สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 1 กรกฎาคม 2556

No more Credit Card for Gold Jewellery Purchase on EMIs

After endorsing policy to scale down gold import, the Reserve Bank of India now forbids the buying of gold by Credit Card. No banks shall covert the gold purchases done through credit card into Equated Monthly Installments (EMIs)

"The central bank does not want banks to encourage gold buy. This has been communicated to us in several interactions. So, we have stopped offering the EMI facility on gold purchase," said retail head of a large foreign bank.

(Source: Business Standard)

It is a Must to Check CAD: Indian PM said

There is a strong possibility that the Current Account Deficit remains high for two more years. Therefore, Dr. Singh warned on Friday that the Indian Policymakers must take the issue as a top priority.

Reiterating in the preface of the 12th Plan which runs through 2012 to 2017, the PM incites that the Indian economy must see a very sharp acceleration and return to 9%-plus growth by the 2015-16 in order for the country to achieve its 12th Plan growing target at 8% growth. Thus, the PM addressed that all constrains laying in the way must be put to the top priority and the CAD issues are tackled accordingly.

(Source: The Economic Time)

Budget Airline: Air Asia Taking Indigo Commanders

Sources said that 100 of commanders from Indigo airline are now shifting their places to Air Asia India that will be operating from its Chennai base. The reasons prompting behind are better working conditions and hefty package that the latter is offering, driving away Indigo pilots.

Uncontested low-cost airline-Indigo-that enjoys the domestic aviation market is now likely to face a very festive competition posed by the Air Asia. Currently, Air Asia is in collaboration with Tata Sons and Telestra of TradePlcae of Arun Bhatia, and plans to embark on a budget airline by the end of the year with its headquarter in Chennai.

(Source: The Economic Time, Business Standard)

New Tax relief for MNCs and R&D centres

The Central Board of Direct Taxes (CBDT) now lifted the Profit Split Method (PSM) as the only platform towards computing tax liability. The end to PSM brings a direct benefit to MNCs and other R&D centers engaged in contract services. The circular which has been set up in March proposed six parameters out of which the profit split methods was the only preferred method to computing the tax payable. This method confused all the companies rather than helping them. Hence, as the government decided yesterday to go ahead with other methods but not profit split one, all the MNCs are now relieved with this new tax rule.

(Source: Financial Express, Business Standard)

Indian Foreign Minister off for key ASEAN meets

The Minister of Eternal Affairs, Salman Khurshid, is in Brunei fulfilling India's Look East policy endeavor. He is to attend the 11th India-ASEAN Ministerial Meeting, the 3rd East Asia Summit Meeting of Foreign Minister, and also to take part in the 20th ASEAN Regional Forum meeting.

In the meetings, Khurshid is expected to hold bilateral talks with his counterparts from China, Bangladesh, Australia, Indonesia, and Brunei. In addition to that, many areas such as education, energy, finance, disaster management, and further economic partnership with the member states also on the agenda he will take part in.

(Source: the Financial Time)