Foreign investment opportunities are opening for Indians and there is more choice available, in different forms.This includes investing in foreign stocks, mutual funds and even exposure to foreign indices.
The choice is likely to get wider in the coming months.
Foreign partners may have to dilute their stake in insurance joint ventures on listing to abide by the government diktat that all listed companies must have 25 per cent public shareholding.
“We want Indian promoters to have a minimum 51 per cent stake in insurance companies. It is for the government to decide on disinvestment and take a call on raising the foreign direct investment limit to 49 per cent.
To woo the farmers to sell their produce to the procurement agencies, the government has announced a Rs 5-a kg incentive to the growers, on top of the higher support price that it had announced last week.
The incentive of Rs 500 per quintal would be given to the farmers growing tur, urad and moong dals, sold during the two-month harvest period. The new sop would cost the Centre an additional outgo of up to Rs 2,000 crore this year.
If SEBI has its way, persons investing in mutual funds must have their own demat accounts. Sebi has sought suggestions on this issue from the Association of Mutual Funds in India (Amfi) which are to be provided by June 15.
This move, if implemented, is expected to give a fillip to the poor trading volumes on both the exchanges. Buying & selling of mutual fund units started on the exchanges from November 2009.
The Delhi HC, in Home Solutions Retail India Ltd. & Ors. vs Union of India (2009 237 ELT 209 Delhi), delivered a quality judgment, concluding that the act of pure renting does not amount to a taxable service.
The court emphasised the fact that service tax is a tax on value-added and any value-added service provided, such as air-conditioning and designated parking, could amount to taxable service.
Two departments of MP differ over implementation of GST. The state commercial tax department has expressed apprehensions that the new system will create more hurdles in the tax collection.
In contrast, the finance department says GST will remove all anomalies of the existing value added tax system as it will be implemented seamlessly and a uniform single rate will ease pressure on manufacturers and consumers.
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