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Sensex opens weak on global cues
The Indian bourses opened on a negative note tracking weak global cues at 16,855.91.The Sensex however has tried to recover and is now at 16,868, down 20 points.

RIP sweet child
A moving documentary about a baby with "two faces".

News of the day

Dual rated dual GST
The long-awaited meeting of the Empowered Committee of State Finance Ministers (EC) was recently held in Delhi and, as was perhaps expected, the EC has come out with a recommendation on what can legitimately be called a “Dual Rated Dual GST System”. There were expectations in certain quarters that the dual GST would be a single rated one at the Federal and the State level for both goods and services. This has not been possible and the EC has now come out with a dual rate model for goods. There has been no mention of whether there will be a dual rate for services as well but the understanding and expectation is that services will be taxed at just the one rate, at the Federal and State levels respectively. This article discusses the dual rate dual GST model for goods in some detail.
Small Business

Three ADAG firms under scanner for violating ECB norms: Govt

The government today said three firms of Anil Ambani group - Reliance Infrastructure, Reliance Natural Resources and Reliance Communication -- have violated overseas debt norms. - Sugar recovery in Maharashtra dips 1% - Steel Ministry set to give shape to long-delayed reforms - "Dubai crisis a chance for India to be gold hub" - Jewellery promo in Dubai postponed - Mochi plans 22 new stores by March 2012 - Sewa-promoted entity aims to set up NBFC The matter pertaining to Reliance Infrastructure has been referred to Enforcement Directorate over non-payment of penalty and that of RNRL for further probe, also by ED. In a written reply in Rajya Sabha, Minister of state for Finance Namo Narain Meena said end-use violations have been observed by Reserve Bank of India in respect of two external commercial borrowing transactions by Reliance Infrastructure -- $360 million and $150 million. The company brought the proceeds raised through the ECBs to India and kept these invested in debt mutual funds, pending utilisation for the declared end-use in gross violation of the existing guidelines, he said. A penalty of Rs 124.68 crore was imposed on Reliance Infrastructure, he said, adding that since it did not pay the penalty in accordance with the rules and provisions of FEMA, the violations were refered to the Directorate of Enforcement (DoE) in December, 2008 for adjudication. Reliance Natural Resources Ltd issued foreign currency convertible bonds of 300 million dollars for the purpose of project under the automatic route. As much as $275 million (Rs 1,127 crore) were brought to India in May, 2007 and were parked in debt mutual funds pending utilisation. Subsequently, in August 2008, an amount of Rs 1,160 crore (275 million dollars) was invested in a wholly owned subsidiary in Singapore, the minister said. Since the alleged transactions have cross-border angle and since RBI does not have privileges of investigation, the issue has been referred to the DoE for undertaking investigation in the matter. He said a study of audited report for the year 2007 revealed that the unutilised money of Rs 5,142 crore raised through FCCBs by RCom has been deposited interest free with a wholly owned subsidiary, which in turn has held the same in bank deposits. After, ascertaining the facts, the company was advised to apply for compounding. The company in its response has stated that the proceeds of the FCCBs were utilised for permitted end-use--telecom capital expenditure taking into account the business exigencies and denied any contravention of the regulation, the minister said, adding that the reply is being examined for taking further action.


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