15 October 2011

• Inflation eases to 9.72% in September
• General Anti Avoidance Rules (GAAR) : set of rules that invalidates arrangements by entities to avoid tax
• MC Joshi : Chairman of Central Board of Direct Taxes (CBDT)
• JSW Steel Ltd : India's largest steel producer
• Vinod Nowal : CEO of JWS Steel Ltd
• RK Upadhyay : Chairman & MD of BSNL
• Thein Sein : President of Myanmar
• Visited India
• India will extend a new concessional line of credit of $500mn to Myanmar for specific projects including irrigation
• Had discussions
• to establish rail links
• on Siliguri Corridor (Chicken's Neck)
• accelerate work on two hydel project in Myanmar
• on Moreh-Mae Sot road connecting India-Thailand via Myanmar
• agreed for co-operation in oil and natural gas with discussions on new gas pipelines
• Value Added Tax to be levied on sugar & textiles from April 2012; Handlooms & khadi exempted
• Tax Information Exchange Agreement (TIEA) : agreement to promote international co-operation in tax matters through exchange of informations
• India signed TIEA with Liberia
• India's 6th TIEA in last 12 months
• India's last 5 TIEAs
• Bahamas - Came into force
• Bermuda - Came into force
• British Virgin Islands - Came into force
• Isle of Man - Came into force
• Cayman Islands
• S&P cuts Spain's credit by one level to AA-
• Rupee gains 11paise against USD; Exchange rate 49.01/02
• FOREX reserves rise by $749mn to reach $312.231bn in October
• P Jayarama Bhat : MD & CEO of Karnataka Bank Ltd
• Nostro Account : bank account held in a foreign country by an Indian Bank
• Exporters can receive export related payments of upto $3000 through Online Payment Gateway Service Providers; The cap was enhanced by RBI from $500
• Naina Lal Kidwai : Vice-President of FICCI, Country Head of HSBC India
• IT Competitiveness Index - released by the Business Software Alliance & the Economist Intelligence Unit
• When two countries tied at a rank, the index skips the next rank
• India climbed up 10 ranks to reach 34
• 1. US
• 2. Finland
• 3. Singapore
• 4. Sweden
• 5. UK
• 6. Denmark
• 7. Canada
• 8. Ireland
• 8. Australia
• 10. The Netherlands
• 10. Israel
• 34. India
• 34. Latvia
• Asia's Most Admired Knowledge Enterprise(MAKE) Award - instituted by Teleos, an independent research firm of UK
• Wipro Technologies won the award for 9th consecutive time
• VK Saigal : Chairman of North Malabar Gramin Bank (NMGB)
• NMGB's business exceeds Rs.5000Cr in first half of the fiscal 2011-12
• Annual growth now at 16%
• Liam Fox : Resigned British Defence Secretary
• Philip Hammond : New British Defence Secretary
• China backs Nalanda University rebuilding project
• Governing body of Nalanda led by Amartya Sen
• China offered a help of $1mn
• Dennis Ritchie : Father of C Programming Passed Away
• Tata group retail firm Trent to raise upto Rs.300Cr by issuing securities