The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department’s earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
Posts tagged Rediff
Mutual Funds Invested In Nearly 1,000 Companies (16-11-2023)
The number of companies had touched a low of 792 in July 2020 amid heightened uncertainty because of COVID-19.
‘Subrata Roy was arbitraging between India and Bharat’ (16-11-2023)
‘The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.’
Imports from Russia up 64% to $36.27 bn in Apr-Oct (15-11-2023)
India’s imports from Russia rose 64 per cent to $36.27 billion during the April-October period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India’s second-largest import source during the first seven months of this fiscal. The imports were $22.13 billion during April-October 2022.
India, US, 12 other IPEF members ink pact (15-11-2023)
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
2 international arms of Dabur get relief in US court (15-11-2023)
In a relief to FMCG major Dabur, two of its foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as a defendant in multiple lawsuits filed in a US court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues. However, lawsuits filed against its third international subsidiary Namaste Laboratories LLC, would continue before the US District Court for the Northern District of Illinois, according to a statement from Dabur on Wednesday. Dabur International and Dermoviva were removed and got relief in the multiple suits due to lack of jurisdiction as they have not either manufactured, marketed, distributed or sold hair relaxer products in the US, it added.
India, US ink pact to boost cooperation among startups (15-11-2023)
India and the US have signed an agreement to promote innovation through increasing cooperation among startups, address regulatory hurdles and share best practices on fundraising by entrepreneurs, an official statement said on Wednesday. The memorandum of understanding (MoU) on enhancing innovation ecosystems through an innovation handshake under the framework of India-US Commercial Dialogue was signed on November 14 in San Francisco. Commerce and Industry Minister Piyush Goyal is in San Francisco.
Booked in Mahadev betting case, Burmans deny charges (15-11-2023)
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur’s) move to acquire Religare Enterprises, a financial services company. “We have not received any formal communication on any such FIR
Exports up 6.21% to $33.57 bn in Oct (15-11-2023)
India’s merchandise exports rose by 6.21 per cent to $33.57 billion in October this year even as trade deficit ballooned to $31.46 billion during the month, government data showed on Wednesday. Imports increased to $65.03 billion in the month under consideration, as against $57.91 billion recorded in October 2022. The country’s trade deficit in October stood at $31.46 billion.
Bulls prowl D-Street, Sensex jumps 742 points (15-11-2023)
Among the Sensex firms, Tech Mahindra, Tata Motors, Infosys, Wipro, Tata Steel, Tata Consultancy Services, Reliance Industries and Axis Bank were the major gainers. Bajaj Finance, IndusInd Bank and Power Grid were the laggards.