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End date for Industrial Park Scheme 2008 Extended

Oct 13, 2010
The Central Board of Direct Taxes (CBDT) in May 2010 declared that it had amended the Industrial Park Scheme 2008 and Rule 18C of the Income-tax Rules, 1962. Under the Industrial Park Scheme, any undertaking under Rule 18C of the I-T Rules, 1962, which develops and operates or maintains and operates an industrial park during the period between 1 April 2006 and 31 March 2009 would reap benefits under Sec.

The Baltic Dry Index fell

Oct 13, 2010
The global benchmark for freight rates of bulk carriers, the Baltic Dry Index dropped by 57 per cent or 2419 points to touch to 1790 points on 13 July 2010. The analysts in the shipping sector held the slowdown in iron ore and steel trade in China responsible for the dip in freight rates.

Support Ratings of Banks Upgraded

Oct 13, 2010
Fitch Ratings recently upgraded the Support Ratings of five nationalised banks — Corporation Bank, Indian Bank, Andhra Bank, Vijaya Bank and Dena Bank to ‘3' from the earlier rating ‘4'. The Support Rating of Vijaya Bank was removed from ‘Rating Watch Positive'.

E-auction for the BWA Spectrum

Oct 13, 2010
16-day long e-auction for the Broadband Wireless Access (BWA) spectrum was held from 24 May 2010 to 11 June 2010. 11 companies including Bharti Airtel, Reliance, Idea Cellular, Aircel, Vodafone and Tata Communications Internet Services had participated. Mumbai achieved the highest bid (Rs 2293 crore).

Sunset clause for the BPLR Requested

Oct 13, 2010
The bankers asked the Reserve Bank of India (RBI) to introduce a sunset clause for the old benchmark prime lending rate (BPLR) in the context of the enforcement of the Base rate from 1 July 2010. The bankers made the demand so that one lending system which is the base rate exists in the system.

Delhi Government Increased Road Tax

Oct 13, 2010
The Delhi Cabinet on 24 may 2010 decided to hike the registration fee (or road tax) on luxury cars and two-wheelers from 1 June 2010. The measure was adopted in attempt to reduce traffic problem and air pollution in Delhi.

SBI & State Bank of Indore Merger Approved

Oct 13, 2010
The Indian Government on 15 July 2010 approved the merger of State Bank of India with State Bank of Indore. This will be the second associate bank to be merged with SBI over the last two years.

Compensation for GST Implementation to be Increased

Oct 13, 2010
The Empowered Committee of state finance ministers on GST (Goods and Services Tax) on 21 May 2010 declared that the Indian Finance Ministry agreed to increase the compensation package for states that incur revenue loss due to implementation of GST. The Thirteenth Finance Commission had fixed the compensation package at Rs 50000 as incentives for the states that migrate to GST during first five years.

Nifty closed at its 29-month High

Oct 13, 2010
The broader 50-share NSE Nifty closed at its 29-month high on 12 July 2010. The Nifty closed at 5383, gaining 30.55 points or 0.55per cent.

Cardamom Price-Record High at Puttady Auction

Oct 13, 2010
At the auction conducted by the MAS Enterprises at the Spices Board's new auction premises at Puttady near Vandanmettu in Idukki district on 21 May 2010 the price of cardamon reached a record high of Rs 1712 per kg. The high prices resulted from the disequilibrium between demand and supply.

IIP depicted dip

Oct 13, 2010
According to the data released by the Indian Ministry of Commerce on 12 July 2010 the index of industrial population (IIP) for April moved downwards and reached 16.5% as against the figure 17.8% released earlier. The industrial output that was far below the market expectations for the month of May hinted at moderation in the pace of economic growth.

25% Public Holding to Ensure Healthier Market

Oct 13, 2010
In the wake of the Eurozone crisis on 4 June 2010 new policy norms for listing companies were announced by the Indian authorities. According to the new policy it would be mandatory for companies listed on the bourses to have 25 per cent of its holdings entrusted with the public.

Economic Outlook Survey by FICCI

Oct 13, 2010
According to the latest Economic Outlook Survey by the Federation of Indian Chambers of Commerce and Industry (FICCI), inflation rate would continue for a while before settling between 6 per cent and 8 per cent by December 2010. According to the chamber, inflation would take a downward trend post-September 2010 and the primary inflation would cool down from August and manufactured articles inflation would dip from November.

Committee to Review NSSF Structure

Oct 13, 2010
The Indian Government following the recommendation of the Thirteenth Finance Commission recently set up a committee headed by Shyamala Gopinath, Deputy Governor of the Reserve Bank of India for comprehensive review of the National Small Savings Fund (NSSF) structure, interest rates, tenor and other administrative matters. The Committee is permitted to refer to the existing parameters for the small saving schemes in operation. It is expected to recommend mechanisms to make them more flexible and market linked.

ONGC Won 17 Blocks Awarded Under NELP Auction

Oct 13, 2010
Oil and Natural Gas Corporation (ONGC) on 30 June 2010 together with its partners signed contracts for half of the 34 oil and gas blocks that were awarded in the latest round of auction under the New Exploration Licensing Policy (NELP). Of the 70 blocks offered in NELP-VIII, only 36 blocks were bid for by the companies.

Market Prices to Determine Petrol Price

Oct 13, 2010
Empowered Group of Ministers (EGoM) led by the Finance Minister, Pranab Mukherjee decided on 25 June 2010 to give a free hand to oil companies to determine petrol prices in line with the market price. Petrol price rose by Rs 3.50 a litre and the price of diesel moved up by Rs 2 a litre in Delhi, with eventual increase in other parts of the country.

Ma Foi Randstad Released Work Monitor

Oct 13, 2010
Ma Foi Randstad released second wave of Ma Foi Randstad Work Monitor in June 2010. The Work Monitor is a quarterly review of ‘mental mobility' status of employees across the world.

IRDA Introduced New Norms for ULIPs

Oct 13, 2010
The Insurance Regulatory and Development Authority (IRDA) issued circulars on 28 June 2010 outlining fresh guidelines for ULIPs. According to the new norms, the investors who wish to prematurely withdraw now have a reason to be happy as their investments would have some protection.

Base Rate Fixed between 7.5 to 8 %

Oct 13, 2010
RBI had asked banks to determine the Base rate for lending to replace the earlier Benchmark Prime Lending Rate (BPLR) on 9 April 2010. Banks fixed their Base rate to be effective from 1 July 2010 following the RBI guidelines.

Ban on Raw Cotton Export Lifted

Oct 13, 2010
The Indian government in April 2010 banned raw cotton exports to control and lower the fast rising cotton prices in the domestic market. Export duty was imposed on cotton exports and export of raw cotton was regulated.

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