Briefly Business

NEW DELHI: The government plans to implement the Direct Taxes Code (DTC) from 2011-12 after addressing all concerns relating to controversial proposals like taxation of retirement benefits,weeding out incentives for housing sector and changes in the Minimum Alternate Tax (MAT). The proposals in the Code are only “illustrative” and are open for discussion and there is no need to think that these “have been decided”,finance minister Pranab Mukherjee said.

Decision on Vodafone stake sale later

New Delhi: The government has deferred the proposals of Analjit Singh and Asim Ghosh to part-sell their minority stakes in Vodafone Essar as the Finance Ministry apprehends that the move is aimed at “treaty shopping”,or tax avoidance. The revenue department did not support their proposals on the ground of “treaty shopping”,while the telecom ministry has requested for deferment. The Department of Economic Affairs has also sought deferment seeking detailed documentation,highly placed sources said.

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SAIL stake sale plan gets FinMin nod

NEW DELHI: State-owned SAIL on Friday said the finance ministry has given its in-principle approval for 20 per cent divestment of the steel giant. The divestment comprises 10 per cent equity dilution by the government and the company issuing additional 10 per cent shares.

RIL plans associate in Haryana SEZ

New Delhi: Mukesh Ambani-led Reliance Industries is planning to bring in a strategic business partner in its Haryana SEZ project to maximise investment potential in the joint venture unit. Created to develop special economic zones in the northern state,Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd,an RIL subsidiary,and Haryana State Industrial Investment Development Corporation.

FM,Subbarao meet before policy review

NEW DELHI: RBI governor D Subbarao on Friday met finance minister Pranab Mukherjee and reviewed the macro-economic situation,ahead of the central bank’s monetary policy review next week. “I reviewed the macro-economic situation with the finance minister,” Subbarao told reporters after the meeting. He refused to answer any query on inflation and economic recovery.

No more CDMA sets sans unique numbers

NEW DELHI: The government has banned import of CDMA mobile phones that lack unique electronic serial number and mobile equipment identifier,which help authorities identify and track users. “Import of CDMA mobile phones without electronic serial number/ mobile equipment identifier or with all Zeroes as ESN/ MEID is prohibited with immediate effect,” the directorate general of foreign trade said in a notification.