-The Times of India In a major setback to special economic zone (SEZ) developers, finance minister P Chidambaram has turned down the commerce department's plea to cut the minimum alternate tax (MAT), which was imposed two years ago. A lower or no tax burden was cited as one of the main drivers for boosting investment in what were until recently duty-free enclaves. The commerce department had made a case for reversing Chidambaram's...
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Jairam wants financial institution for self-help groups-Priscilla Jebaraj
-The Hindu "If we are going to be serious about supporting women's SHGs, then we need a development finance institution" Finance Minister P. Chidambaram's proposal to establish a bank exclusively for women - which he described as the highlight of this year's budget - may have garnered applause from across party lines in Parliament and could be set up as early as October; but that hasn't stopped his Cabinet colleague and Rural...
More »FM P Chidambaram warns rich promoters on loan defaults
-The Economic Times Finance Minister P Chidambaram has warned corporate bigwigs against wilful defaults, reminding promoters that it was their duty to bring in additional capital if their companies got into trouble. "We cannot have an affluent promoter and a sick company," he said, in an apparent reference to the collapse of Kingfisher Airlines, owned by the flamboyant Vijay Mallya. Banks are stuck with nearly Rs 7,000 crore worth of loans they...
More »The feeding frenzy of kleptocracy-P Sainath
-The Hindu Since 2005-06, taxes and duties for the corporate world and the rich have been written off at the rate of Rs.7 million a minute on average. Duties waived on gold and diamonds in the last 36 months equal the 2G scam amount Forbes has just added an “errata” to Union Finance Minister P. Chidambaram’s budget speech. The Minister had found a mere 42,800 people in the country with a taxable...
More »Sting operation reveals money laundering by top banks
-The Times of India An undercover sting investigation across India has shown up startling videos of bank executives of three leading private banks - HDFC, ICICI and Axis - providing ready assistance to a reporter, posing as a minister's aide, for laundering black money into white through the banking system in clear contravention of banking norms and laws. Shaken by the disclosure, the three banks asserted that they were committed to transparent...
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