The Hindu Business Line : Thursday, July 02, 2009

INDUSTRY & ECONOMY

PETROLEUM: Petrol price raised by Rs 4 & diesel Rs 2; cooking fuels spared
Under-recoveries force Government to pass on burden. New Delhi, July 1 The Government today hiked the retail price of petrol by Rs 4 a litre and diesel by Rs 2 a ...

ECONOMY: Exports, imports down in May
Trade deficit narrows to $10.2 billion in April-May. New Delhi, July 1 Exports in May continued the declining trend and plummeted 29.2 per cent compared with ...

INFRASTRUCTURE: Infrastructure loans: ECB policy for NBFCs simplified
Centre drops 3:1 norm for lenders; Approval route stays. New Delhi, July 1 The Centre has dispensed with what was being perceived as a “non-starter” condition for allowing non-banking finance companies (NBFCs) to avail themselves ...

TAXATION: Mangalore City Corpn okays new property tax slab
Rate for residences based on plinth area. Mangalore, July 1 Mangalore City Corporation council has given its approval for the revised self-assessment scheme (SAS) of property ...

WATER: Experts stress need for restriction on packaged water companies
Call to revive groundwater bodies. Bangalore, June 30 Overexploitation of ground water mainly by packaged water companies and the borewell segment may push the country to the brink of water scarcity by 2040, said senior officials at a seminar on ...

REAL ESTATE & CONSTRUCTION: Power of attorney transactions decried
It is rare for the apex court to speak its mind midway through the hearing of a case. But in Suraj Lamp & Industries vs State of Haryana, which best exemplifies sleaze and deception in land deals in India consummated on power ...

EXCISE AND CUSTOMS: Bring down Customs duty on natural rubber
In a globally integrated business environment, the taxation structure needs to help Indian industry go up the value chain by encouraging the manufacture of value added products. That’s the only way to make industry ...

HEALTH: ‘Every second Indian is a TB bacteria carrier’
More than 50 per cent of India’s population is infected by tuberculosis-causing bacteria or has the organism in the blood stream, but only 10 per cent goes on to become full-blown ...

REAL ESTATE & CONSTRUCTION: Model Bill for regulating realty sector to be firmed up by Aug-Sept
To address concerns of consumers, industry. New Delhi, July 1 A model Bill for regulating the real estate sector is expected to be finalised by August-September timeframe, the Minister for Housing and Urban Poverty Alleviation, Ms Kumari Selja, ...

POWER: Govt urged to adopt proactive energy strategy
Bangalore, July 1 The Bangalore Chamber of Industry and Commerce has called upon the Karnataka Government to adopt a proactive energy strategy that encourages private sector power generation, renewable sources, energy audits and ...

PETROLEUM: BP scouting for partner to buy stake in Bengal CBM block
British Petroleum is planning to divest up to 50 per cent stake to a strategic partner in Birbhum CBM (coal bed methane) block in West Bengal, according to ...

BUDGET: Abolish fringe benefit tax
From an IT /ITES industry perspective, the following are on the wish list that we expect the Finance Minister to consider:• Extension of availability of benefits under Sections 10A and 10B for STPI and EOU units beyond the sunset ...

TAXATION: New property tax slab for Mangalore
Mangalore, July 1 Mangalore City Corporation council has given its approval for the revised self-assessment scheme (SAS) of property ...

ECONOMY: Govt spending alone can’t sustain recovery: Economists
Thiruvananthapuram, July 1 The Government’s capability to continue to cushion growth would be uppermost in the Finance Minister’s mind as he sets about giving the finishing touches to the Union Budget, say ...

INCOME TAX: Extend tax sops to long-term savings
We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the Rs 1 lakh deduction under Section 80C also includes short-term saving instruments such as mutual funds ...

ENVIRONMENT: Eco clearances status to be put online
New Delhi, July 1 The Minister for Environment and Forests, Mr Jairam Ramesh, on Wednesday announced that the Web site for Environmental and Forestry Clearances has been made more accessible and ...

ENVIRONMENT: HPCL Visakha refinery set to produce Euro IV compliant products
Co spends Rs 2,500 cr on clean fuel projects. Visakhapatnam, July 1 The Visakha refinery of Hindustan Petroleum Corporation Ltd (HPCL) is gearing up to offer Euro-III and Euro-IV compliant products by April 2010, according to Mr P.A.B. Raju, ...

GEMS & JEWELLERY: Gold prices expected to firm up
Hyderabad, July 1 Gold prices are poised to firm up further and the yellow metal is likely to peak in the run-up to the festival season and the second half of the year, according to the All India Gems & Jewellery Trade Federation ...

PETROLEUM: IOC to invest Rs 60,000 cr on capex
New Delhi, July 1 Indian Oil Corporation Ltd plans to invest over Rs 60,000 crore to scale up its refining capacity to 80 million tonnes per annum (mtpa) by ...

PETROLEUM: Fuelling a scramble
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BUDGET: Double taxation needs review
This Budget should address macro issues that impact demand generation. Industry also needs administrative and tax reforms in various areas like for movement of goods and double taxation. In 16 States, there are entry formalities for ...

COURTS/LEGAL ISSUES: Reliance Ind to move apex court on gas to RNRL
Mumbai, July 1 The Mukesh Ambani-promoted Reliance Industries, which was directed by the Bombay High Court, to supply gas to Reliance Natural Resources Ltd (RNRL) of Anil Ambani group at $2.34/million British thermal unit, has now decided ...

POWER: Power Ministry clears projects worth Rs 1,614 cr
New Delhi, July 1 The Power Ministry has approved distribution sector upgradation projects worth Rs 1,614 crore for 423 towns. The move is expected to give a fillip to the information technology and electrical equipment sector, an ...

BUDGET: Give a boost to domestic demand
With the global economic slowdown yet to reverse, India’s focus should be on boosting domestic demand and the same is expected from the Budget. Business sentiments should be boosted to draw foreign and domestic investors to the stock ...

BUDGET: Co-op banks want tax waiver restored on retained earnings
Mumbai, July 1 Co-operative banks, under the aegis of the National Federation of Urban Cooperative Banks and Credit Societies, have moved the Union Finance Minister, Mr Pranab Mukherjee, to restore tax exemption on retained earnings. ...

EVENTS: Platinum jubilee meet
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EVENTS: SBT celebrates Doctors Day
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INDUSTRY ASSOCIATIONS: Fapcci office-bearer
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BUDGET: PM hopes for smooth session
The Prime Minister, Dr Manmohan Singh, said on Wednesday the Government was looking forward to the Budget session of Parliament with “great expectation” and expressed hope that the House will function smoothly. “We look forward ...