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Exports marginally up by 3.79%, trade deficit down at $9.92 bn
SC questions Sahara’s claim of refunding
Rs 25,000 crore
Vodafone conciliation talks fail, tax dept to collect Rs 20K-cr dues
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Two-day bank strike ends, normal operations to resume today
HPCL reports Rs
1,734-crore net loss in Q3
CAG slams Rlys for loss in freight revenue
US drags India to WTO over solar projects
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Exports marginally up by 3.79%, trade deficit down at $9.92 bn
New Delhi, February 11 The rupee also gained as a result by 21 paisa on better trade numbers and the dollar fell ahead of Fed Reserve chief Janet Yellen's testimony to US Congress. Exports grew by a meek 3.79% in January to $26.7 billion but imports, particularly gold, fell, narrowing trade deficit sharply to $9.92 billion in the month. This number was almost half the deficit of $18.9 billion in January, 2013. As per Crisil Research, import compression steepened while export growth edged up to narrow, bringing down the deficit to half. In January, imports contracted sharply as weak domestic demand and restrictions on gold imports lowered non-oil imports by 22% compared to last year. In addition, a strong base effect contributed to the fall in imports. Gold imports contracted by 38% year-on-year from April-December 2013. Crisil said export growth remained in single digit for the third consecutive month in January, edging up to 3.8% from 3.5% in the previous month. Export growth might have been capped by a continued fall in the value of petroleum exports in the month. Exporters have expressed concern that the growth is slowing down. M Rafeeque Ahmed, president, Federation of Indian Export Organisations (FIEO), expressed concern over the declining trend in exports from October 2013 onwards. Reacting to the trade data for the month of January 2014, he said the continued modest growth in exports is worrisome to achieve the targets for this fiscal. "The data of 3.4% growth during December, 2013 and 3.79% growth in January indicates that Indian exporters need immediate attention to bring exports back on track", the FIEO chief said. FICCI president Sidharth Birla said "It is good to see that trade deficit has contracted for the seventh consecutive month. Nearly 48% reduction in trade deficit for the month implies close to 28% decline in our cumulative merchandise trade gap for the first 11 months of this fiscal. This significantly helps in containing current account deficit within sustainable levels near 2.5% of GDP". |
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SC questions Sahara’s claim of refunding
Rs 25,000 crore
New Delhi, February 11 A Bench comprising Justices KS Radhakrishnan and JS Khehar asked SEBI’s senior counsel Arvind Datar to find out how the group companies managed to mobilise the amount. If their cash payment claim was true, “they must have withdrawn the amount from somewhere,” it said. Datar said the group had not given any proof to show the source of the money. The Sahara Group had given three volumes of documents, but not what the Bench had asked for - details of bank transactions showing the reverse flow of funds. While documents showed how they had raised the funds from the market in the form of fully convertible debentures since 2008, there were no corresponding transactions to substantiate the refund claim, Datar said. Pointing out that Sahara India had claimed to have mobilised Rs 25,199 crore in cash and paid Rs 29,878 crore as refunds, SEBI also wanted to know as to how it would account for Rs 4,700 crore, representing the difference between the two figures. The Bench was hearing SEBI’s contempt petition against the group for its failure to refund the investors through the market regulator as directed by the apex court. The SC had issued the order while upholding the ruling of the Securities Appellate Tribunal that the debenture issue was illegal. Sahara’s senior counsel Ram Jethmalani sought time for a week to reply to SEBI’s contentions as he was not feeling well. At this, the Bench posted the next hearing for February 20. Appearing for Sahara chief Subrato Roy, senior counsel Aryaman Sundaram renewed his plea for letting his client undertake foreign visits to honour business commitments. The Bench, however, asked him to wait for the next hearing. |
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Vodafone conciliation talks fail, tax dept to collect Rs 20K-cr dues
New Delhi, February 11 The Ministry of Finance has floated a Cabinet note seeking to withdraw the conciliation process with Vodafone International Holdings BV, sources said. The Cabinet had in June last year approved a Finance Ministry proposal to go in for conciliation with Vodafone to resolve the capital gains tax dispute related to its acquisition of Hutchison Whampoa's stake in Hutchison Essar in 2007. Although the Finance Ministry was keen on an amicable solution to the long-pending tax dispute, dilly-dallying by the company led to the collapse of the talks. Sources said Vodafone wanted to club a Rs 3,700-crore transfer-pricing case of Vodafone India with the capital gains tax issue, a demand that could not be accepted by the FinMin. While the basic tax demand for the 2007 acquisition is Rs 7,990 crore, the outstanding dues, including a penalty of a similar amount and accrued interest, run into Rs 20,000 crore. The Revenue Department, sources said, will pursue the tax demand along with accrued interest and penalty. The I-T Department had kept its tax notice to Vodafone in abeyance following the Cabinet decision to resolve the tax dispute through non-binding conciliation talks. The Cabinet is now likely to soon take up the case as the Law Ministry has concurred with the FinMin’s proposal to withdraw from conciliation. — PTI |
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Two-day bank strike ends, normal operations to resume today
New Delhi, February 11 Services such as cheque clearances and withdrawing and depositing of money in PSU bank branches were affected. In many places, ATMs also went dry resulting in hardship for retail customers. Bank employees body AIBEA, which is a major constituent of the United Forum of Bank Employees’ Association that had called a nationwide strike, today said rejection of wage demands by Finance Minister P Chidambaram was "unfortunate" and the strike was forced on them. Industry body Assocham has criticised bank employees' unions for an ill-timed strike, causing huge damage to the economy and the banking system resulting in delays of cheques which may be over Rs 16 lakh crore in the two-day period of disruption. Assocham said pressure is being built for a 30% hike in wages when the public sector banks are battling their worst crisis of non-performing assets (NPAs). It said while the general banking customers and small trade is suffering delays in transactions, various other activities like payments of export-import also get affected. |
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HPCL reports Rs 1,734-crore net loss in Q3
New Delhi, February 11 HPCL had posted a net profit of Rs 147 crore in the same period a year ago. The company posted losses "mainly on account of higher absorption of under-recoveries on sale of sensitive petroleum products," HPCL Director (Finance) K V Rao said. HPCL absorbed Rs 3,192 crore after the government paid only Rs 2,328 crore subsidy for selling diesel, cooking gas (LPG) and kerosene at rates lower than cost. The company had lost Rs 9,245 crore on selling diesel and cooking fuel below cost in third quarter this fiscal. It got Rs 3,705 crore from upstream firms like ONGC and Rs 2,328 crore from government. Sales rose to Rs 57,753 crore from Rs 55,165 crore in the corresponding period a year ago. — PTI |
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CAG slams Rlys for loss in freight revenue
New Delhi, February 11 In a report tabled in Parliament today, the CAG reported Railways' revenue loss at Rs 2,487 crore. It had reported a loss of Rs 1,796 crore for Railways in its 2011-12 report. |
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US drags India to WTO over solar projects Washington/Mumbai, Feb 11 The US has challenged the domestic content requirement of India's solar mission, which requires solar power developers to use Indian-made equipment. It notified the WTO Secretariat of a request for consultations with India concerning certain measures relating to domestic content requirements for solar cells and solar modules, according to the multilateral trade body. PTI |
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RIL down over 2% after Delhi govt files case against Ambani FinMin gives
Rs 10,000-cr subsidy to fuel retailers Car sales drop 7.59% in January Gold, silver imports dip 77% to $1.72 bn in Jan |
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