if u want to mock something get ur fact right
it much more than 10 BIllion dollar 10 B is only for fighter get
Indian Economy-News & Updates
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it much more than 10 BIllion dollar 10 B is only for fighter get
gslv
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NEW DELHI: The finance ministry is devising a voluntary tax disclosure scheme that could provide amnesty to people who have stashed unaccounted money in tax havens and other jurisdictions abroad by charging them a "levy".
Finance minister Pranab Mukherjee, after a meeting with industry captains recently, activated a committee on black money set up last year to work out a scheme on voluntary disclosure. This scheme will allow corporates and others who have maintained secret accounts in foreign countries to declare their unaccounted wealth and bring it back into the economy after paying a "levy".
Sources said devising an amnesty scheme was one of the demands of industry captains who had met the FM last month. Those present in the meeting included Ratan Tata, Anil Ambani, Anand Mahindra, Y C Deveshwar, N R Narayana Murthy, G M Rao, R P Goenka and Shashi Ruia among others.
Industry leaders, sources said, had argued that such money lying idle could be brought back to the country and invested in infrastructure sector where the government requires funding to the tune of $1 trillion over the next plan period. The government has, so far, received only $100 million through corporate infrastructure bonds from FIIs.
Last year, the government had constituted an expert group to devise a voluntary disclosure scheme. However, it could not be finalized following opposition from several quarters.
Now, the government is equipped with better information on black money stashed abroad belonging to Indians through tax exchange agreements it has entered into with many countries.
In May, the Swiss parliament approved amendments to DTAAs with countries that had recently revised their tax treaties with Switzerland. India was one of the beneficiaries. The two countries had signed a revised DTAA last year after year-long negotiations and the changes will help the government get account details of Indians.
The G-20, of which India holds the position of vice-chairman, and OECD had put pressure on Switzerland and other tax havens to disclose information even if they were only of domestic interest of the requesting state and for the purpose of enforcement of tax laws.
More than a dozen existing DTAAs are up for revision and the government is renegotiating 18 DTAAs with countries with which it has no such treaties. At least 22 tax havens have been identified and Tax Information Exchange Agreements (TIEAs) are being negotiated with them.
India has signed TIEAs with six of them, including Bahamas, Bermuda, British Virgin Island, Cayman Island and Isle of Man. Round-tripping of funds have been reported from many of these jurisdictions.
To gather information on tax evaders and flight of capital, CBDT has set up two overseas income tax units, in Singapore and Mauritius, from where most of the alleged round tripping activities take place. Very soon, CBDT will set up eight more such units in US, UK, Netherlands, Japan, Cyprus, Germany, France and UAE.
mods if this story is posted please delete.
i am not able to post the times of india link because i am a newbie.sorry.my post count is 4..
Finance minister Pranab Mukherjee, after a meeting with industry captains recently, activated a committee on black money set up last year to work out a scheme on voluntary disclosure. This scheme will allow corporates and others who have maintained secret accounts in foreign countries to declare their unaccounted wealth and bring it back into the economy after paying a "levy".
Sources said devising an amnesty scheme was one of the demands of industry captains who had met the FM last month. Those present in the meeting included Ratan Tata, Anil Ambani, Anand Mahindra, Y C Deveshwar, N R Narayana Murthy, G M Rao, R P Goenka and Shashi Ruia among others.
Industry leaders, sources said, had argued that such money lying idle could be brought back to the country and invested in infrastructure sector where the government requires funding to the tune of $1 trillion over the next plan period. The government has, so far, received only $100 million through corporate infrastructure bonds from FIIs.
Last year, the government had constituted an expert group to devise a voluntary disclosure scheme. However, it could not be finalized following opposition from several quarters.
Now, the government is equipped with better information on black money stashed abroad belonging to Indians through tax exchange agreements it has entered into with many countries.
In May, the Swiss parliament approved amendments to DTAAs with countries that had recently revised their tax treaties with Switzerland. India was one of the beneficiaries. The two countries had signed a revised DTAA last year after year-long negotiations and the changes will help the government get account details of Indians.
The G-20, of which India holds the position of vice-chairman, and OECD had put pressure on Switzerland and other tax havens to disclose information even if they were only of domestic interest of the requesting state and for the purpose of enforcement of tax laws.
More than a dozen existing DTAAs are up for revision and the government is renegotiating 18 DTAAs with countries with which it has no such treaties. At least 22 tax havens have been identified and Tax Information Exchange Agreements (TIEAs) are being negotiated with them.
India has signed TIEAs with six of them, including Bahamas, Bermuda, British Virgin Island, Cayman Island and Isle of Man. Round-tripping of funds have been reported from many of these jurisdictions.
To gather information on tax evaders and flight of capital, CBDT has set up two overseas income tax units, in Singapore and Mauritius, from where most of the alleged round tripping activities take place. Very soon, CBDT will set up eight more such units in US, UK, Netherlands, Japan, Cyprus, Germany, France and UAE.
mods if this story is posted please delete.
i am not able to post the times of india link because i am a newbie.sorry.my post count is 4..
Kaislerlaut
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Turkey invites India to set up power plants
Turkey invites India to set up power plants
---------- Post added at 09:58 AM ---------- Previous post was at 09:57 AM ----------
Good news for India and Turkey friendship.
Turkey invites India to set up power plants
---------- Post added at 09:58 AM ---------- Previous post was at 09:57 AM ----------
Good news for India and Turkey friendship.
IndoCarib
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Indian companies eye Vietnam opportunities in IT, financing
Viet Nam News/Asia News Network --India's experience and technological capabilities offer Vietnam great potential for collaboration in several sectors like manufacturing, IT, financing, and infrastructure, a business forum in Ho Chi Min City heard Tuesday.
Organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian consulate, and the Vietnam Chamber of Commerce and Industry, it was attended by more than 20 Indian companies operating in infrastructure, IT, mining, banking, health care, and education.
Ninad Karpe, leader of the FICCI delegation and CEO of IT training giant Aptech Ltd., said he hoped the forum would help Indian and Vietnamese companies create new business partnerships.
Vo Tan Thanh, director of the Vietnam Chamber of Commerce and Industry, said trade between the two countries had surged from US$72 million in 1995 to US$2.75 billion last year.
So far this year, Vietnam's exports to India were US$739 million and imports, US$1.3 billion.
India was an import trade and investment partner but Vietnam's trade deficit remained high and “the two sides are working to reduce (it) and boost trade.”
To achieve sustainable development, Vietnam had to focus on infrastructure, which was rather poor compared to that of other countries, and energy development.
It needed an estimated US$70-80 billion in the next five to 10 years to build road and rail infrastructure and ports.
For this, besides local investment, the country would also seek investment from other countries, offering a great opportunity for Indian infrastructure companies.
Anil Nikam, assistant vice president of Infrastructure Leasing and Financial Services Limited, said: “With (their) recent investment and experience in India, Indian infrastructure companies would like to be an active participant in the proposed development of Vietnam.”
Karpe said with its young, fast-learning, and large workforce and cheaper production costs than India and China, Vietknam was also a promising investment destination for IT companies.
Many large global IT companies like Intel, IBM, and Samsung had already invested in the country, he pointed out.
Abhay Thakur, Indian consul in Ho Chi Min City, said: “The Indian corporate sector is looking to utilize opportunities to invest in the infrastructure, power, IT, auto-components, banking and finance, and mineral sectors.”
Indian companies eye Vietnam opportunities in IT, financing - The China Post
Viet Nam News/Asia News Network --India's experience and technological capabilities offer Vietnam great potential for collaboration in several sectors like manufacturing, IT, financing, and infrastructure, a business forum in Ho Chi Min City heard Tuesday.
Organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian consulate, and the Vietnam Chamber of Commerce and Industry, it was attended by more than 20 Indian companies operating in infrastructure, IT, mining, banking, health care, and education.
Ninad Karpe, leader of the FICCI delegation and CEO of IT training giant Aptech Ltd., said he hoped the forum would help Indian and Vietnamese companies create new business partnerships.
Vo Tan Thanh, director of the Vietnam Chamber of Commerce and Industry, said trade between the two countries had surged from US$72 million in 1995 to US$2.75 billion last year.
So far this year, Vietnam's exports to India were US$739 million and imports, US$1.3 billion.
India was an import trade and investment partner but Vietnam's trade deficit remained high and “the two sides are working to reduce (it) and boost trade.”
To achieve sustainable development, Vietnam had to focus on infrastructure, which was rather poor compared to that of other countries, and energy development.
It needed an estimated US$70-80 billion in the next five to 10 years to build road and rail infrastructure and ports.
For this, besides local investment, the country would also seek investment from other countries, offering a great opportunity for Indian infrastructure companies.
Anil Nikam, assistant vice president of Infrastructure Leasing and Financial Services Limited, said: “With (their) recent investment and experience in India, Indian infrastructure companies would like to be an active participant in the proposed development of Vietnam.”
Karpe said with its young, fast-learning, and large workforce and cheaper production costs than India and China, Vietknam was also a promising investment destination for IT companies.
Many large global IT companies like Intel, IBM, and Samsung had already invested in the country, he pointed out.
Abhay Thakur, Indian consul in Ho Chi Min City, said: “The Indian corporate sector is looking to utilize opportunities to invest in the infrastructure, power, IT, auto-components, banking and finance, and mineral sectors.”
Indian companies eye Vietnam opportunities in IT, financing - The China Post
SpArK
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KMML starts producing titanium sponge
The public sector Kerala Minerals and Metals Limited started producing titanium sponge from its Titanium Sponge Plant (TSP) which was inaugurated in February this year by the Defence Minister A.K. Antony. Titanium sponge is the raw material for titanium metal.
The achievement has enabled India to become the 7th country in the world having the technology to produce titanium sponge. A statement from the KMML said that production started from September 6 and 3 metric tonnes of titanium sponge has been produced.
With technology from the Defence Research and Development Organisation, the TSP has the capacity to produce 500 metric tonnes of titanium sponge annually and the capacity will soon be enhanced to 1000 metric tonnes. Magnesium chloride is the by product from the TSP and KMML is preparing a project to separate magnesium and chlorine from the by product.
The technology for this is being provided by the Defence Metallurgical Research Laboratory and the funding from the Indian Space Research Organisation. With that the TSP’s cost of production is expected to considerably come down. The statement said that other research programmes undertaken by the KMML is also progressing.
This includes the novel “nano titanium pigment” which has tremendous scope in the market. Its market price is ten times the price of titanium pigment, one of the current products of KMML. The waste generated at the mineral separation unit of the KMML is also being put to use.
From the waste sand, the company has started producing sillimanite and zircon. This success story has enabled the mineral separation unit alone to make a profit of Rs. 25 crore since it started producing the two minerals. Prior to the production of these two minerals, the profit of the mineral separation unit stood at only Rs. 2 crore per anum.
Commencement of titanium sponge production has been lauded by the Industries Minister P.K. Kunhalikutty as a major achievement. He said that the achievement is the result of the team work and dedication on the part of the KMML employees. He said that he is hopeful the TSP will be able to soon produce the entire quantity of titanium sponge required by the country.
The Hindu : States / Kerala : KMML starts producing titanium sponge
The public sector Kerala Minerals and Metals Limited started producing titanium sponge from its Titanium Sponge Plant (TSP) which was inaugurated in February this year by the Defence Minister A.K. Antony. Titanium sponge is the raw material for titanium metal.
The achievement has enabled India to become the 7th country in the world having the technology to produce titanium sponge. A statement from the KMML said that production started from September 6 and 3 metric tonnes of titanium sponge has been produced.
With technology from the Defence Research and Development Organisation, the TSP has the capacity to produce 500 metric tonnes of titanium sponge annually and the capacity will soon be enhanced to 1000 metric tonnes. Magnesium chloride is the by product from the TSP and KMML is preparing a project to separate magnesium and chlorine from the by product.
The technology for this is being provided by the Defence Metallurgical Research Laboratory and the funding from the Indian Space Research Organisation. With that the TSP’s cost of production is expected to considerably come down. The statement said that other research programmes undertaken by the KMML is also progressing.
This includes the novel “nano titanium pigment” which has tremendous scope in the market. Its market price is ten times the price of titanium pigment, one of the current products of KMML. The waste generated at the mineral separation unit of the KMML is also being put to use.
From the waste sand, the company has started producing sillimanite and zircon. This success story has enabled the mineral separation unit alone to make a profit of Rs. 25 crore since it started producing the two minerals. Prior to the production of these two minerals, the profit of the mineral separation unit stood at only Rs. 2 crore per anum.
Commencement of titanium sponge production has been lauded by the Industries Minister P.K. Kunhalikutty as a major achievement. He said that the achievement is the result of the team work and dedication on the part of the KMML employees. He said that he is hopeful the TSP will be able to soon produce the entire quantity of titanium sponge required by the country.
The Hindu : States / Kerala : KMML starts producing titanium sponge
Bombay Dude
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Bombay Dude
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Mumbai, Sept. 15:
Tata Steel's Europe arm has been awarded a major order worth 80 million in France for supplying railway lines for a new high-speed track between the cities of Bordeaux and Tours. Deliveries will begin from 2014, for the line which will be operational by 2016.
The company will supply 84,000 tonnes of high quality rail for the new South-Europe-Atlantique line a 302-km long line, which will be one of the world's largest infrastructure projects launched in the last decade, a company statement said.
Trains travelling at 300 kmph will connect south-western France with high-speed rail services from northern Europe, including London, Paris, Brussels and Amsterdam.
Mr Gérard Glas, Head of Tata Steel's Rail Sector said, This is a prestigious project which we are delighted to have secured. This order is also an endorsement of our company strategy to invest in premium steel products.
We are currently ramping up production at our Hayange rail rolling mill after the completion of a 35-million upgrade. The investment means we can now produce 108-metre rail at our facilities in France and the UK.
The steel will be manufactured in Scunthorpe, UK, before being rolled into rail at Tata Steel's mill in Hayange, north-east France. The company will also supply switches and crossings to the construction consortium COSEA.
Incidentally, Tata Steel had supplied the rail from its Hayange plant for the track on which a TGV broke the world train speed record in 2007. The French train reached a speed of 574.8 kph (357mph) between Paris and Strasbourg.
Business Line : Companies News : Tata Steel bags
Tata Steel's Europe arm has been awarded a major order worth 80 million in France for supplying railway lines for a new high-speed track between the cities of Bordeaux and Tours. Deliveries will begin from 2014, for the line which will be operational by 2016.
The company will supply 84,000 tonnes of high quality rail for the new South-Europe-Atlantique line a 302-km long line, which will be one of the world's largest infrastructure projects launched in the last decade, a company statement said.
Trains travelling at 300 kmph will connect south-western France with high-speed rail services from northern Europe, including London, Paris, Brussels and Amsterdam.
Mr Gérard Glas, Head of Tata Steel's Rail Sector said, This is a prestigious project which we are delighted to have secured. This order is also an endorsement of our company strategy to invest in premium steel products.
We are currently ramping up production at our Hayange rail rolling mill after the completion of a 35-million upgrade. The investment means we can now produce 108-metre rail at our facilities in France and the UK.
The steel will be manufactured in Scunthorpe, UK, before being rolled into rail at Tata Steel's mill in Hayange, north-east France. The company will also supply switches and crossings to the construction consortium COSEA.
Incidentally, Tata Steel had supplied the rail from its Hayange plant for the track on which a TGV broke the world train speed record in 2007. The French train reached a speed of 574.8 kph (357mph) between Paris and Strasbourg.
Business Line : Companies News : Tata Steel bags
Hindustani
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Japan PM may visit India by 2011 end
Japan's new Prime Minister, Yoshihiko Noda is expected to visit India by the end of the year, ahead of the 60th anniversary in 2012 of the establishment of diplomatic relations between the two countries.
The invitation was extended to Noda by Prime Minister Manmohan Singh during his meeting on the sidelines of the United Nations General Assembly plenary on Saturday morning.
The visit will further consolidate the bilateral relations, including economic ones, which have been intensified in recent years, between the two countries.
Among the issues discussed Friday between the two included Comprehensive Economic Partnership Agreement and global partnership between India and Japan.
Singh noted the progress in bilateral projects, including the dedicated freight corridor and the Delhi-Mumbai industrial corridor.
Further, discussions on the bilateral relations are expected during Noda's visit to New Delhi , the dates for which will be worked out through diplomatic channels.
"The two sides would further deepen political dialogue, economic relations, security, cultural and people to people relations. The bilateral relations were supportive of very strong political consensus across the board in both countries," India's Foreign Secretary Ranjan Mathai told media persons.
The one-on-one meeting, ahead of Dr Singh's address to the UNGA on Saturday also focused on reform of the Security Council and the two leaders agreed that the G-4 consultations should continue on this issue.
'It was a very close interaction between the two leaders from Asia," Mathai said
Japan PM may visit India by 2011 end - Rediff.com India News
Japan's new Prime Minister, Yoshihiko Noda is expected to visit India by the end of the year, ahead of the 60th anniversary in 2012 of the establishment of diplomatic relations between the two countries.
The invitation was extended to Noda by Prime Minister Manmohan Singh during his meeting on the sidelines of the United Nations General Assembly plenary on Saturday morning.
The visit will further consolidate the bilateral relations, including economic ones, which have been intensified in recent years, between the two countries.
Among the issues discussed Friday between the two included Comprehensive Economic Partnership Agreement and global partnership between India and Japan.
Singh noted the progress in bilateral projects, including the dedicated freight corridor and the Delhi-Mumbai industrial corridor.
Further, discussions on the bilateral relations are expected during Noda's visit to New Delhi , the dates for which will be worked out through diplomatic channels.
"The two sides would further deepen political dialogue, economic relations, security, cultural and people to people relations. The bilateral relations were supportive of very strong political consensus across the board in both countries," India's Foreign Secretary Ranjan Mathai told media persons.
The one-on-one meeting, ahead of Dr Singh's address to the UNGA on Saturday also focused on reform of the Security Council and the two leaders agreed that the G-4 consultations should continue on this issue.
'It was a very close interaction between the two leaders from Asia," Mathai said
Japan PM may visit India by 2011 end - Rediff.com India News
SpArK
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karan.1970
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^^ I dont get it.. As per Riaz, the FDI and FII is slowing down, INR against USD is going down, our deficit is twice that of Pakistan 
and so is our balance of trade.. So how come our reserves are going up 
and so is our balance of trade.. So how come our reserves are going up 
Night_Raven
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^^ I dont get it.. As per Riaz, the FDI and FII is slowing down, INR against USD is going down, our deficit is twice that of Pakistan
Oh he must be busy with his "musings" ... cherry-picking topics & figures , twist it and present on his blog
Vinod2070
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^^ I dont get it.. As per Riaz, the FDI and FII is slowing down, INR against USD is going down, our deficit is twice that of Pakistan
Mate, let's not bring in frustrated people on this thread. If just words could substitute for reality, the world will be a different place.
Night_Raven
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UN awards Rs 47 cr carbon credits to Delhi Metro
Delhi Metro has been certified by the United Nations as the first metro rail-based system in the world to get carbon credits for contributing to the fight against climate change by help reducing pollution levels in the city by 6.3 lakh tons every year.
The organisation has also earned
carbon credits worth Rs 47 crore annually for the next seven years.
With nearly 20 lakh people taking the new age transport system every day, the Metro has helped reduce pollution and emission of green house gases as it is a completely non-polluting and environment-friendly system.
"Thus, DMRC has helped in reduction in emission of harmful gases into the city’s atmosphere and the United Nations Body administering the clean Development Mechanism (CDM) under the Kyoto Protocol has certified that DMRC has reduced emissions," Delhi Metro spokesman Anuj Dayal said.
Thus, Dayal said, the organisation earned carbon credits worth about Rs.47 crore annually for the next seven years and with the increase in number of passengers, this figure shall increase.
No other Metro in the world could get the Carbon Credit for the above because of the very stringent requirement of the United Nations Body to provide conclusive documentary proof of reduction in emissions.
"It is difficult to give documentary proof of the difference of energy consumption of two scenarios, i.e. with Metro and without Metro. DMRC proposed an innovative method of proving the emissions using sampling techniques. After rigorous persuasion the UN body has finally agreed with this technique as it is very scientific in nature," Dayal said.
Delhi Metro has helped remove more than 91,000 vehicles from the roads of Delhi daily.
Metro complements other modes of transport and replaces partially trips made by conventional or traditional means of transit, Dayal said.
The CDM project replaces trips made by conventional transport modes with Metro, being a more efficient, faster, safer and more reliable transport means.
Emission reductions are achieved through reducing GHG emissions per passenger-kilometer, comparing conventional modes of transport with Metro, Dayal said.
The resource efficiency of transporting passengers in Delhi by Metro has improved i.e. emissions per passenger kilometer are reduced compared to the situation without project i.e. had the Delhi Metro not operated.
This is the second CDM project from DMRC to be registered with the UN body in the last three years.
DMRC’s first CDM project on regenerative braking had also achieved many international firsts apart from earning valuable foreign exchange for the country.
Every passenger who chooses to use Metro instead of car/bus contributes in reduction in emissions to the extent of approx. 100 gm of carbon-dioxide for every trip of 10 km and therefore, becomes party to the reduction in global warming.
UN awards Rs 47 cr carbon credits to Delhi Metro - Hindustan Times
Delhi Metro has been certified by the United Nations as the first metro rail-based system in the world to get carbon credits for contributing to the fight against climate change by help reducing pollution levels in the city by 6.3 lakh tons every year.
The organisation has also earned
carbon credits worth Rs 47 crore annually for the next seven years.
With nearly 20 lakh people taking the new age transport system every day, the Metro has helped reduce pollution and emission of green house gases as it is a completely non-polluting and environment-friendly system.
"Thus, DMRC has helped in reduction in emission of harmful gases into the city’s atmosphere and the United Nations Body administering the clean Development Mechanism (CDM) under the Kyoto Protocol has certified that DMRC has reduced emissions," Delhi Metro spokesman Anuj Dayal said.
Thus, Dayal said, the organisation earned carbon credits worth about Rs.47 crore annually for the next seven years and with the increase in number of passengers, this figure shall increase.
No other Metro in the world could get the Carbon Credit for the above because of the very stringent requirement of the United Nations Body to provide conclusive documentary proof of reduction in emissions.
"It is difficult to give documentary proof of the difference of energy consumption of two scenarios, i.e. with Metro and without Metro. DMRC proposed an innovative method of proving the emissions using sampling techniques. After rigorous persuasion the UN body has finally agreed with this technique as it is very scientific in nature," Dayal said.
Delhi Metro has helped remove more than 91,000 vehicles from the roads of Delhi daily.
Metro complements other modes of transport and replaces partially trips made by conventional or traditional means of transit, Dayal said.
The CDM project replaces trips made by conventional transport modes with Metro, being a more efficient, faster, safer and more reliable transport means.
Emission reductions are achieved through reducing GHG emissions per passenger-kilometer, comparing conventional modes of transport with Metro, Dayal said.
The resource efficiency of transporting passengers in Delhi by Metro has improved i.e. emissions per passenger kilometer are reduced compared to the situation without project i.e. had the Delhi Metro not operated.
This is the second CDM project from DMRC to be registered with the UN body in the last three years.
DMRC’s first CDM project on regenerative braking had also achieved many international firsts apart from earning valuable foreign exchange for the country.
Every passenger who chooses to use Metro instead of car/bus contributes in reduction in emissions to the extent of approx. 100 gm of carbon-dioxide for every trip of 10 km and therefore, becomes party to the reduction in global warming.
UN awards Rs 47 cr carbon credits to Delhi Metro - Hindustan Times
Tangent
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^^ I dont get it.. As per Riaz, the FDI and FII is slowing down, INR against USD is going down, our deficit is twice that of Pakistan
...Don't tell me that you take his musing seriously..!!!
