The Tribune, Chandigarh, India - Business (2023)

Eurozone launches mega rescue package for Greece

Berlin, May 8
The heads of state and government of the 16 euro zone countries launched a historic 110 billion euro rescue package on Friday to save Greece from bankruptcy and vowed to tackle speculators who threaten the stability of their common currency.

At an emergency meeting in Brussels, euro zone leaders expressed concern about increasing pressure on the euro in financial markets and lamented that speculators are targeting other indebted countries such as Portugal, Spain and Ireland as the next candidates for or rescue.

They agreed on a "crisis management mechanism" to protect the eurozone from speculators and prevent Greece's debt crisis from engulfing the entire eurozone, concluded Eurogroup President and Luxembourg Prime Minister Jean-Claude Juncker. . from the summit on Friday.

Details of the plan are still being worked out and will be unveiled by Eurogroup finance ministers on Sunday in Brussels, Juncker told reporters.

He said he hoped the crisis management mechanism would be in place before financial markets opened on Monday.

The fall in the value of Greek government bonds to their lowest level and the drop in European stocks are evidence of a "coordinated global attack on the euro", Juncker said.

Eurozone states are determined to defend their common currency at all costs, said European Commission President José Manuel Barroso.

French President Nicolas Sarkozy said: "The euro is facing its worst crisis since it was created 11 years ago. We have taken some very important decisions here." Sarkozy also spoke of plans for greater regulation of financial markets and careful scrutiny of the work of ratings agencies.

The financial sector is expected to make a significant contribution to maintaining the stability of the euro area.

"The euro is Europe, we cannot leave it in the hands of speculators," he said.

German Chancellor Angela Merkel shared similar views, saying: "We have found that the euro is subject to a high level of speculation." The leaders of the eurozone have cleared the way for the immediate release of rescue funds that include up to 80,000 million euros in loans from the partners of the eurozone of Greece and 30,000 million euros from the International Monetary Fund (IMF) during a period of three years.

This year, a maximum of 30 billion euros will be disbursed and the first tranche of the loan will be made available to Greece in the coming days to meet the May 19 deadline to pay off its debts.

The rescue package was finalized by euro zone finance ministers on Sunday after the Greek government promised to implement a new round of tough austerity measures that will save up to 30 billion euros over the next three years.

Earlier on Friday, the country's President Horst Kohler signed into law Germany's contribution of 22.4 billion euros to the rescue package after it was approved by both houses of parliament.PTI

Government plans FDI to boost SMEs
Ruchika M Khanna
Tribune News Service

Chandigarh, 8th May
To boost small and medium-sized enterprises (SMEs), the government is now looking to operate the venture capital (VC) route to attract foreign direct investment (FDI) in this sector. This move is expected to benefit the media sector in North India.

The movement is gaining importance for this region as the industry here is mainly in the media sector. As North India receives less than 1% of FDI, the government is considering how to encourage this sector. As big industry is not present in the region, the move to obtain FDI through the venture capital route would help the SME sector reach the next level of growth.

SMEs make up more than 40 percent of industry in the country. If we are to continue on the growth trajectory, we must ensure that the SME sector has access to FDI. There is huge potential in some of the SME sectors and their financial needs can be met by exploiting their FDI accessibility. Venture capital will only be allowed in areas where FDI is allowed, said RP Singh, Secretary for Industries of the Government of India, during his visit to the city last night.

While the 2009-10 financial year ended with good export growth, some sectors such as handicrafts, jute manufacturing, engineering products, electronics, cotton spinning and weaving, spices, carpets and apparel showed weak or negative growth. Most of these products are manufactured by SMEs in North India. Due to contraction in most European countries and Japan, these industries have not been able to grow along with other sectors. Officials say it is important right now to get FDI through the venture capital route into these sectors to ensure growth.

Essar Energy starts trading on the LSE

London, May 8
Shares in Essar Energy Plc, part of the diversified Essar Group, officially started trading on the London Stock Exchange yesterday following its £1.3bn initial public offering, the biggest since December 2007.

Essar Energy shares were trading at 386.50 pence in the afternoon session on the LSE, down 2.40%, well below their IPO price of 420 pence each on a day when the LSE index opened nearly 1% lower. Essar Energy began conditionally trading on the stock exchange on May 4.

Essar Energy Chairman Ravi Ruia, Vice Chairman Prashant Ruia and LSE Chairman Chris Gibson-Smith, among others, were present at the opening ceremony yesterday.

The company raised £1.3 billion through its listing premium, making it the largest Indian public IPO on the LSE and the second largest IPO on the Indian public market in the world,” the LSE said in a statement.

Additionally, this is the largest premium listing on the LSE by an international company since the Eurasian Natural Resources IPO in 2007.PTI

investor orientation
HUFs cannot file declarations through Saral II
por AN Shanbhag

Q: Please let me know if Saral II can be used by:-

a) An individual who only has interest income from the bank and the post office and also income from stock dividends?

b) With the HUF having only interest from the bank? vice president agarwal

A: Saral II can be used by people who receive interest from the bank and the post office. As the bonus is not included in the specification, strictly Saral II cannot be used. However, as dividends are tax-free and must be declared in item no. 27 of the form, there may be the possibility of accepting it even for those who have dividend income.

But for more security, it is better to use the ITR 2, which is intended for individuals and HUF who do not have business or professional income.

With regard to HUFs, they cannot submit their declaration through Saral II as it is clearly intended only for a natural person and not for any other taxable person.

Income from Residential Real Estate

Q: I'm a big fan of your articles. Just wanted a quick clarification on residential property income.

1. Companies that rent warehouses, houses, etc. have to declare their income in this category?

2. Agricultural land is exempt from this, right? nitin rao

A: 1. The owner or would-be owner of residential property, including associated land, pays taxes on the annual value of the property under the heading Income from Residential Properties. When the dwelling is used for the exercise of any business or profession, the rent is treated as business income. Second. 23 provides for the determination of the annual property value of the house, subject to deductions u/s 24.

2 seconds. 2 defines farm income as a means

a) Any income or income from land located in India and used for agricultural purposes.

These are income from other sources

(b) any income derived from such land of—

(i) agriculture; O

(ii) the performance by a farmer or hire-in-kind of any process normally used by a farmer or hire-in-kind to bring produce grown or received by him to market; any

(iii) the sale by a farmer or rentier of the product produced or received, in respect of which no process other than that described in paragraph (ii) of this subclause has been carried out;

They are utility income and profits from businesses or professions and

(c) any income derived from any building owned and occupied by the lessee or lessee of such land, or occupied by the cultivator or lessee in kind, of any land in respect of which, or product on which any procedure referred to in paragraphs (ii) and (iii) of item b).

This is the income from home ownership.

In any case, farm income is tax-free (with few exceptions), although it is considered for tax purposes. This income item is certainly confusing, but that's okay, as all income, regardless of what title it falls under, is taxable by law.

IT return

Q: Please tell me if it is mandatory for people over 65 years old to file an income tax return whose total income including pension, dividends and interest in one year is less than Rs. 2 lakhs gobind vaswani

A: No. A tax return is not required if the total gross income is below the beneficiary's applicable income threshold.

The basic senior exemption threshold is Rs 2.40 lakhs. Since your income is below this threshold, you do not need to file a tax return. This principle applies not only to elderly people, but also to non-elderly women and men. However, it is advisable to archive statements to maintain continuity.

repatriation of funds

Q: I am an NRI and permanent resident of Canada. I have 2000 shares in my Indian resident (RI) Demat account from last 5 years.

I also have an NRO account at a private sector bank in India that I want to use to repatriate money to my Canadian bank account.

However, I have been informed that I cannot transfer funds from the proceeds of the RI Demat sale directly to my NRO, so I would like to know if I can first transfer the funds to an RI savings account and then transfer them locally to my account. NRO to repatriate money to my overseas money (Canadian account) here?

The bank also told me that I could raise up to $1 million for higher education or medical purposes. Is this specific to bank guidelines or general RBI guidelines? I remember talking to Canara bank some time ago and they had no restrictions as they told me I could bring in cash to pay my home mortgage in Canada.

I've heard conflicting theories about these different banks having very little value. Please advise. karthik

A: As an NRI, you cannot hold accounts with RI, whether bank or bank. You must first convert the RI demat account to the NRO demat account. The bank will help you with this. Once this is done, you can sell the shares and transfer the funds to your NRO account. In addition, you must close the RI savings account (if applicable) or reset it to an NRO account.

As far as revenue performance is concerned, this is the process. Please note that this procedure has changed on 1st July 2009. First, you will need to provide the bank with a certificate from an Indian accountant. This certificate must be submitted on the prescribed form 15CB. You will also need to complete Form 15CA. This Form 15CA, also known as a commercial, requires the shipper to provide some specific details about the proposed shipment.

Information to be provided on Form 15CA must be completed using the information contained on Form 15CB (certificate). Then form 15CA must be submitted to The sender will print this completed Form 15CA (which will have a system generated confirmation number) and sign it.

The duly signed Form 15CA (Trade) and Form 15CB (Certificate) must be submitted to the bank, which will in turn send a copy of the certificate and commitment to the Appraiser in question.

Once this is done, the resources can be sent abroad. Please note that while the process may seem complicated at first glance, it essentially involves completing two forms, one of which will be completed by the appropriate CPA.

The other must be completed electronically and then printed with the confirmation number generated by the system. The presentation of these two documents is all that is required for the transfer to take place.

The limit for medical and higher education purposes is $100,000 (not $1 million) and this also applies to Indian residents and not NRIs.

Authors can be contacted at

aviation notes
Precisa de outro aeroporto near de IGIA
por KR Wadhwaney

Irrespective of the games politicians play in Parliament and the distance parameters of 150 km, there is an urgent need for another international airport close to Indira Gandhi International Airport (IGIA) in Delhi.

Considering the fast moving surface transport facilities around overcrowded and ever-expanding Delhi, Noida is the best alternative to another international airport. In the changed political scenario, if the UP proposal for an international airport in Noida is approved, it will take at least 5-7 years to be operational.

Despite spending huge funds and transferring the construction work at the IGIA from the Airports Authority of India (AAI) to the private consortium GMR, the operation of the airport remains as confusing and unacceptable to passengers and visitors as ever.

The impressive appearance of the renovated terminal buildings may be a relief to the eyes, but the IGIA has not improved in providing basic services to travelers and visitors. Drinking water is scarce. it is not even available at a high price. The toilets, although new, still stink and toilet paper is still a precious commodity. The flyers protested in the comment booths, but the authorities, as usual, remain sound asleep. The overall picture from the IGIA is bleak, irrespective of the firm claims of the private company Delhi International Airport Limited (DIAL).

Why this sad DIAL scenario? It's mainly because GM Rao (GMR) is trying to have a finger in every pie. He manages the Delhi Daredevils in the Indian Premier League, is responsible for building airports in India and abroad and has many other projects to attend to. The result: inferior performance.

No sane person linked to civil aviation will accept how the construction of the third largest runway in the stretch where the 'Shiv temple' already existed was done. The result: part of the runway is unused. The main runway is closed for repairs. This causes insurmountable delays and unnecessary inconvenience for passengers.

All over the world, people with disabilities can use their own folding 'trolleys' and 'wheelchairs'. This practice was operational at IGIA and other international airports. Recently, the practice was discontinued, causing additional suffering to already harassed and disabled people. According to an investigation, it is a war of egos between the Central Industrial Security Force (CISF) and the airlines. Who suffers in relationships: the innocent, the disabled. This is because each agency in the IGIA enjoys autonomy. there is no troubleshooter who can coordinate the operation of different services.

Due to IGIA's many and endless problems, another airport is an immediate necessity.

Noida now has legal backing. The country's top legal official, the Attorney General, said: "There does not appear to be an express term in the tender documents to prohibit the government from developing a new airport within 150 km of Delhi Airport."

Surprisingly, the head of the private consortium, GMR, opposed and denied the 1997 decision for Greater Noida Airport. According to reports, if Noida's plan is approved, his company will also submit a proposal.


Top Articles
Latest Posts
Article information

Author: Merrill Bechtelar CPA

Last Updated: 05/09/2023

Views: 6283

Rating: 5 / 5 (70 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Merrill Bechtelar CPA

Birthday: 1996-05-19

Address: Apt. 114 873 White Lodge, Libbyfurt, CA 93006

Phone: +5983010455207

Job: Legacy Representative

Hobby: Blacksmithing, Urban exploration, Sudoku, Slacklining, Creative writing, Community, Letterboxing

Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.