India attracts highest ever FDI of $8.1 billon in March

With an eight-fold increase, India attracted foreign direct investment (FDI) of $ 8.1 billion in March, the highest ever monthly inflows, despite a brouhaha over Rs 11,000 crore Vodafone tax dispute.

Cumulative FDI inflows for the fiscal 2011-12 amounted to $ 36.50 billion, authoritative sources told. In March 2011, the country received FDI worth $ 1.07 billion. The $ 7.2 billion Reliance Industries-British Petroleum (BP) deal, announced in February 2011 contributed significantly to the inflows, even though funds from the UK oil major would have come in phases, they said. The BP had picked up a 30 per cent stake in Reliance Industries’ 21 oil-fields.

Read more: The Economic Times

VV Construction May2012

Project progress at Ireo Victory Valley, located in Sector 67, Gurgaon

Reserve Bank of India further eases norms on foreign currency deposits

Reserve Bank of India eased restrictions on the usage of foreign currency deposits on Wednesday, just days after its move to relax the interest rate ceiling on such deposits.

The Reserve Bank of India has allowed banks to use funds from foreign currency non-resident deposits as collateral against lending to related local residents.

The funds in the foreign currency non-resident (FCNR) can be used for foreign exchange needs or for working capital needs in Indian rupees for exporters and corporates, the RBI said, a move that could help attract dollar inflows.

Read more: The Economic Times

Bid to bridge widening export-import gap; exports sops may come back

Two months ago, with fiscal consolidation on his mind, Finance Minister Pranab Mukherjee scratched out export subsidies from his budget. Today, worried by a widening gap between imports and exports, the government is thinking of bringing back sops for exporters.

These subsidies are likely to include discounted interest rates, and product- and market-linked incentives. The government believes these could boost exports and help narrow a trade deficit which has expanded to 9% of GDP.

“Recently, we had a debate in Parliament on the export situation while discussing the demand for grants. We are seriously looking at giving fresh incentives to exporters,” Commerce and Industry Minister Anand Sharma told ET.

Read more: The Economic Times

Direct Tax collection at Rs 4.93 lakh crore in 2011-12

The government said it has collected over Rs 4.93 lakh crore as per provisional estimates from direct taxes during the 2011-12 fiscal, as against a revised estimate of Rs 5 lakh crore. The net direct tax collection (provisionally) stood at Rs 4,93,912 crore, Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.

In Budget for 2011-12 fiscal, the government had set a direct tax collection target of Rs 5.32 lakh crore. Responding to a question on refunds, Palanimanickam said the refunds increased by 29.25 per cent to Rs 97,158 crore in 2011-12, from Rs 75,169 crore in 2010-11.

Read more: The Economic Times

Real Estate

Delhi government’s fresh directive on sale of properties

Delhi government issued a fresh directive to the revenue department asking it to allow sale and purchase of immovable properties only through proper sale and not allow any such transactions by way of General Power of Attorney (GPA).

The direction issued by Divisional Commissioner Vijay Dev came as registration of properties at 13 sub-registrar offices across the city had slowed down drastically due to confusion on the issue following issuance of an advisory last month by the government clamping down on property transaction through GPA.

Read more: The Economic Times

Jobs

RIL headcount grows after 3-year gap; crosses 50K mark

Billionaire Mukesh Ambani-led Reliance Industries’ headcount grew after a gap of three years during the last fiscal, taking the total staff strength of the group beyond the 50,000 level.

Besides, the energy-to-retail conglomerate expects its hiring numbers to “swell” further going ahead. RIL saw its total headcount grow by 505 employees during the fiscal ended March 31, 2012 to a total staff size of 23,166, it said in its annual report for 2011-12.

Beach resort inspired clubhouse and pool at Ireo Victory Valley, Sector 67, Gurgaon

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