Crackdown on tax havens tops India agenda at G20

Crackdown on tax havens tops India agenda at G20
Date : Sep-15-2009 09:29

The growing popular attitude against tax havens, which is used by the high net worth individuals in order to avoid taxes, will form a big part of the program for the G-20 meeting at St Petersburg, Russia. However, India is all set to press for a serious clamp down on tax havens yet again. Moreover, it is said that Prime Minister Manmohan Singh is likely to press for more strict rules for preventing rerouting of black money from tax havens like Mauritius where non-residents part their money with zero to sub-zero tax rates.

Additionally, India''s agenda for G-20 will include a cut-off date for compulsory tax related information sharing between investee countries and tax havens. On the other hand, it is also anticipated that India will be looking for stricter rules for a clamp down on thinly capitalized shell companies whereas this is the second time when the world leaders like US president Barack Obama, British PM Gordon Brown and Dr Singh will discuss the issue of tax havens at the same forum.

United Bank to float IPO in January

United Bank to float IPO in January
Date : Sep-15-2009

United Bank of India plans to hit the market with an Initial Public Offer in January 2010 to raise Rs 350 - 400 crore. The bank plans to issue 50 million shares at a face value of Rs 10 each and with a premium of Rs 70 - 80 per share. The Union Government has already restructured and reduced the bank's equity capital to Rs 266 crore (Rs 1,532 crore). The bank, according to Mr Bhasin, has also requested the government to infuse Tier I capital of Rs 800 crore in addition to the Rs 550 crore by way of Innovative Perpetual Debt Instrument expected to be infused this fiscal.

Yamuna starts receding in Delhi

New Delhi, Sep 14: The water level in the Yamuna river on Monday started receding along its length in the national capital, though it continued to flow above the danger mark, an official said. “By 9 a.m. today (Monday) the water level was 205.22 metres. It is six centimetres lower than the water level recorded at 8.30 a.m.,” an official of Delhi’s flood control department said. “The water is expected to recede further,” the official added. After breaching its danger mark on Sunday, the Yamuna submerged hundreds of shanties and areas in what is generally termed as the “vegetable belt” of the capital. Low-lying areas like Usmanpur, Sonia Vihar, parts of Okhla, Sultanpuri, and Garhi were submerged. Nearly 1,200 people were moved to safer places. At least 17 rescue boats have been put on the job of shifting people to relief camps. A flood warning was sounded in the capital Friday after continuous rainfall pushed up the water level in the Yamuna. Haryana also released over 400,000 cusecs of water into the river upstream. Last year, the water level reached 206 metres, leading to the evacuation of people from slum clusters along the river banks. The Delhi government has said it is fully prepared to tackle any situation. There are several slum clusters along the Yamuna banks and thousands of people live in these low-lying areas. (IANS)

Now, Sonia Gandhi travels economy class

( Watch Video )

NEW DELHI: Congress president Sonia Gandhi on Monday flew economy class to Mumbai in a commercial airliner, joining a battery of ministers in an effort by the government to enforce austerity measures. Two rows of seats were booked for Gandhi and her security personnel in the aircraft as she left here for Mumbai to launch the Congress campaign for the Oct 13 assembly elections in Maharashtra, official sources said.

The Congress president usually takes a special aircraft of the Indian Air Force (IAF) in view of security concerns.

Gandhi has also suspended her Iftaar party as a symbolic gesture in view of the drought situation in the country and economic recession.

Her austerity drive coincides with the home ministry reviewing security to VIPs. The security of 51 ministers and VIPs has already been scaled down.

On Sunday, external affairs minister SM Krishna decided to forgo private jets and travel abroad economy class in a commercial flight.

Krishna will go to Turkmenistan and Belarus on Tuesday on a commercial flight and will only take along three officials with him, official sources said. Earlier, his contingent used to have 20 people and would travel in an Air Force Embraer jet.

The government virtually enforced the austerity drive in the aftermath of the criticism that Krishna and his deputy Shashi Tharoor drew following disclosures that they were staying in five-star hotels for over three months in the capital.

Finance minister Pranab Mukherjee, who announced the austerity measures, led by example by flying economy class aboard a low-cost carrier to Kolkata on Saturday.

Railway minister Mamata Banerjee has already issued an order to stop holding Railway Board meetings in star hotels. Civil aviation minister Praful Patel and minister of state for environment Jairam Ramesh have announced their support for austerity measures.

Union minister for women and child development Krishna Tirath is learnt to have cancelled her tour to New York. Health minister Ghulam Nabi Azad joined in the austerity drive by asking officials to cut down on foreign and domestic travel.

Last week, parliamentary affairs minister PK Bansal cancelled a goodwill visit by a parliamentary delegation to Egypt and Greece to save the government exchequer some money.

In a cabinet meeting on Thursday, some ministers voiced reservations about the practicality of their travelling in economy class, especially on trips abroad. The prime minister reportedly agreed to make exceptions in some cases for taking business class, provided advance permission is sought.

TOI