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G20 Finance Ministers meeting in Cairns
FX Mart targets domestic remittances worth Rs 500 crore
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Need to rework telecom M&A norms: TRAI
PNB okays 1:5 share split
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G20 Finance Ministers meeting in Cairns Tribune News Service
New Delhi, September 22 “We support the new global standard on automatic exchange of information, which would enable the tax authorities, of both developed and developing countries, to receive information about taxpayers hiding their money in offshore financial centres and tax havens through multi-layered entities with non-transparent ownership, on an automatic basis”, Minister of State for Finance Nirmala Sitharaman said. Speaking at the G-20 Finance Ministers’ meeting on international tax in Cairns, Australia, Sitharaman said this would be the key to prevent international tax evasion and avoidance and would be instrumental in getting information about unaccounted money stashed abroad and ultimately bringing it back. “One of the first steps taken by the new government headed by Prime Minister Narendra Modi is constitution of a Special Investigation Team (SIT) to examine all the issues in this regard and thus this is a cause which is very dear to us”, she added. The minister added that the new global standards on automatic exchange of information should be implemented with a common timeline with coverage of as many countries as possible. In addition to providing a critical mass to the success of the new standard, this would also be cost effective for financial institutions. Forty-six countries, including India, have agreed for a common timeline to exchange information automatically from 2017. The exchange of information on automatic basis under the new global standard is to be on a fully reciprocal basis, as should be the arrangement between sovereign countries. “We therefore call upon countries to make necessary legislative changes in their domestic laws so as to enable them to provide the same level of information to other countries as they would be receiving from those countries”, she added. Sitharaman said the standards also present a unique opportunity to the developing countries to modernise their tax systems with better networking and revamp the fragmented reporting requirements from financial institutions. Accordingly, implementation of the standards by developing countries may also improve domestic tax compliance, as substantial amount of data received from financial institutions by the tax administration may be used for domestic tax purposes also, she added.
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FX Mart targets domestic remittances worth Rs 500 crore
Chandigarh, September 22 In its first phase, the company will cater to domestic remittances only from Punjab and Delhi NCR region — which comprises almost 75% of the domestic remittance market. The company will go pan-India after having stabilised its business here. Amit Narang, managing director and CEO of FX Mart, said they will launch the formal operations later this month. “It will take us the remaining part of this year to appoint dealers across the country, stabilise our software and hardware and get all financial transactions in place. Between January and December 2015, we will facilitate domestic remittances worth Rs 500 crore,” he said. Narang said in the next three years, his company will facilitate transactions worth Rs 5,000 crore. The service by FX Mart will be similar to the services provided by some telecom companies who have launched a remittance platform. “We are targeting the labour class that cannot afford data services on their mobiles and thus requires IMPS to facilitate their remittances. “The company will have a robust retail network in North India, including Punjab, Haryana, Himachal Pradesh and Delhi. In addition, it is focusing on financially under-served states like Uttar Pradesh, Bihar, Rajasthan and West Bengal. We have already appointed 400 agents for FX Money. These agents are small-time retailers whose primary business is to sell groceries, mobile phones, forex & travel services, airtime, insurance etc. Each agent will function as a standalone location to be part of the company’s payment solutions. Every agent will have a computer, printer and broadband internet service, so that he can connect to the company’s proprietary service commerce (s-commerce) technology platform, and run the company’s software to make transactions,” he said. We are targeting the labour class that cannot afford data services on their mobiles and thus requires Immediate Payment Service Provider to facilitate their
remittances. Amit Narang, ceo, fx mart |
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Need to rework telecom M&A norms: TRAI
“No jurisdiction in the world has 12 operators, mostly the countries have five or four telecom players and at some places two. For this to happen (here) merger and acquisition guidelines have to be reworked,” TRAI chairman Rahul Khullar said here. The chairman of Telecom Regulatory Authority of India (TRAI) said the guidelines have been a non-starter as M&A activity has not taken place despite the industry being in dire need for consolidation. “I think the industry is in dire need of consolidation, it simply just cannot carry on like this with 10-12 operators, some of them bleeding to death and it has to stop,” Khullar said. Telecom operators have long been demanding changes in the M&A rules, terming them difficult. Vodafone India chief Marten Pieters had earlier said that companies should be allowed to buy assets of a particular firm such as spectrum and not the entire firm which has a lot of debt in its books. Giving an example, Pieters had said, “We love to buy 3G spectrum but for 3G spectrum, if I have to buy complete operator who has 3G spectrum ... It comes with all kinds of stuff I don’t want because I have it all. So, it is very difficult to make an attractive proposition in such a situation.” Easing the M&A rules, the government had allowed mergers between firms with up to 50% combined market share.
— PTI Guidelines a non-starter The guidelines have been a non-starter as M&A activity has not taken place despite the industry being in dire need for consolidation
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Govt removes 3 independent directors from ONGC Board Gold extends losses, down
Rs 120 on global cues JK Tyre & Industries to consider stock split GMR Infra seeks SEBI nod for
Rs 1,500 crore rights issue
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India has called for implementation of new global standard on automatic exchange of information about taxpayers hiding their money in tax havens at G20 Finance Ministers meeting in Cairns, Australia.
“We support the new global standard on automatic exchange of information, which would enable the tax authorities, of both developed and developing countries, to receive information about taxpayers.
Chandigarh, September 22
New Delhi, September 22
