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n wide-ranging recommendations aimed at soothing the hackles of investors and revive the inflow of foreign capital, the expert committee on General Anti Avoidance
Rules (GAAR), headed by Parthasarathi Shome, on 2 September, has advocated postponement of the controversial tax provision by three years till 2016-17 along with abolition of capital gains tax on transfer of securities. In a further reassurance to foreign
provisions should not be invoked to examine the genuineness of the foreign investor entities residency in the island nation. Highlighting that the objective of GAAR should be deterrence rather than revenue, the panel has recommended that the Approving Panel (AP) for purposes of invoking GAAR
Chairman, who should be a retired judge of the High Court. Besides, two members should be from outside government and persons of eminence drawn from the fields of accountancy, economics or business, with knowledge of matters of income-
Commissioner and one Commissioner. It also suggested that GAAR can be invoked only with the approval of the Commissioner.
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tax, and two members should be chief commissioners of income-tax or one Chief
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2011-12 as compared to USD 55.62 billion in the previous, a hike of 19 per cent. "We have received USD 66.13 billion in remittances in 2011-12," Minister for Overseas Indian Affairs
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he Reserve Bank of India (RBI) will allow domestic entities to invest in Pakistan if they apply for approval, the central bank said in a statement on 7
investment from Pakistan in an attempt to build trust between the two nuclear-armed
neighbours. Pakistani citizens and companies are now allowed to invest in all sectors apart from defence, space and atomic
said. The move to allow FDI from Pakistan had been announced by India's trade minister
colonial rule in 1947. Both sides have implemented measures to improve trade and business ties, as they slowly rebuild relations that were shattered by the 2008 Mumbai attacks.
Companies"topped by four US companies. Larsen & Toubro with an annual sales growth of 19 percent is ranked ninth in the world followed by Hindustan Unilever (12) with 11.4
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percent. Infosys (19) comes third with 12.7 percent growth thanks to what the US business magazine called a lower "innovation premium." This measures the difference between the value of the company's existing businesses and its expected future innovations. Companies must also have $10 billion in market capitalization and spend at least one percent of their
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ive Indian companies including Larsen & Toubro, Hindustan Unilever and Infosys are ranked on Forbes magazine's list of "The World's Most Innovative
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earlier this year. India and Pakistan have fought three wars since they broke from British
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September. Indian entities were earlier not allowed to invest in Pakistan. On 1 August,
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companies-
Cloud drug
Salesforce.com, Pharmaceuticals,
internet
Amazon.com and open source software leader Red Hat took the top four places. Forbes said its analyses show at least three
key things that the innovative companies do to create and sustain an innovation premium. These were: How well companies leverage people, process, and philosophies, differentiates the best in class from the next in class when it comes to keeping innovation alive and delivering an innovation premium year after year.
maturity periods, a move likely to be followed by other lenders. However, for deposits
6.5 per cent as against 7.5 per cent. Of the total nine maturity periods for fixed deposits, the 0.5 per cent downward rate revision is for six categories. The new rates would be effective from September 7, the bank said in a statement. With the revision, the interest rate on 7-90 days fixed deposit would come down to 6.50 per cent from 7 per cent. Similarly, term deposits of 91-179 days would be down
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by 0.5 per cent, at 6.50 per cent, and 180-day fixed deposits would also attract 6.50 per cent interest rate. Fixed deposits with maturity of 181-240 days would now provide interest rates
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between 241 days and one year, the downward revision is 1 per cent. The new rate would be
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tate Bank of India, Indias largest bank, on 5th September, announced a reduction in interest rates on fixed deposits by 0.5 per cent for most of the
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years, the new rate will be to 8.5 per cent as against 9 per cent, down by 0.5 per cent. At the
years have been slashed by 0.5 per cent to 8.5 per cent. However, the bank has left interest rate unchanged at 8.5 per cent for term deposit of 5-10 years.
end of this month. The homogeneity in security features act as deterrent against frauds, and the fixed field placement specifications facilitate straight-through-processing at drawee banks end through the use of optical or image character recognition technology, the RBI said in a notification. ``Adherence to CTS-2010 standards has
inherent
identify the genuineness of the drawee banks instruments while handling them in the image
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companies in Asia-Pacific. The US magazine's 2012 list sees the return of the big Indian IT software services and consulting firms, HCL and Tata Consultancy, while an Indian drug company, Sun Pharmaceutical, breaks into the elite ranks for the
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ndia claims the second biggest haul after China in Asia's Fab 50 with 11 Indian companies, up from seven last year,
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based scenario, it said. sAll banks are advised to arrange only multi-city or payable at par
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he Reserve Bank of India directed all banks to issue cheques with uniform features conforming to the Cheque Truncation System (CTS) 2010 standard by the
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same time, interest rates for fixed deposits with maturity period between 2-3 years and 3-5
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ago. Malaysia, Japan, Philippines and Singapore each had one representative on this year's
of its turnaround plan. A meeting of the Union Cabinet, chaired by Prime Minister Manmohan proposal Singh, cleared the the two
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India new policy approved, Automobile companies and vehicles on road by 2020. The government under the new policy will fund research and development,
Repair and Overhaul (MRO) business, for not only Air India but other airlines too and tap
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infrastructure and subsidies. With an aim at reducing the burden on fossil fuels, the Union government in national budget 2011 had proposed a plan to develop electric and hybrid vehicles. Later, the government set up a National Council
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the potential of nearly $1.5 billion MRO business in the Asia-Pacific Region.
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which would be treated as separate profit centres. AIESL would carry out Maintenance,
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(AITSL). With this decision, Air India would begin the process of transferring the assets and manpower to AIESL and AITSL,
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overnment on 6 September, approved a Rs 768 crore proposal to hive off engineering and ground handling services of Air India into two wholly-owned subsidiaries as part
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list. South Korea could only muster four companies this year, down from eight last year.
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Electric Mobility to ensure uniform rules in all the states. According to an estimate about
rupees and 43000 rupees in Indian market, while countrys only indigenously built electric car Reva starts at 3.5 lakh rupees. Japan-based Nissan Motor Co. Ltds electric car, Leaf, is the largest-selling car in the world that runs on battery. It costs 33000 dollar (around 18 lakh rupees) in the US and its battery cost is at least half the cars price.
he Supreme Court, on 6 September, held that Indian courts have no jurisdiction to pass interim orders in foreign arbitration awards between
an Indian company and a foreign company under the provisions of the Indian Arbitration and Conciliation Act,
arbitration outside India, then the provision that the Arbitration Act, 1996, would govern the arbitration proceedings would not make Part I (relating to domestic arbitration) of
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hidambaram pitched for Prime Minister led National Investment Board: Finance Minister P. Chidambaram on 15 September 2012 pitched for
institutionalization of a National Investment Board under the leadership of Prime Minister. The formation of the board will help in speeding the approval of the proposals, for the mega
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the Arbitration Act, 1996, applicable or enable Indian courts to exercise supervisory
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130000 electric vehicles were sold in India in 2011-12. Electric scooters cost between 26000
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commission under the chairmanship of Prime Minister Manmohan Singh, the finance minister expressed his concern
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Investment board (NIB) to be taken as the final decision. Chidambaram also insisted interference by any other authority on the approvals and decisions made by the NIB will be entertained. He also added to his statement that NIBs role will be limited to the projects with investments of Rs 1000 crore or more.
uidelines on overseas loans for companies eased : The Reserve Bank of India (RBI) on 11 September, relaxed guidelines for Indian companies to raise money
raise more funds through ECBs to repay rupee loans or for new capital expenditure in
75 per cent of the average foreign exchange earnings in the past three fiscal years, or 50 per cent of the highest export earnings in any of the three years, or whichever is higher.
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the past three fiscal years. The RBI will also allow refinancing of bridge finance, or shortterm credit taken by companies in the infrastructure sector for importing capital goods, with an ECB under the automatic route. Earlier, companies had to seek approval from the RBI for replacing the bridge finance with a long-term ECB. The central bank said companies in the infrastructure sector can seek trade credit for up to a maximum period of five years for
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overseas through external commercial borrowings (ECB). The RBI allowed companies to
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ndian external debts are within manageable limits : The Department of Economic Affairs (DEA) published its annual publication- Indias external debt: a status
was $345.8 billion, which is 13% high than the previous years debt or $ 39.9 billion from where India stood at the end of March 2011. The publication points out about the upward movement of the stress that is put on the current account deficit (CAD) of the nation because of the risks thrown on it, from the external sectors that comprises Fall in the reserve cover for imports and external depreciation in the
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report 2011-12. As per the published report, Indias external debt in the end of March 2012
rupee, rise in the level of and the increased share commercial borrowing
economic risks that may rise with a weakened recovery and a slow growth scopes that may lead into high debts and seek growth finances even in the advanced economies. This clearance was based on Indian Vulnerability Index indicators, which has been experiencing the euro zone debt crisis and the global slowdown. A detailed analysis of Indias position in
based on the data released by the Reserve Bank of India on 29 June 2012. The report not
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only presents the analysis of external debts trend and composition on the country but it also presents a comparative picture of this debt in reference to other developing nations of the world with respect to the fluid global economic situations. The best part of the report produced is that instead of all the facts presented and developments Indias debt is within manageable limits and can be indicated by the debt service ratio to 6 percent and external
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external debt at the end of March, 2012 has been presented in the status report. It is also
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the fifth position for absolute debt stocks when compared with the 20 other developing debtor countries. But when taken care of the ration of external debt to that of the gross national income, India was at the fifth position from the lowest side.
month of August 2012 by an overall 19 percent. It is counted among the biggest drop in
one year timeline, resulting to which Society of Indian automobile Manufacturer (SIAM) asked the government to cut the excise duty. The next disappointing part is that the export of cars is also declined to a figure of 26.83 percent in
production of companies in India. It is the highest decline in 11 years of time. The automobile
reduced, particularly for the commercial vehicles segment to regain the sale in momentum. In contrary to that, Chinese market saw a robust sale of car in the month of august.
among the world's 10 lowest paying employers in the IT space, with their mid-to-senior
level staff getting an average salary of USD 38,767 (about Rs 21.5 lakh) per annum less
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than one-fourth of the IT pay package at globally top-paying Swiss firms. Salaries in the IT sector of Switzerland are the highest in the world at an average of USD 168,211 (about Rs 93 lakh) per annum as per a study titled 'World wide IT Salary 2012'. The study, conducted by global recruitment service provider MyHiringClub.com, has ranked India at eighth spot
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ales percentage of car declined in India : The sales of cars in India declined in the
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indebted countries. The Global Development Finance, 2012 from World Bank, India stood at
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of experience for the Indian and other companies. The report compared the total annual cash compensation and total remuneration information for IT staff in more than 6,000 companies across 40 different countries and found that employers in western Europe are the best paymasters. It also found that compensation in developed countries focus more on
remains on cash compensation in the lower-paying countries. "Experienced IT managers are highly sought-after in India and there is strong competition to attract and retain skilled employees. MNCs rely heavily on Indian IT managers, so they need to ensure their pay is competitive.''"Although pay in Asia and Eastern
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America,"
Europe tends to be much lower, it would be difficult for firms to outsource the IT manager role to these regions. Instead, we may see a migration of IT skills from lower paying nations to places in Western Europe and North MyHiringClub.com CEO Rajesh
compensation package were lower at USD 38,624. In addition, IT employees in India, scored better than their peers in Bulgaria, Vietnam, Indonesia, the Philippines, Thailand and Malaysia, where the average annual salaries were even lower at USD 23,745, USD 29,831, USD 33,768, USD 33,965, USD 34,107 and USD 36,790 respectively. Among the best IT
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salaries paying countries Belgium bagged the second position with an average salary of USD 144,980, followed by Denmark (USD 136,542), the US (USD 128,632) and the UK (USD 127,890).
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fare better than their counterparts in neighbouring China, where the average annual
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variable factors, such as bonus schemes, to attract staff. At the same time, the emphasis
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August this year, took into account the average salaries for people with four and more years
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yotiraditya M. Scindia, Union Minister of State for Commerce and Industry, said in
presspersons after inaugurating the 119th conference of the United Planters Association of Southern India (UPASI), he said this was an important measure for the welfare
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Tea Board, exclusively to address the issues of small tea growers. Speaking to
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research Association of Southern India (UPASI) for 2012-13.
sector. This could be extended to other plantation sectors, if needed. The plantation sector was expected to see higher outlay in the XII Plan with focus on various areas such as and
,the domestic market for tea was seeing healthy growth. However, India should also increase
scheme.Under this, the focus would be on five markets with five major measures for five years. For the first phase, the government had sanctioned Rs.6.5 crore for this scheme. Tea production was 976 million kg last year and domestic consumption 840 million kg. Exports
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that its contribution to Indias GDP will explode to $100 billion (Rs. 5 lakh crore) by 2015 from $30 billion (Rs.1.5 lakh crore) at present. Revealing the highlights of the study, on 29 September in the presence of Union Telecom Minister Kapil Sibal at a curtain-
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he study on the Impact of Internet on the Indian Economy by McKinsey, which is still to be released, says
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were 191 million kg. G. J. Ancheril was elected as President of the United Planters
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its tea exports, and, hence, the government had come out with the Triple Five (555)
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be held at FICCI in New Delhi on October 4-5, McKinsey said the contribution of the
will eventually mirror this trend. Mr. Sibal said the government is also alive to the growing power of the Internet, including as a communications multiplier. The world currently has 2 billion Internet users, of whom 50 per cent live outside the developed world. The global Internet population is projected to climb to 2.6-2.9 billion by 2015. By 2015, based on
base in the world, is projected to hit 350 million, catapulting it to a global ranking of 2, with the fastest rate of growth.
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atings firm Fitch in its Global Economic Outlook report on 28 September, lowered Indias growth projection for the current fiscal to 6 per cent for 2012-13 from 6.5 per cent estimated earlier citing challenging economic
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scope for government for fiscal easing and increasing spending. It said weak investments
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mandatory safety net mechanism in IPOs , to protect the interests of retail investors. The SEBI has sought comments from the public on the draft norms till
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were affecting supply capacity and thereby pointing towards weaker growth outlook. he Securities and Exchange Board of India, on 28 September, issued draft norms for
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outlook. Indias economic growth has slowed to a three-year low of 5.3 per cent in the April-June quarter of the current fiscal. The growth had fallen to 6.5 per cent in the 2011-12 fiscal. Fitch said the high fiscal deficit left little
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existing projections, India, which with 120 million users has the third largest Internet user
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Internet to global GDP is roughly three per cent or $1.7 trillion and its performance in India
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allotted to original resident retail individual allottees, who had made an application for up to
cent of the issue size. The proposal for such a mechanism, discussed at SEBIs board meeting held on August 16, is aimed at protecting the interest of retail investors.
worldwide index of 144 nations. The annual ranking, titled 'Economic Freedom of the World: 2012', is topped by Hong Kong, followed by Singapore, New Zealand, Switzerland (8.24) and
Australia in the top-five. The index has been prepared by Canada-based public policy
countries support economic freedom. iting volatile global economic situation, the Standard and Poors (S&P) has lowered the growth forecast for India to 5.5 per cent for this fiscal, from
ongoing global economic uncertainty, and it has lowered India growth forecast by one percentage point to 5.5 per cent for this fiscal from 6.5 per cent earlier. The report says, lack
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of monsoon rains has affected India, for which agriculture still forms a substantial part of the economy and global investors have become more critical of Indias policy and infrastructure shortcomings which was recently highlighted by the power outage in early August that affected 20 of Indias 28 States. S&P said Asia Pacific economies were
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6.5 per cent projected earlier. According to S&P, Asia-Pacific is feeling the pressure of
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territories, and claims to measure the degree to which the policies and institutions of
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global study, puts India ranks very low at 111th position in terms of economic freedom, behind countries like China, Nepal and Bangladesh, in a
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Rs.50,000.SEBI also said the total obligation on safety net provider will be capped at 5 per
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capital flows and trade. S&P has lowered the base case forecasts of 2012 real GDP growth by about half a percentage point for some countries, with Chinas revised to 7.5 per cent
per cent); Korea to 2.5 per cent (from 3 per cent); Singapore to 2.1 per cent (from 2.5 per cent); and Taiwan to 1.9 per cent (from 2.5 per cent).Earlier this month, Morgan Stanley had also lowered Indias growth forecast to 5.1 per cent for the current fiscal from its earlier estimate of 5.8 per cent; HSBC to 5.7 per cent from 6.2 per cent and Standard Chartered to 5.4 per cent from 6.2 per cent projected earlier.
that it was planning to sell as much as 50 per cent of its oil-sands reserves in Alberta.Early this month, ONGC Videsh (OVL) had bought U.S. energy firm Hess Corp's stake in Azeri,
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hired Scotia Waterous for selling stake in six Alberta properties that produce about 25,000 barrels of oil a day from an estimated 30 billion barrels of bitumen in place.
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consortium comprising Oil and Natural Gas Corporation, Indian Oil Corporation, and Oil India has jointly placed a $5-billion bid for buying
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Authors Note
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Well its nice to have people interested in something we do. We would like to listen when you say Those are the people who helped me cracking my exam. If you found this small book interesting and enlightening, we would appreciate if you tell your Friends, Family and Colleagues about Us. If you dont like, then please mail us Why you dont like our effort so that we will try to improve ourselves. Our mail id is Guide4BankExams@gmail.com. And dont forget to download the remaining current affairs series of the September month. Thats all for now friends. Happy Reading
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Guide4BankExams Team
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