb0Z13TZaUpzau_KBLEEezwSM2C-pcRSY_B1NNpaMwMM/s1600/l2012033040000.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="386" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikpmnII-ps_RFkZFSc2sFsjWFEOcbif8KF6tOajVC_XvjWXKIHSgRe_rlaf-cOJu8Kg6xXcItOVA9llAwAGkE1YM8eI6_iboiJb0Z13TZaUpzau_KBLEEezwSM2C-pcRSY_B1NNpaMwMM/s640/l2012033040000.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNoSpacing" style="text-align: center;"><i><span lang="EN-IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-IN; mso-bidi-language: HI;">The Joint Secretary (Multilateral Institutions) in the Department of Economic Affairs,<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i><span lang="EN-IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-IN; mso-bidi-language: HI;">Ministry of Finance, <span style="mso-spacerun: yes;"> </span>Venu Rajamony, the Chairman and Managing Director,<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i><span lang="EN-IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-IN; mso-bidi-language: HI;">POWERGRID, <span style="mso-spacerun: yes;"> </span>R.N. Nayak and the Principal Economist, India Resident Mission,<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i><span lang="EN-IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-IN; mso-bidi-language: HI;">Rana Hasan, signed the loan agreements between the Asian Development Bank (ADB) and the<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i><span lang="EN-IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-IN; mso-bidi-language: HI;">Government of India worth US $826 million for facilitating power transmission within<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i><span lang="EN-IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-ansi-language: EN-IN; mso-bidi-language: HI;">India, in New Delhi on March 30, 2012. Photo © PIB<o:p></o:p></span></i></div></td></tr>
</tbody></table><br />
<div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">New Delhi (PIB) --- The Asian Development Bank (ADB) and the Government of India today signed three loan agreements worth $826 million aimed at shoring up power transmission systems to help India efficiently transfer electricity from surplus regions to power-deficit regions. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">A $500 million sovereign-guaranteed loan and a $250 million non-sovereign corporate loan will establish a 1,300-plus kilometer interregional transmission link to allow the bulk transfer of electricity from independent power producers in the western state of Chhattisgarh to areas of high demand in the north, including the National Capital Territory Region of Delhi. The third loan of $76 million (sovereign) will connect the western grid region to the union territories of Daman and Diu and Dadra and Nagar Haveli. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">Venu Rajamony, Joint Secretary (Multilateral Institutions) in the Department of Economic Affairs, Ministry of Finance, signed guarantee agreements on behalf of Government of India and R.N. Nayak, Chairman and Managing Director, POWERGRID signed the loan agreements.  Rana Hasan, Principal Economist, India Resident Mission, signed the guarantee and loan agreements on behalf of ADB.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">Speaking on the occasion,  Rajamony said that this is a pioneering initiative to club a non-sovereign loan of US$ 250 million with a sovereign loan of US$ 500 million in one financing package. The combined loan will significantly strengthen Power Grid’s corporate credit capabilities and access to future foreign commercial borrowings in the international capital market, he said. He added that this loan sets a benchmark for future commercial lending not only to Power Grid but all Central Public Sector Undertakings. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;"> Rana Hasan from ADB stated that the Project will strengthen the national power grid through achieving enhanced transmission capacity and reliability of supply. At the same time, they will cater to the growing demands in the Western and Northern regions of India through facilitating electricity transfer from surplus regions to power-deficient regions, he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">The first two loans to the central transmission utility, Power Grid Corporation of India Limited (POWERGRID), are bundled together to help leverage interest from foreign commercial lenders and move POWERGRID from sovereign funding to more market-based capital raising. The non-sovereign loan of up to 15 years will be POWERGRID’s first large-scale foreign commercial term borrowing without government credit support. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">The sovereign loans will have a 25-year term, including a five-year grace period with an annual interest rate determined in accordance with ADB`s LIBOR-based lending facility. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 12pt; line-height: 115%;">POWERGRID plans to invest about $22 billion to more than double the size of its transmission network between now and 2017, thereby expanding its funding base from the present sources of domestic bonds and government-guaranteed loans to the new foreign commercial borrowing.<o:p></o:p></span></div></div>

India Signs Three Loan Agreements with ADB Worth US $826 Million for Facilitating Power Transmission within India

The Joint Secretary (Multilateral Institutions) in the Department of Economic Affairs, Ministry of Finance, Venu Rajamony, the Chairman ...

$540 Million Jackpot Sparks Lottery Frenzy in US

<div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="MsoNormal" style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="line-height: 18px;"><br />
</span></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">A record $540 million U.S. lottery jackpot has people across the country racing to buy tickets.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Lottery officials are calling the winnings at stake in Friday's Mega Millions drawing the "largest lottery jackpot in world history." <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The dream of half a billion dollars has sparked lines at convenience stores across the 42 states where tickets are sold and spirited discussions about what to do with the wealth. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"Buy my family all new cars, pay off all their debt and then buy a house in Thailand," said a lottery ticket holder. "Take all my friends on a great trip."<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Here's a sampling of what some people intend to do with their potential winnings:<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''First thing I'd buy is I'd buy Jerry Jones out, and I'd own the Dallas Cowboys, so we can win some championships," said another.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''Definitely buy a house.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''I wouldn't buy. I would pay for the rest of my house.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''First purchase is going to be the house.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"A house."<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"Probably a house."<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"Green Corvette.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''Help my brother.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''More Lakers and Boise State stuff for my truck.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''A horse.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''I would probably go around the world on a trip.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">''My own island.''<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"Second purchase is going to be a down payment on an island."<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Americans can also play Mega Millions in Washington D.C. and the U.S. Virgin Islands.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The odds of winning are about one in 176 million. That means a person would have to purchase 176 million of the $1 tickets to get every combination of the five numbers plus one Mega Ball number contained in each play.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Whoever wins has the option of taking a lump sum payment of about $390 million or an annuity option of about $20 million a year over 26 years. Both amounts are before taxes. --- VOA News<o:p></o:p></span></div></div>

$540 Million Jackpot Sparks Lottery Frenzy in US

A record $540 million U.S. lottery jackpot has people across the country racing to buy tickets. Lottery officials are calling the winning...

India: Unclaimed Deposits with Banks

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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">New Delhi (PIB): The Minister of State for Finance, Namo Narain<span style="mso-spacerun: yes;">  </span>Meena in Lok<span style="mso-spacerun: yes;">  </span>Sabha (Lower house of the Indian Parliament),<span style="mso-spacerun: yes;">  </span>said that, the as on 31st December, 2011, a total amount of around Rs. 2481.39 crores in 11249844 accounts is lying as unclaimed deposits with the Scheduled Commercial Bank<span style="mso-spacerun: yes;">  </span>(SCBs). The information was provided by the Reserve Bank of India (RBI). <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">RBI vide its circular dated August 22, 2008 and July 01, 2011 directed the banks to play a more proactive role in finding the whereabouts of the account holders, whose accounts have remained inoperative and has provided detailed guidelines to the banks dealing with inoperative accounts.<span style="mso-spacerun: yes;">  </span>These circulars are available on the RBI website www.rbi.org.in.<span style="mso-spacerun: yes;">  </span>Banks have been advised to make an annual review of accounts in which there are no operations for more than one year.<span style="mso-spacerun: yes;">  </span>Banks have been advised to consider launching a special drive for finding the whereabouts of the customers/legal heirs in respect of existing account which have already transferred to the separate ledger of “Inoperative Accounts”.<span style="mso-spacerun: yes;">  </span>These instructions, inter-alia, include operations in such accounts to be allowed after due-diligence and no charge to be levied for activation of inoperative accounts.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">RBI has, vide their circular dated 7th February, 2012 adivsed the banks to display the list of unclaimed deposits/inoperative accounts which are inactive/inoperative for ten years or more on their respective website.<span style="mso-spacerun: yes;">  </span>The list so displayed on the websites must contain only the names of account holder(s) and his/her address in respect of unclaimed deposit/inoperative accounts.<span style="mso-spacerun: yes;">  </span>Banks<span style="mso-spacerun: yes;">   </span>have been advised to give on the same website, the information on the process of claiming the unclaimed deposit/activating the inoperative account and the necessary forms and documents for claiming the same.<span style="mso-spacerun: yes;">  </span>The hanks have been advised to complete this process by June 30, 2012 and keep their websites updated at regular intervals.<span style="mso-spacerun: yes;">  </span>Banks have been advised to have adequate operational safe-guards to ensure that the claimants are genuine.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div></div>

India: Unclaimed Deposits with Banks

New Delhi (PIB): The Minister of State for Finance, Namo Narain Meena in Lok Sabha (Lower house of the Indian Parliament), said that,...

Obama Calls for End to Oil Company Subsidies

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<div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">U.S. President Barack Obama has called for an end to tax subsidies for oil companies, saying the firms are making record profits while Americans are struggling with rising fuel costs.<o:p></o:p></span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";"><br />
</span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">At the White House Thursday, the president said Congress can either vote to spend billions of dollars more on oil subsidies that keep the country “trapped in the past,” or it can end the subsidies so the nation can invest in its future.<o:p></o:p></span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";"><br />
</span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">He said the three biggest U.S. oil companies made more than $80 billion in profits last year.<o:p></o:p></span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";"><br />
</span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">“When the price of oil goes up, prices at the pump go up, and so do these companies' profits. In fact, one analysis shows that every time gas goes up by a penny, these companies usually pocket another $200 million in quarterly profits. Meanwhile, these companies pay a lower tax rate than most other companies on their investments – partly because we're giving them billions in tax giveaways every year.”<o:p></o:p></span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";"><br />
</span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">He called for investments in clean energy technologies, wind and solar power, biofuels, fuel-efficient vehicles and energy-efficient homes and buildings — instead of the tax breaks to the oil companies.<o:p></o:p></span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";"><br />
</span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">But prospects for a legislative repeal appear dim. Republicans say that too much government regulation has kept the fuel prices high. They also say that ending the subsidies would only further drive up prices and discourage spending on exploration.<o:p></o:p></span></div><div style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";"><br />
</span></div><div style="margin-bottom: .0001pt; margin: 0in; text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif";">The rising costs have hurt the popularity ratings of Mr. Obama, who is running for re-election. ---VOA News<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div></div>

Obama Calls for End to Oil Company Subsidies

U.S. President Barack Obama has called for an end to tax subsidies for oil companies, saying the firms are making record profits while Ame...

India Not A Tax Haven, Says Finance Minister Pranab Mukherjee

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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">NEW DELHI (NNN-PTI) -- In a strong message to the critics of the retrospective amendment to the tax laws, India's Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of origin, you don't have to pay tax, if we have double taxation agreement with your country of origin. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"We are exactly explaining that position in respect of Vodafone case. It is not a vindictive attitude," Mukherjee said in the Lok Sabha (Lower House of Parliament) in his reply to the discussion on the Budget. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">India has dropped its pursuit of Vodafone Group for a £1.3bn unpaid tax bill relating to the British mobile phone operator's £7bn purchase of Hutchison Essar, in a move that will reassure foreign companies at a time when the subcontinent's economic boom is slowing.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Supreme Court ruling on Jan 20, 2012 put an end to the Indian tax office's long-running battle to extract capital gains tax for one of the country's biggest corporate takeovers, which was conducted in 2007 through offshore companies.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Vodafone, which has invested an estimated £12bn in its Indian venture, fought its case on the grounds that the tax was applied retrospectively and that capital gains are usually paid by the seller, not the buyer.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Mukherjee said the double taxation avoidance agreements (DTAAs) are meant for genuine investors who are required to pay in only one of the contracting countries. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said the tax laws are not arbitrary but transparent and determined. "We are not going to have tax haven. At the same time, we are not going to say that tax laws are arbitrary. Tax laws are transparent, it is firm and determined," he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He defended government's proposal to amend the Income Tax Act with retrospective effect in the wake of Supreme Court order in the Vodafone case but said there was no room for apprehension as cases beyond six years cannot be reopened. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"It does not mean all cases will be reopened from 1961 and 1962 ... where is the apprehension?", he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As per the IT Act, the government cannot reopen tax cases beyond six years, he said, adding the intent of legislature is that there should be no double taxation and also no outflow of revenue. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The proposed IT amendment aims at taxing overseas mergers and acquisition relating to domestic assets with retrospective effect. The proposed changes in the I-T Act evoked sharp reactions from industry which argued that the move will hurt foreign investment. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As regards the controversial provisions in the Budget on the general anti- avoidance rules (GAAR), the Finance Minister said there are companies which use the DTAAs to escape taxes. "Should I not prevent that?" he asked. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"I will examine and modify GAAR as and when required. This is essential for anti-avoidance," he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">In his budget for 2012-13, Mukherjee had said that the government wanted to introduce GAAR in order to "counter aggressive tax avoidance schemes, while ensuring that it is used only in appropriate cases, by enabling a review by a GAAR panel". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">On the proposed 1 per cent excise duty on non-branded jewellery, he said the government will reconsider the proposal as it has received several representations from the industry which is objecting the move. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"I have no intention of causing any harassment or disturbing the industry. The intention was very clear, all of them, and all the state governments ... they are charging VAT on this (jewellery)," he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"If jewellers can pay value-added tax on the commodity, why can't they pay excise duty," he argued. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"But as there have been lots of representations, I am considering it," he added. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Bullion traders and jewellers are observing indefinite strike across the country to protest the Budget proposals imposing excise duty on non-branded jewellery, among others. -- NNN-PTI<o:p></o:p></span><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: 16px; line-height: 18px;">NEW DELHI (NNN-PTI) -- In a strong message to the critics of the retrospective amendment to the tax laws, India's Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of origin, you don't have to pay tax, if we have double taxation agreement with your country of origin. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"We are exactly explaining that position in respect of Vodafone case. It is not a vindictive attitude," Mukherjee said in the Lok Sabha (Lower House of Parliament) in his reply to the discussion on the Budget. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">India has dropped its pursuit of Vodafone Group for a £1.3bn unpaid tax bill relating to the British mobile phone operator's £7bn purchase of Hutchison Essar, in a move that will reassure foreign companies at a time when the subcontinent's economic boom is slowing.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Supreme Court ruling on Jan 20, 2012 put an end to the Indian tax office's long-running battle to extract capital gains tax for one of the country's biggest corporate takeovers, which was conducted in 2007 through offshore companies.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Vodafone, which has invested an estimated £12bn in its Indian venture, fought its case on the grounds that the tax was applied retrospectively and that capital gains are usually paid by the seller, not the buyer.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Mukherjee said the double taxation avoidance agreements (DTAAs) are meant for genuine investors who are required to pay in only one of the contracting countries. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said the tax laws are not arbitrary but transparent and determined. "We are not going to have tax haven. At the same time, we are not going to say that tax laws are arbitrary. Tax laws are transparent, it is firm and determined," he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He defended government's proposal to amend the Income Tax Act with retrospective effect in the wake of Supreme Court order in the Vodafone case but said there was no room for apprehension as cases beyond six years cannot be reopened. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"It does not mean all cases will be reopened from 1961 and 1962 ... where is the apprehension?", he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As per the IT Act, the government cannot reopen tax cases beyond six years, he said, adding the intent of legislature is that there should be no double taxation and also no outflow of revenue. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The proposed IT amendment aims at taxing overseas mergers and acquisition relating to domestic assets with retrospective effect. The proposed changes in the I-T Act evoked sharp reactions from industry which argued that the move will hurt foreign investment. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As regards the controversial provisions in the Budget on the general anti- avoidance rules (GAAR), the Finance Minister said there are companies which use the DTAAs to escape taxes. "Should I not prevent that?" he asked. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"I will examine and modify GAAR as and when required. This is essential for anti-avoidance," he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">In his budget for 2012-13, Mukherjee had said that the government wanted to introduce GAAR in order to "counter aggressive tax avoidance schemes, while ensuring that it is used only in appropriate cases, by enabling a review by a GAAR panel". <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">On the proposed 1 per cent excise duty on non-branded jewellery, he said the government will reconsider the proposal as it has received several representations from the industry which is objecting the move. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"I have no intention of causing any harassment or disturbing the industry. The intention was very clear, all of them, and all the state governments ... they are charging VAT on this (jewellery)," he said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"If jewellers can pay value-added tax on the commodity, why can't they pay excise duty," he argued. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"But as there have been lots of representations, I am considering it," he added. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Bullion traders and jewellers are observing indefinite strike across the country to protest the Budget proposals imposing excise duty on non-branded jewellery, among others. -- NNN-PTI<o:p></o:p></span></div></div>

India Not A Tax Haven, Says Finance Minister Pranab Mukherjee

NEW DELHI (NNN-PTI) -- In a strong message to the critics of the retrospective amendment to the tax laws, India's Finance Minister Pran...

India and the World Bank Signs an IDA Credit of US$ 152 Million to Finance the Government of India's Efforts to Help Improve the Efficiency, Quality, and Accountability of Health Services in the State of Uttar Pradesh

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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6EoYaPomRSvfoLJDmr8hg5MrzpuR5ewcsnB8gAY39ns7xT022IiOairsjf9Nt_2lrSRdeV9uQmhkEYJj6PyczFQ8ziLCefzKdztCWM2Tp5hmEJMFj0sikq__aDvblskD4MebqXtmYS7A/s1600/l2012032139795.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6EoYaPomRSvfoLJDmr8hg5MrzpuR5ewcsnB8gAY39ns7xT022IiOairsjf9Nt_2lrSRdeV9uQmhkEYJj6PyczFQ8ziLCefzKdztCWM2Tp5hmEJMFj0sikq__aDvblskD4MebqXtmYS7A/s400/l2012032139795.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">The Joint Secretary, Department of Economic Affairs, Ministry of Finance,<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">Venu Rajamony, the Principal Secretary, Government of Uttar Pradesh,<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">Sanjay Agarwal, the Project Director, UP Health Systems Project,<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">Lokesh Kumar and the Operations Adviser, World Bank (India),<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">Hubert Nove-Josserand signed the documents for the World Bank assisted<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">Uttar Pradesh Health Systems Strengthening Project, in<o:p></o:p></span></i></div><div align="center" class="MsoNoSpacing" style="text-align: center;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 10.0pt;">New Delhi on March 21, 2012. Photo © PIB<o:p></o:p></span></i></div></td></tr>
</tbody></table><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">New Delhi (PIB)</span> <span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">--- Government of India and the World Bank today signed an IDA credit of US$ 152 million to finance the Government of India`s (GOI) efforts to help improve the efficiency, quality, and accountability of health services in the state of Uttar Pradesh (UP), one of India’s low-income States with some of the poorest health indicators in the country. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">With a population of approximately 200 million, UP will determine the achievement of India’s own health goals and its health-related Millennium Development Goals (MDGs). Despite recent improvements, UP continues to face over-whelming health challenges. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Uttar Pradesh Health Systems Strengthening Project (UPHSSP) seeks to help the Government of Uttar Pradesh (GOUP) strengthen the management and systems capacity of its Health department in order to improve the efficiency and effectiveness of healthcare services to its people. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The GOUP has been steadily increasing its commitment to the health sector, and public health spending in the state now stands at 1.6 percent of the gross state domestic product, which is higher than the national average of about 1 percent. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Venu Rajamony, Joint Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, said that the proposed Project is expected to help the State Government improve the efficiency, quality and accountability of its health services by strengthening the Health Department’s management and systems capacity, its governance and accountability mechanisms, as well as its ability to engage effectively with the private sector. He said that the Project proposes to help the State Government pilot mechanisms at the health facility and village levels to improve the responsiveness of service providers. <span style="mso-spacerun: yes;"> </span>Rajamony further said that it will seek to improve the flow of information to citizens from the health system, create simple feedback mechanisms, and publicize service response standards, so that people know what they can expect from the health service providers and can hold them accountable.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The agreements for the Uttar Pradesh Health Systems Strengthening Project were signed by Venu Rajamony, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; <span style="mso-spacerun: yes;"> </span>Sanjay Agarwal, Principal Secretary, on behalf of the Government of Uttar Pradesh; <span style="mso-spacerun: yes;"> </span>Lokesh Kumar, Project Director, on behalf of the UP Health Systems Project; and <span style="mso-spacerun: yes;"> </span>Hubert Nove-Josserand, Operations Adviser, World Bank (India) on behalf of World Bank. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Sanjay Agarwal, Principal Secretary, Government of Uttar Pradesh said that today institutional constraints to better health services are affecting the entire population of UP, particularly the poor. Through this Project we hope to build the necessary institutional capacity of the state to achieve sustainable health outcomes, he further said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The Project, which focuses on institutional development will comprise of two main components. First, it will focus on strengthening the Department of Health`s management and accountability systems. In this context, the Project will improve, planning capacities, information flows and data inputs to enable policy-makers to better monitor and manage service delivery in UP. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Second, the project will help the state government improve the Department of Health’s capacity to perform its quality assurance role and engage more effectively with the private sector, which is already a significant player in the UP health system. Other quality enhancement interventions supported by the Project include the development and implementation of regulatory functions such as transparent licensing, strengthening the accreditation program and quality enhancement in public sector hospitals in order to bring quality health services to its people, especially the poor. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Hubert Nove-Josserand, Operations Adviser, World Bank (India) said that inadequate health systems affect the poor most, and it is estimated that 8 percent of households in UP fell below the poverty line due to health-related out-of-pocket expenditures. He said that we hope that this Project’s focus on organizational strengthening and improving accountability will help bring better healthcare to all citizens of UP, especially to the poor who comprise one-third of its population. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Vikram Rajan, Senior Health Specialist and the World Bank Team Leader of UPHSSP informed that the proposed Project supports improvement of upstream and midstream systems that would enable GOUP to better utilize funds available and is complementary to other state and federal programss. The focus on improving demand-side accountability will help public service providers become more responsive to the communities they serve. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">This Project builds on the earlier Bank-financed UP Health Systems Development Project (2000-2008), which supported investment in secondary health care services and systems strengthening. Complementary investments for primary and preventive health services were supported through World Bank investments in national programs for reproductive and child health, immunization, polio eradication and disease control (TB, vector borne diseases, HIV/AIDS, cataract, leprosy). <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">This Project will be financed by a credit from the International Development Association (IDA) – the World Bank’s concessionary lending arm – with a final maturity of 25 years including a grace period of five years and a 1.25 percent interest rate. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
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India and the World Bank Signs an IDA Credit of US$ 152 Million to Finance the Government of India's Efforts to Help Improve the Efficiency, Quality, and Accountability of Health Services in the State of Uttar Pradesh

The Joint Secretary, Department of Economic Affairs, Ministry of Finance, Venu Rajamony, the Principal Secretary, Government of Uttar Pra...

India to Spend Rs.50 Crore on Overseas Indians

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</span></div><div class="MsoNormal" style="text-align: justify;"><st1:city w:st="on"><span style="background: white; font-family: "Trebuchet MS";">NEW DELHI</span></st1:city><span style="background: white; font-family: "Trebuchet MS";"> (NNN-IANS) -- <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> will spend close to Rs.50 crore (1 crore=10 million) on welfare schemes targeted at overseas Indians in 2012-13, according to budgetary estimates proposed by Finance Minister Pranab Mukherjee.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The Ministry of Overseas Indian Affairs (MOIA) has been allocated a total of Rs.114.77 crore for the next fiscal, a 41 percent increase from the 2011-12 budget outlay of Rs.81 crore.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The ministry will also spend Rs.6 crore on celebrating the Pravasi Bharatiya Diwas.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The rest of the Rs.114.77 crore will go towards establishment and infrastructure expenses.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><st1:country-region w:st="on"><span style="background: white; font-family: "Trebuchet MS";">India</span></st1:country-region><span style="background: white; font-family: "Trebuchet MS";"> has the world's second largest overseas community, next only to <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>. It is estimated that there are about 25 million Indian diaspora spread over more than 110 countries around the world.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><span style="background: white; font-family: "Trebuchet MS"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">The MOIA was established as a separate ministry in 2004 to look after the welfare of the Indian diaspora and to provide them assistance across economic, social and cultural spheres. -- NNN-IANS</span><br />
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India to Spend Rs.50 Crore on Overseas Indians

NEW DELHI (NNN-IANS) -- India will spend close to Rs.50 crore (1 crore=10 million) on welfare schemes targeted at overseas Indians in 20...

Indian Govt to Present Budget for 2012-13 on March 16

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</span></div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">NEW DELHI  (NNN-PTI) -- Indian Finance minister Pranab Mukherjee will unveil the Union Budget for 2012-13 on March 16 in the Lok Sabha. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The Budget Session will begin on March 12 with President Pratibha Patil addressing the joint sitting of members of both the Houses of Parliament.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">While the rail budget will be presented on March 14, the Economic Survey will be tabled on March 15.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">"We will be recommending to the President that budget session may be summoned on March 12 and continue up to March 30. Address by the President would be on March 12. Rail budget on March 14 and Union Budget on March 16," Parliamentary affairs minister Pawan Kumar Bansal said.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">Bansal was talking to reporters after the meeting of the cabinet committee on parliamentary affairs (CCPA) headed by Mukherjee.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">He further said that the second part of the budget session will be held from April 24 to May 22.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The budget session, which in general starts in the third week of February, has been delayed this time due to the ongoing Assembly elections in five states, including Uttar Pradesh. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The model code of conduct is in force till March 9 when the election process would be completed. -- NNN-PTI<o:p></o:p></span></div></div>

Indian Govt to Present Budget for 2012-13 on March 16

NEW DELHI (NNN-PTI) -- Indian Finance minister Pranab Mukherjee will unveil the Union Budget for 2012-13 on March 16 in the Lok Sabha. T...

Blackmoney: India Signs Multilateral Agreement

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</span></div><div class="MsoNormal" style="text-align: justify;"><st1:city w:st="on"><span style="background: white; font-family: "Trebuchet MS";">NEW DELHI</span></st1:city><span style="background: white; font-family: "Trebuchet MS";"> (NNN-PTI) -- Taking another step towards combating blackmoney, <st1:country-region w:st="on">India</st1:country-region> has signed a multi-lateral agreement with economic powers like <st1:country-region w:st="on">France</st1:country-region> and <st1:country-region w:st="on"><st1:place w:st="on">Germany</st1:place></st1:country-region> to check both tax evasion and avoidance.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations which "promotes international co-operation while respecting the rights of taxpayers."<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">The agreement has been signed under the aegis of the Organisation for Economic Cooperation and Development (OECD), a top global financial body, at its headquarters in <st1:city w:st="on"><st1:place w:st="on">Paris</st1:place></st1:city> recently.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">A Finance Ministry official said the agreement was signed by CBDT official and Joint Secretary in foreign tax division of Finance Ministry Sanjay K Mishra along with OECD Deputy Secretary General Rintaro Tamakio.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">"The convention provides for administrative co-operation between the parties in the assessment and collection of taxes with a view to combating tax avoidance and evasion," an OECD statement said in this regard.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">By joining the agreement, <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> and other 31 signatories, according to OECD, "send a strong signal that countries are acting together to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place."<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="background: white; font-family: "Trebuchet MS";">"<st1:country-region w:st="on">India</st1:country-region> has moved very quickly since its commitment to the convention at the November G20 ceremony in <st1:city w:st="on"><st1:place w:st="on">Cannes</st1:place></st1:city> and I expect it will be the first non-OECD G20 country for which the updated convention is in force", Jeffrey Owens, Director of the OECD Centre for Tax Policy and Administration said in a statement Thursday. -- NNN-PTI<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
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Blackmoney: India Signs Multilateral Agreement

NEW DELHI (NNN-PTI) -- Taking another step towards combating blackmoney, India has signed a multi-lateral agreement with economic powers...