Sunday, September 2, 2012

HEADLINES

• People from North-east start coming back to South India to their old jobs
• Sushma Swaraj speaks to Sonia Gandhi to end parliamentary impasse; asks for Govt to cancel allocation of coal blocks and set up an independent inquiry
• Stricter radiation emission norms for mobile towers been brought into effect from September 1 with a view to reducing emission by 90% to one-tenth of the present levels; Failure to stick to the prescribed levels will attract a penalty of Rs.5 lakh per tower
• India’s foreign exchange reserves rose by $1.26 billion to $290.18 billion during the week ended August 24, on the back of a healthy improvement in foreign currency assets

ECONOMY & BUSINESS NEWS

• Shome panel for postponement of GAAR for 3 years
  • The expert committee on the General Anti-Avoidance Rules (GAAR) headed by Parthasarathi Shome to address the concerns of foreign and domestic investors, has recommended postponement of the controversial tax provision by 3 years and abolition of capital gains tax on securities;
  • In a draft report submitted to the Finance Ministry, which has been put up to the public for comments, the committee advocated that the GAAR provisions should not be invoked to examine the genuineness of the residency of investor entities in Mauritius;
  • This single step is expected to revive the flow of foreign capital from Mauritius, which is India's investors. Final guidelines are expected after comments from all stakeholders.