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Centre notifies rules to settle Vodafone retro tax case

The government has promised to refund any tax collected using the controversial 2012 amendment to the Income Tax Act The government has notified a fresh set of rules to facilitate settlement of the retrospective tax dispute with British telecom giant Vodafone Plc. The Central Board of Direct Taxes (CBDT) on October 13 notified ‘Relaxation of Validation (Section 119 of the […]

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Work to monetise Alliance Air, 3 other Air India subsidiaries to start now: DIPAM Secy

“There will be a plan for monetising the assets of AIAHL.” After the historic Air India privatisation, the government will now start work on monetising its four other subsidiaries, including Alliance Air, and over ₹ 14,700 crore worth non-core assets like land and building, DIPAM Secretary Tuhin Kanta Pandey said. The government on October 8 had announced that salt-to-software conglomerate […]

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Reliance Retail to roll out 7-Eleven convenience stores in India

The first 7-Eleven store will open on Saturday, October 9 in Andheri East, Mumbai Reliance Retail Ventures Ltd (RRVL), through its wholly owned subsidiary, 7-India Convenience Retail Ltd, has entered into a master franchise agreement with 7-Eleven, Inc., (SEI) the American retail major, for the introduction of 7-Eleven convenience stores in India. Convenience store is a shop that remains open […]

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NARCL would work better with bank recapitalisation: ADB

IBC resolution slow and ‘skewed’, rising NPAs and low credit offtake deter private investments, ADB economists point out The success of India’s latest gambit to clean up the banking system’s toxic assets through a ‘bad bank’ will hinge on several factors, and global evidence shows such initiatives worked better when accompanied by the recapitalisation of banks, the Asian Development Bank […]

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Explained | Can the telecom industry get out of the rut?

How will the government’s relief package impact the sector? Is there clarity on spectrum licence fees and dues? The story so far: The Union Cabinet on Wednesday approved a set of financial relief measures to help major telecom companies in trouble. Companies such as Vodafone Idea and Bharti Airtel have seen their business hit hard by financial demands made by […]

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PMI signals fastest rebound in services activity in 18 months

‘Output expands first time in 4 months, rising consumer footfall boosts sales’ India’s services sector expanded in August at the fastest pace in one-and-a-half years amid strong inflows of new work and improved demand conditions, a monthly survey showed on Friday. The seasonally adjusted India Services Business Activity Index rose from 45.4 in July to 56.7 in August, as the […]

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BHP Group FY21 Underlying Attributable Profit Rises; Announces Petroleum Merger With Woodside

BHP Group PLC (BHP.AX,BLT.L,BBL,BHP) reported a strong underlying operational performance in fiscal year 2021. BHP announced the combination of Woodside (WOPEF.PK,WOPEY.PK,WPL.AX) and BHP’s oil and gas business. BHP also plans to unify its corporate structure under existing Australian parent company to reduce duplication and streamline governance and internal processes. Under an all-stock merger, BHP’s oil and gas business would merge […]

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