Friday, April 1, 2011

BJP demands Kalmadi's arrest

BJP today demanded arrest of former Commonwealth Games Organising Committee Chairman Suresh Kalmadi in the wake of the latest reports of the Shunglu Committee.In Press Briefing reporters in New Delhi today,Party Spokesman Ravi Shankar Prasad said that the report holds highest sanctity as the panel was appointed by the Prime Minister himself to look into the alleged irregularities in organising the Commonwealth Games in November last year.On the Cabinet's decision to give tax exemption of about 45 crore rupees to the International Cricket Council, Mr. Prasad said that the Government should explain the reasons behind this exemption.

Revised FDI policy to inspire investor confidence

A revised Foreign Direct Investment Policy to inspire investor confidence as it simplifies joint venture norms and opens up new areas for overseas funds. The updated policy allows foreign firms in existing joint ventures to operate separately in the same business segment. Earlier, they needed prior approval from their Indian partners.Commerce and Industry Minister Anand Sharma said in New Delhi that the Companies have now been classified into two categories. First category includes the Companies owned or controlled by foreign investors and the second companies owned by Indian Residents.

Earlier, categorization of investing companies and investing-cum-operating companies has been done away with. Other steps in the new policy include allowing conversion of non-cash items like import of capital goods and payments of rent. Earlier, only royalty, lump sum fee and external commercial borrowings were allowed to be converted into equity.Official correspondent reports that the policy has been revised after the foreign direct investment flows declined by 25 per cent in the current fiscal with 18.3 billion US Dollars worth investment coming from April to February.

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