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rbi-holds-interest-rates-steady-says-tracking-inflation-and-government-action

RBI holds interest rates steady, says tracking inflation and government action

Mumbai, Feb 03 (ANI): Reserve Bank of India on Tuesday held interest rates steady while boosting banks' liquidity in a bid to persuade them to lower lending rates after they failed to pass on the benefits of the last official rate cut three weeks ago. The RBI kept its policy repo rate unchanged at 7.75 percent, as expected by analysts, leaving its next reduction probably until after the government presents its annual budget at the end of this month. Instead, to prod banks to lend more and lower their lending rates, the RBI cut the statutory liquidity ratio (SLR) - the minimum portion of net deposits that banks must hold in government bonds, cash or gold - by 50 basis points to 21.5 percent from February. 7. The RBI also announced a slew of initiatives to develop markets, including allowing foreign institutional investors to re-invest government bond coupons even when their investment limits were exhausted. The RBI described the domestic economy as "subdued", regardless of the government revision of gross domestic product data, using a new formula which showed the economy grew 6.9 percent in 2013/14, instead of 4.7 percent. Feb 3, 2015
government-not-to-appeal-vodafone-tax-ruling

Government not to appeal Vodafone tax ruling

New Delhi, Jan 29 (ANI): The central government will not appeal a regional court ruling in favour of Vodafone Group Plc in a long-running tax dispute, the cabinet decided in a move aimed at boosting investor confidence in Asia's third-largest economy. Vodafone, the biggest foreign corporate investor in India, has been involved in a series of tax disputes since it entered the country seven years ago. In one such case, India's tax office had accused a unit of the British group of under-pricing shares in a rights issue to its parent company and demanded tax of about 30 billion rupees. The Bombay High Court had in October ruled in favour of Vodafone, and later the attorney general had recommended the government to refrain from appealing that ruling at the Supreme Court. Communications and IT Minister Ravi Shankar Prasad said the decision was in direction to assure investors of a fair and just Indian government. Jan 29, 2015
investor-friendly-tax-regime-vital-for-ease-of-business-with-india-says-arun-jaitley

Investor-friendly tax regime vital for ease of business with India, says Arun Jaitley

New Delhi, Jan 27 (ANI): Finance Minister Arun Jaitley on Tuesday stressed that a friendly tax administration could help enhance India's relations with investors from across the world. Jaitley's remarks came a day after Prime Minister Modi along with US President Barack Obama met with business leaders to enhance relationships. Jaitley was addressing customs officials in New Delhi on the occasion of International Customs Day. Modi had promised a stable and predictable tax regime in India during the meet. Jaitley said investors needed to know that the Indian government was working towards an investor-friendly tax administration. Jan 27, 2015
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