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FIIs raise their India Inc stake to 20% in FY11
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Ballavpur Adivasi Kala Kendra
Ballavpur Danga, West Bengal
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Solar-Powered ATM to Increase Banking Penetration
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01. MAIN
Cultural presentation in honour of Parliamentary Delegation
In honour of a Parliamentary delegation led by Shri Ashwini Kumar, Hon’ble Minister for Parliamentary Affairs, the JNCC organized a cultural presentation at D P Dhar Hall on 4 May. The presentation featured Yoga by students of JNCC Teacher, Dr. N Suresh Babu, Bharatanatyam by students of JNCC Teacher, Ms. Nadezheda Koveriga, Odissi by Ms. Vitalina Lobach, JNCC Teacher and her students and Kathak by students of JNCC Teacher, Shri Raghav Raj Bhatt. The presentation was aimed at showing the interest of Russian students in learning Indian dances, music and Yoga. |
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New Delhi: India has signed a double taxation avoidance agreement (DTAA) with Ethiopia.
The agreement would provide tax stability to residents; facilitate mutual economic cooperation and flow of investments, technology and services between the countries. The DTAA was signed by Mr S.M. Krishna, External Affairs Minister, and Mr Sufian Ahmed, Ethiopian Minister, at Addis Ababa in the presence of the Prime Minister, Dr Manmohan Singh, and Ethiopian Prime Minister, Mr Meles Zenawi.
Under the DTAA, business profits will be taxable in the source State if the activities of an enterprise constitute a permanent establishment.
Permanent establishment include branch and factory. Profits of a construction, assembly or installation projects will be taxed in the source State if the project continues in that State for more than 183 days. Profits from operation of ships or aircraft in international traffic will be taxable in the country of residence of the enterprise. The DTAA also provides that dividends, interest, royalties and fees for technical services (FTS) income will be taxed both in the country of residence and in the country of source.
However, the maximum rate of tax that could be charged in the source country will not exceed 7.5 per cent in the case of dividends and 10 per cent in the case of interest, royalties and FTS. Capital gains on sale of shares will be taxable in the source country. The DTAA provides for effective exchange of information between tax authorities including banking information.
It also incorporates anti-abuse provisions to ensure that the benefits of the agreement are obtained only by genuine residents of both the countries.
During his trip to Tanzania, Prime Minister Manmohan Singh announced a new line of credit (LoC) of $180 million for Tanzania. The two countries also signed a double-taxation avoidance treaty and agreed to work together to curb piracy and terrorism.
On the last day of his official engagements in Africa, Manmohan Singh pitched for greater economic cooperation between the two countries and offered an LoC of $180 million for a drinking water supply project in the capital. He also announced a fresh grant of $10 million for capacity building projects in the social and educational sectors.
"India, on its part, is ready to partner Tanzania in its nation-building efforts. We will focus on areas like agriculture, small and medium industries, healthcare and human resource development,” Manmohan Singh said at the joint press conference. The two sides also agreed to facilitate the process of diversifying and increasing the investment of Indian companies operating on Tanzanian soil.
The two countries also signed a double-taxation avoidance treaty, which Tanzanian President Jakaya Mrisho Kikwete said was important for bilateral trade. While Singh called for increasing Indian investment in Tanzania, the Tanzanian president said he wanted India to help in manufacturing, information technology, textiles, tractors and irrigation equipment. “We want India to invest in information and communication technology,” Kikwete said. The two sides also signed a joint action plan for the small and medium industries. Indian investment in Tanzania currently stands at $1.3 billion.
Later in the day, Singh also inaugurated the Dar es Salaam institute of technology.
The two countries also endorsed India's bid for a permanent seat in the United Nations Security Council. “India deserves it,” Kikwete said, adding, “Whenever the Security Council is expanded, you cannot leave out India.”
Singh invited the Tanzanian president to visit, a proposal Kikwete accepted.
After the bilateral talks, Singh said India and Tanzania would intensify consultations and coordination to combat piracy and terror threats. Speaking on the the problems faced due to pirates, Kikwete said, “Insurance costs are going up. Ships are taking longer routes, and so, transportation costs too, are rising.” He said during the past few months, there were 27 attacks on ships within Tanzania's territorial waters.
During his trip to Tanzania, Prime Minister Manmohan Singh today announced a new line oIf credit (LoC) of $180 million for Tanzania. The two countries also signed a double-taxation avoidance treaty and agreed to work together to curb piracy and terrorism.
On the last day of his official engagements in Africa, Manmohan Singh pitched for greater economic cooperation between the two countries and offered an LoC of $180 million for a drinking water supply project in the capital. He also announced a fresh grant of $10 million for capacity building projects in the social and educational sectors.
"India, on its part, is ready to partner Tanzania in its nation-building efforts. We will focus on areas like agriculture, small and medium industries, healthcare and human resource development,” Manmohan Singh said at the joint press conference. The two sides also agreed to facilitate the process of diversifying and increasing the investment of Indian companies operating on Tanzanian soil.
The two countries also signed a double-taxation avoidance treaty, which Tanzanian President Jakaya Mrisho Kikwete said was important for bilateral trade. While Singh called for increasing Indian investment in Tanzania, the Tanzanian president said he wanted India to help in manufacturing, information technology, textiles, tractors and irrigation equipment. “We want India to invest in information and communication technology,” Kikwete said. The two sides also signed a joint action plan for the small and medium industries. Indian investment in Tanzania currently stands at $1.3 billion.
Later in the day, Singh also inaugurated the Dar es Salaam institute of technology.
The two countries also endorsed India's bid for a permanent seat in the United Nations Security Council. “India deserves it,” Kikwete said, adding, “Whenever the Security Council is expanded, you cannot leave out India.”
Singh invited the Tanzanian president to visit, a proposal Kikwete accepted.
After the bilateral talks, Singh said India and Tanzania would intensify consultations and coordination to combat piracy and terror threats. Speaking on the the problems faced due to pirates, Kikwete said, “Insurance costs are going up. Ships are taking longer routes, and so, transportation costs too, are rising.” He said during the past few months, there were 27 attacks on ships within Tanzania's territorial waters. |
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Government to Study Unaccounted Wealth |
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New Delhi: The government partially opened limited liability partnerships to foreign investments, ending months of wrangling over the extent of foreign ownership in this new form of business structure.
Foreign direct investment in LLPs will be allowed only in those sectors where 100% foreign ownership is permitted. This permission will take the approval route as per the cabinet committee on economic affairs.
"The CCEA's approval will benefit the Indian economy by attracting greater FDI, creating employment and bringing in international best practices and latest technologies in the country," an official statement said.
LLPs with foreign investments will not be allowed in agricultural or plantation activity, print media and real estate business or downstream investments.
The government has also imposed stringent conditions to prevent its misuse. An Indian company having foreign direct investment will be permitted to make downstream investment in LLPs only if both the company as well as the LLP are operating in sectors where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance-related conditions.
Foreign participation in the LLPs will be allowed only by way of cash considerations, received by inward remittance through normal banking channels. Foreign Institutional Investors and Foreign Venture Capital Investors will not be permitted to invest in LLPs.
LLPs have also been barred from accessing overseas debt through external commercial borrowings. These rules are consistent with the regime in many countries where LLPs face certain restrictions. In some countries, for instance, they are not allowed to make investments in sensitive sectors such as aviation. The government has also imposed stricter norms for conversion of companies that have FDI into LLP. Conversion of a company with FDI into an LLP will be allowed only conditions laid down by the government are met with the prior approval of the foreign investment promotion board. The designated partner of an LLP should only be a company registered under the Companies Act and not any other body, such as an LLP or a trust.
However, experts say enabling provision for conversion would allow foreigners to restructure their businesses here. Industry analysts say the move will help the country attract foreign capital. Foreign investors will now get a window to operate in a simpler and tax-efficient environment. It would also help Indian partnership firms, especially in consultancy business to corporatize and bring in professional practices. Currently, FDI is not permitted in partnerships firms.
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Ferrari opens first India showroom |
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New Delhi: Italian supercar maker Ferrari roared into India on Thursday with its first showroom in Delhi.
With prices starting from Rs 2.2 crore, four models are now available for bookings – the California, the 458 Italia, the 599 GTB and the four-door FF.
The Fiat-owned legendary marquee's choice of the Shreyans Group as an import and marketing partner ends months of speculation over a sales tie-up with the Tata Group. Shreyans, which is also an importer for Porsche and Ducati, hopes to open four more Ferrari outlets by next year.
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