Private power firms likely to get tax holiday extension

A Committee of Secretaries (CoS) set up to iron out bottlenecks impeding the growth of independent power producers (IPPs), is understood to have favoured continuing the tax holiday to the sector, besides relaxing the Withholding Tax on external commercial borrowings by them. In its last meeting on February 22, the CoS chaired by Principal Secretary to the Prime Minister’s Office (PMO) Pulok Chatterji, gave a patient hearing to independent power producers on various issues affecting their growth.   The electricity generators have also told the PMO that they are looking forward to the inclusion of power in the negative list of service...

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G-secs decline while call rate eases

The government securities (G-Sec) declined on fresh selling pressure from banks and corporates while call rates eased at the overnight money market here today due to lack of demand from borrowing banks. The 8.79 per cent (G-Sec) maturing in 2021 moved down further to Rs 103.05 from Rs 103.2250 yesterday, while its yield edged up to 8.32 per cent from 8.30 per cent.   The 9.15 per cent (G-Sec) maturing in 2024 dropped to Rs 106.17 from Rs 106.24, while its yield inched up to 8.35 per cent from 8.34 per cent. The 8.19 per cent (G-Sec) maturing in 2020 fell to Rs 99.04 from Rs 99.17, while its yield looked up to 8.36 per cent from...

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Survey: India top economy, income poor

  India has become the fourth largest economy in the world due to a strong economic growth but still has a low per capita income, the Economic Survey revealed today. "India has emerged as the fourth largest economy globally with a high growth rate and has improved its global ranking in terms of per capita income. Yet, the fact remains that its per capita income continues to be quite low," it said. "India has moved up the ranks, but is still the poorest among the G-20," the survey added. The per capita income of India stood at USD 1,527 in 2011, it said.   "This is perhaps the most visible challenge. Nevertheless, India has...

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Citi to cut 100 jobs in India

Citigroup Inc said it would cut about 100 jobs in India, where it has been expanding rapidly, while reiterating that the country remained among its highest priority markets. The third-largest US bank by assets did not give a reason for the cuts, but a source with direct knowledge of the matter said it was part of CEO Vikram Pandit's plan to slash 4,500 jobs worldwide.Citigroup hired more than 1,500 staff in India in 2011, the bank said in a short statement announcing the layoffs.Citi, one of the top three foreign banks in India along with Standard Chartered and HSBC, has about 7,000 staff in the country and operates across several businesses...

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Lakshmi Vilas Bank hikes interest rates on NRE term deposits

Private sector lender Lakshmi Vilas Bank has hiked interest rate on Non-Resident External (NRE) term deposits with immediate effect.The hike in interest rates on NRE term deposits was based on the deregulation of interest rates by the Reserve Bank, LVB said in a statement. According to the revised structure, the interest rates for deposits with a period of one year and above but less than two years has been revised to 10 per cent from the existing 3.82 per cent. For term period of two years and above, but less than three years, it has been increased to 8 per cent from 3.51 per cent (existing). For those deposits that are up to three years and...

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