FM cuts tax on interest in govt, corp debt for foreigners

The government will cut the tax on interest payments to foreigners on government and corporate debt to 5 percent from up to 20 percent for a two-year period, in a bid to draw further inflows to bridge its current account deficit and polish its reformist credentials.

The move meets a long-term demand of foreigners and makes Indian debt more attractive. Many other Asian countries such as Singapore do not tax such interest income.

Finance Minister P. Chidambaram also clarified that a tax residency certificate issued by a foreign government would be an accepted proof of residency for tax purposes.

The government, in its budget proposals, had created confusion with a proposal stating that a tax residency certificate “shall be necessary but not a sufficient condition” to take advantage of double taxation avoidance agreements.

Chidambaram, moving amendments to his budget proposals on Tuesday, said that the February budget proposal to lower withholding tax on infrastructure bonds would now be extended to government debt and infrastructure bonds.

The cut will be effective from June 1, 2013 to May 31, 2015, he said.

The Finance Bill was passed by the lower house of the parliament amid an opposition boycott.

The 10-year benchmark government bond yield fell as much as 4 basis points to 7.73 percent while the Indian rupee breached 54 level to the dollar after the relaxation was announced.

The cut in the withholding tax follows recent easing in rules for investment in government and corporate bonds.

Chidambaram, who has been pushing reforms to draw inflows, recently met investors in roadshows in United States and Canada.

Musharraf sent to 14 days judicial custody in Bhutto case

Former military ruler Pervez Musharraf was today sent to judicial custody for a fortnight by a Pakistani anti-terrorism court in the Benazir Bhutto assassination case.

The court in Rawalpindi had said at the last hearing that Musharraf should be produced for today’s hearing but he was not presented before the judge for security reasons, said chief prosecutor Chaudhry Zulfiqar Ali of the Federal
Investigation Agency.

Though Musharraf was remanded to judicial custody for 14 days, the 69-year-old former military strongman will be held at his plush farmhouse at Chak Shahzad on the outskirts of Islamabad, which has been declared a “sub-jail”.

The anti-terrorism court adjourned the case till May 14. At the last hearing on April 26, Musharraf had been remanded to the physical custody of the FIA for four days so that he could be questioned by investigators probing Bhutto’s assassination.

Referring to the FIA’s decision not to produce Musharraf in court today, chief prosecutor Ali told reporters that the interior ministry has issued an order which said that the former President “faces the highest level of security threat”.

 

“Due to this very reason, he was not presented in court but he was sent on judicial remand,” he said. The FIA’s joint investigation team had completed its investigation against Musharraf and gathered “solid evidence” that “directly connects the accused with the commission of the offences with which he has been charged”, Ali said. Musharraf has tried to shift liability and responsibility on others but there is solid evidence which proves he is guilty,” he said.

30th April Nifty Future Update

Tuesday-

NIFTY  FUTURE closed 5918

Yesterday Nifty Future traded very Rangebound

Our minor Resistance level 5920 crossed & Marked high was 5934.90

Closed 5918

 

Today’s Nifty Future Resistance 5935 if trade above the level

With Volume 5955 & 5975 next Resistance…..

Very hurdle & Crucial level 5975 around…..

Today’s Support 5905 & 5880 levels

More Live Market update to our clients only

Updated : 08.49am / 30th April

30th April Banknifty Future levels

banknifty99

Banknifty Future Closed : 12583

Just Two Days left to MONEY Will Double !!!

 Banknifty will move 1000 to 1500 Points……

Which Options can Buy ????

Our Clients Ready to Buy…….

Hurry uppppp to Join & Get Options Call

Now what

Today’s Banknifty Future Resistance 12600 if cross the level 12650 & 12730 next levels

Today’s Support 12510 & 12450…..

Higher level hurdle 12850 to 12900

More update to our clients only

Updated : 08.46am / 30th April

30th April Hot Calls

JSWSTEEL

jswsteel

JSWSTEEL Play with 692 level

If break the level will see 686, 682 Thereafter 675 levels

Risky can buy with lower level keep stoploss of 692

Trade with trend line…..

PVR

pvr

PVR Looking very HOT

Closely watch on 340 level

If cross the level Catch it

Will check 347 & 352 level

ATLASCYCLE & RALLIS

cycle

 

ATLASCYCLE & RALLIS Looking Very HOT

Both are Ready to Blast

But if cross the level

Which level will cross ???

Join us !!!

TITAN

titann

Clients special Call TITAN

Closely watch on ? if cross the level

Will check 3% to 5%

Level update to our clients !!!

Banknifty Options

options

Friday RBI announced Credit Policy

Banknifty Future will move min 500 to 800 Points

Which option can buy ???

Money will Doubled !!!!

Join us !!!

Updated : 08.35am / 30th April

 

Finance Bill to be tabled on Tuesday with 12 amendments

Parliament resumed on Monday after a wasted week that saw adjournments and uproar over various issues such as 2G scam, coal scam and the Delhi minor rape. The Opposition, however, was still not in a mood to relent and attacked the government over the coal scam yet again.

The BJP stuck to its demand for the PM’s resignation. There initially seemed to be a breakthrough with the Opposition agreeing to take up the Finance Bill on Tuesday. However, the BJP now has said that it will walk out from the proceedings of the House when the Finance Bill comes up for discussion and that there has been no agreement with the government to run the House.

Parliamentary affairs minister Kamal Nath told reporters that all financial business of the session will be taken up in the Lok Sabha on Tuesday and there was no question of adjourning Parliament for an indefinite period.

“Parliament being adjourned frequently is not good for a democracy. The government should answer and not just blame the Opposition,” CPI leader D Raja said.

Meanwhile, Kamal Nath dared the Opposition to move a no-confidence motion on the floor of the House. “Is that the right kind of opposition? Even if it hurts the people, let’s suppose, is that the kind of parliamentary democracy we want? And we must remember that they don’t like the government to vote it out. Why can’t they say that the government is absolutely rubbish, just bring a no confidence motion,” he said.

But the BJP brushed away Nath’s remarks and attacked Prime Minister Manmohan Singh instead. “When has the Prime Minister met all political parties to break the deadlock? Parliamentary affairs minister is just a minister, not the PM, why can’t the PM just meet us?” said BJP leader Yashwant Sinha.