Ministry to set up panels to overhaul power tariffs
Central and state electricity regulatory commissions to formulate rational tariff structures will be set up in three months, Union power minister PR Kumaramangalam has said. A bill to this effect is to be introduced in the budget session. The government has already issued an ordinance to set up the independent regulatory commissions.
TDS on bank term deposits may be scrapped
The Union finance ministry is planning to revamp the tax deduction at source (TDS) provisions on term deposits of banks in the forthcoming budget. The TDS scheme, which was meant to tap taxes on individual earnings from fixed deposits, has not served the purpose because of several loopholes in its implementation.
IPCL mulls stake in Indian Oil refinery
The Indian Petrochemicals Corporation (IPCL) is exploring the option of picking up a stake in one of the refinery projects being commissioned by the Indian Oil Corporation. Indications are that IPCL is keen on taking a nominal stake in the east coast refinery being promoted by IOC and Kuwait Petroleum Corporation.
Centre seeks CLB nod to induct 9 directors into Dunlop board
The Indian government, in a bid to wrest control in Dunlop India, has sought permission of the Company Law Board (CLB) for appointment of additional directors on the board of the tyre-maker. The petition filed through Department of Company Affairs (DCA) before the CLB has asked for appointment of nine more directors for three years to safeguard the interest of the public, shareholders and the company.
Industry status for tourism soon: Hegde
Union commerce minister Ramakrishna Hegde will shortly convene a meeting with ministers and senior officials from the tourism, finance, civil aviation and railway ministries to chalk out a strategy for moving towards providing an industry status to tourism. Past growth in the sector and future growth prospects would be discussed and a strategy will be formulated for taking the sector ahead in leaps and bounds.
New criteria for location of free ports mooted
A specific implementation model for free ports in India has been modified by the Raunaq Singh Committee under the aegis of the ministry of commerce and new criteria for the selection of the locations has been added. According to the new criteria, the free ports can come up in a location where minimum port facilities exist.
