25 paise coins to become history from June 30, 2011

HYDERABAD: The Reserve Bank of India will withdraw 25 paise coins and those of lower denomination from the market starting June 30. These coins will not be in circulation and can't be used as legal tender for payment.

RBI in a press statement said that those who have these coins can exchange them for their worth at 41 banks across the country. The banks where such coins can be exchanged are:

Allahabad Bank , Andhra Bank , Bank of Baroda , Bank of India, Bank of Maharashtra , Canara Bank , Central Bank of India , Corporation Bank , Dena Bank , Indian Overseas Bank , Indian Bank , Oriental Bank of Commerce, Punjab and Sindh Bank, State Bank of India , Syndicate Bank , UCO Bank , Union Bank of India , United Bank of India , Vijaya Bank , State Bank of Bikaner and Jaipur, State Bank of Hyderabad , State Bank of Mysore , State Bank of Patiala, State Bank of Travancore, IDBI Bank Ltd , ICICI Bank Ltd , Tamilnad Mercantile Bank Ltd, Dhanlaxmi bank Ltd, The Federal Bank Ltd , The Catholic Syrian Bank Ltd, The HDFC Bank Ltd , The Jammu and Kashmir Bank Ltd, The Karur Vysya Bank Ltd , The Laxmi Vilas Bank Ltd, ING Vysya Bank Ltd , Standard Chartered Bank , City Union Bank , Axis Bank Ltd and Karnataka Bank Ltd.

Cabinet nod for GST bill

NEW DELHI: The Cabinet on Tuesday approved the GST constitution amendment Bill, setting the stage for implementation of the country's most ambitious tax reform.

The government will aim to introduce the bill in the current session of Parliament after law ministry makes some changes.

A constitutional amendment is necessary to give the power of taxation of all services to states for introduction of GST at the state level. The power to levy service taxes now vests only with the Centre.

Finance minister Pranab Mukherjee has said the government will introduce the Constitution amendment bill in the current session of Parliament and work is underway on drafting of a model legislation for the central and state GST.

But implementing GST by April 1, 2012 may be an uphill task as consensus among states is yet to evolve on key issues. Revenue secretary Sunil Mitra has said it may be difficult to implement GST from April 2012 and the date could be pushed to June. The government has missed its deadline of introducing GST in the past.

Mukherjee has sought the industry's help to create consensus on implementing GST and other economic reforms necessary to sustain 9-10% economic growth.

Analysts said the cabinet approval for the Constitution amendment bill was a key step for implementing GST.

"This definitely is most important. Once it is approved by Parliament, it has to be approved by 50% of states. Once that is done, it creates conditions for implementing GST," Rajeev Dimri, leader, indirect taxes at BMR Advisors, said.

The introduction of GST at the central level will not only include more indirect central taxes and integrate goods and service taxes for the purpose of set-off relief, but may also lead to revenue gain for the Centre.

It is expected to widen the dealer base by capturing value addition in the distributive trade and increased compliance, the finance ministry says. Because of the removal of cascading effect, the burden of tax under GST on goods is expected to fall.

The GST will override all indirect taxes such as excise duty and service tax at the federal level and value added tax (VAT) at the state level as well as local taxes, paving the way for creating a common market across the country. Analysts say evidence shows that revenue has risen significantly in countries which adopted GST.

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Sensex up 200 points on firm Asian cues

MUMBAI: The BSE benchmark Sensex opened over 200 points up on Wednesday on bargain buying triggered by firming trend on other Asian bourses after yesterday's losses.

The 30-share index of the Bombay Stock Exchange, which lost over 271.84 points in the previous session, rebound by 200.42 points or 1.10 per cent to 18,368.06 level, with oil and gas, metals, realty and banking stocks, leading the recovery.

Similarly, the wide-based National Stock Exchange Nifty index also moved up by 57.65 points or 1.05 per cent to 5,507.30 points.

Brokers attributed the rise to fresh buying by funds and retail investors, driven by recovery on other Asian bourses after yesterday's meltdown in the wake of last week's devastating earthquake in Japan.

Metal sector stocks were back in demand, supported by recovery in base metals at the London Metal Exchange, they said.

Meanwhile, Japan's Nikkei index was trading 4.43 per cent higher but Hong Kong's Hang Seng Index was down by 0.27 per cent in early trade today.

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Rupee gains 5 paise against US dollar in early trade

MUMBAI: The Indian Rupee strengthened by 5 paise to Rs 45.20 per dollar at the Interbank Foreign Exchange on Wednesday, supported by a higher opening in the stock market and dollar's weakness against other Asian currencies.

The rupee had depreciated by 19 paise to close at Rs 45.25/26 against the US currency in yesterday's trade on renewed dollar demand from banks and importers despite a weak dollar overseas.

Forex dealers said dollar's weakness against other Asian currencies and a higher opening in the stock market helped the rupee gain some strength.

Meanwhile, the Bombay Stock Exchange Sensex was up by 200.42 points or 1.10 per cent at 18,368.06 level in opening trade today.

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HDFC sole Indian firm among world's most ethical companies

WASHINGTON: Housing Development Finance Corporation ( HDFC) is the sole Indian company figuring in a New York City think tank's fifth annual list of the World's Most Ethical Companies.

The Ethisphere Institute's list, which includes 110 organizations, the largest since the award's inception in 2007, does not have a ranking.

Nearly 3,000 companies in more than 100 countries and 36 industries were nominated-or nominated themselves-to be considered this year.

The 110 companies that made the final cut this year include first-time recipients Adidas, eBay, Microsoft, Colgate-Palmolive and 30 other newcomers.

Thirty-one companies from last year disappeared, generally because of litigation or ethics violations, as well as increased competition from within their industries.

Twenty-six companies have been recognised as a WME company for all five years, and 50 more have made the list at least twice.

This year's list also includes more global companies, with 42 winners from outside of the US, including six from Japan.

Ethisphere's proprietary rating system, which it calls the Ethics Quotient, is based on a series of multiple-choice questions in a survey that is designed to capture a company's performance in an objective and standardised way.

"Based on the information in that survey, Ethisphere verifies responses before a final score is provided," says Alex Brigham, executive director of the Ethisphere Institute.

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2G scam: Raja aide Sadiq Batcha found hanging in Chennai residence

CHENNAI: Former telecom minister A Raja's aide and realtor Sadiq Batcha was found dead, hanging, at his residence in Chennai on Wednesday. CBI had questioned Batcha in connection with the 2G spectrum scam.

Police sources said Batcha might have committed suicide. Apollo Hospitals, where he was rushed to, confirmed that he was brought dead.

Sadiq Batcha was managing director of real estate firm Green House Promoters. Raja's relatives have stakes in Green House promoters.

http://timesofindia.indiatimes.com/india/2G-scam-Raja-aide-Sadiq-Batcha-found-hanging-in-Chennai-residence/articleshow/7717522.cms