Briefly Business

The proposed takeover of Cairn Energys India business could see NRI billionaire Anil Agarwal emerging as the richest promoter....

Anil Agarwal set to pip Mukesh Ambani as richest Indian

New Delhi: The proposed takeover of Cairn Energys India business could see NRI billionaire Anil Agarwal emerging as the richest promoter of a corporate house ahead of Mukesh Ambani,who has ruled the list for long. After the acquisition of Cairn India and a proposed IPO of group firm Sterlite Energy,Anil Agarwal,as head of the promoter family,would command an estimated networth of close to Rs 1,67,000 crore,ahead of Mukesh Ambani at Rs 1,45,275 crore,a comparison of promoter family holding valuations for leading groups reveals.

Laggard export sectors may get sops today

New Delhi: In an effort to prop laggard export sectors,Commerce and Industry Minister Anand Sharma may announce sops like extension of some duty benefits in the annual foreign trade policy review here tomorrow,amid apprehensions of demand slowdown in the developed markets. Commerce Ministry officials indicated that the government may announce benefits like extension of DEPB scheme beyond December and provide more incentives for exports under focus product and market programmes.

Refund scheme to cover entire country

New Delhi: The I-T department has decided to extend a scheme for tax payers to get refunds directly through State Bank of India across the country from August 1. The Central Board of Direct Taxes CBDT has decided to extend the Refund Banker Scheme to all over the country from August 1, a senior I-T officer said. Earlier,the scheme was available in 15 cities of the country. The scheme was started four years ago,when it was introduced in Delhi and Patna.

Swiss list conditions for sharing bank info

New Delhi: Facing flak from India and others for acting as a safe haven to foreigners stowing away wealth,Swiss banks have said they will share account details of suspected money launderers if the request is supported by four specific details. The specific details that someone requesting information should provide are the identity of the suspected offenders,details of the alleged offence,along with facts to undermine the suspicion,name of the bank and branch concerned in Switzerland and a written request from the foreign countrys tax authority.

Ficci demands duty sops for steel exports

New Delhi: Ahead of the announcement of the annual foreign trade policy,industry body Ficci on Sunday demanded an additional three per cent duty sop for steel exporters to bridge the rising trade gap. In order to bridge the trade gap,the government needs to give further incentives to steel exports through measures like Focus Market Scheme,which provides 3 per cent duty free credit scrips for exports to select markets, it said.