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Forex reserves skid for 3rd week in
row
India may bar European carriers in climate tax row
Tata Tele slams Assocham on dual-tech status
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EGoM to decide 2G auction price: Telecom panel
Investor Guidance
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Forex reserves skid for 3rd week in
row
Mumbai, May 26 The RBI did not provide any reasons for the change in foreign currency assets. It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve. However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee. The Indian rupee slumped to a record low of 56.40 against a dollar this week, posting a loss for the eighth consecutive week, the longest loosing streak since the 2008 economic crisis. The value of special drawing rights (SDRs) fell by $35.5 million to $4.39 billion, and India's reserves with the IMF fell by $23.6 million to $2.86 billion. The value of gold reserves remained unchanged at $26.61 billion. — IANS |
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India may bar European carriers in climate tax row
New Delhi, May 26 The EU in mid-May gave India and China a month to comply with the airline carbon emissions fee system across the 27-nation bloc, or face penalties for flights into and out of Europe. EU Commissioner for Climate Change Connie Hedegaard said all EU airlines and "nearly all" world airlines had agreed to hand over emissions data required under the controversial carbon levy that took effect on January 1. "There has been a very, very high level of compliance... the only exception is Chinese and Indian carriers," she said earlier this month. While some 1,200 airlines have complied with the EU requirements, eight Chinese and two Indian airlines representing less than three percent of aviation emissions in the bloc have refused. India and China have attacked the EU scheme, calling it a unilateral trade levy disguised as an attempt to fight climate change. India in April barred its airlines from complying with the EU carbon fee, joining China in resistance. The EU says the tax aims to help it achieve a goal of cutting emissions by 20% by 2020 and has said no airline will face a bill until 2013 after this year's carbon emissions have been tallied. European authorities have warned that the Chinese and Indian carriers could face penalties if they fail to submit data by an extended deadline of June 15. — AFP
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Tata Tele slams Assocham on dual-tech status
New Delhi, May 26 In a statement, the telecom major has protested strongly against Assocham’s letter seeking cancellation of its dual-technology status. In a letter to the industry body, Tata Teleservices has termed Assocham’s two letters last week to the prime minister and the communications minister as moves that “serve the interests of a handful of powerful members within the industry body”. The letter further points out that industry bodies such as Assocham should not write letters without confirming facts, or on matters which are sub judice. Further, it is shocking that Assocham has written a letter seeking to harm the interests of one of its own member companies, it said. Tata Teleservices has demanded that Assocham investigate how these two letters were written in violation of norms and immediately withdraw them. Tata Teleservices has also expressed pain that Assocham, in its letters last week, sought to give the impression that Tata Tele and one more prominent member of AUSPI were opposed to the refarming of spectrum in the 800 MHz and 900 MHz bands, when, in fact, both these companies strongly support it. “At the same time, for reasons best known to it, Assocham is keeping quiet on key telecom issues like excess spectrum and its retrospective charging, and is giving wrong and misleading information on spectrum refarming to the government,” Tata Tele said. The letter points out Tata Teleservices’ dual-technology status has been upheld by TDSAT and that a subsequent appeal is pending before the Supreme Court for the last three years without any stay order being issued. Also, both the CAG’s November 2010 report and the CBI charge sheet of April 2011 vividly bring out how Tata Teleservices has been victimized on the issue of allocation of spectrum. Further, TDSAT has reaffirmed that Tata Tele, which was an existing licensee, should have got its GSM spectrum on January 10, 2008 itself — ahead of the new licensees of 2008, Tata Tele said. Tata Teleservices has not received spectrum in Delhi and 39 other commercially crucial districts in 9 telecom circles, even after over four years of making the full payment.
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EGoM to decide 2G auction price: Telecom panel
New Delhi, May 26 The country’s top decision making body for the telecom sector, which met here on Saturday again after an earlier meeting on Thursday, has now decided to refer the matter to the empowered group of ministers
(EGoM) headed by Finance Minister Pranab Mukherjee to take a decision on the base price of 2G spectrum that is to be auctioned later in the coming months. However, the panel said that it favoured the reserve price of 800 MHz spectrum be twice that of the 1800 MHz spectrum band. |
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Investor Guidance Q: Can long-term capital gains from nonequity MFs be set off against long-term capital loss from shares on which STT has been paid? — Kene A: If the profit from a particular source is exempted, loss from the same source cannot be used for tax deduction or set-off. This is an off shoot of Sec 14A of the Income Tax Act, which specifies if an income is tax-free, then any expense incurred to earn such tax-free income cannot be tax deductible. Therefore, long-term capital loss from shares on which STT has been paid may not be used for set off. Q I just sold a property and my bank savings account currently has Rs 60-70 lakh from that transaction. Can I put that money in a short term FD while I search for other properties within the stipulated two-year period? — Ajay Singh Rathore A: You have not mentioned the exact date of the sale of your property. Assuming it was effected in FY2012-13 , and that you have earned long-term capital gains from such sale, you have two years from the date of sale to invest in the purchase of a new property. If you haven't completed the purchase before the last date of filing the tax return has passed, then such proceeds have to be invested in CGAS before filing of the tax return. Hence, you have till July 2013 to invest the money in CGAS. Meanwhile you can certainly put the funds in a short-term fixed deposit.
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Forex reserves had declined by $1.37 billion and $2.18 billion respectively in the previous two weeks. Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.74 billion to $256.11 billion during the week ended May 18, according to the central bank’s weekly statistical supplement.