In view of "contentious and controversial" legal cases like that of Vodafone faced by Income Tax department, the CBDT has created a committee of top Finance Ministry and I-T officials to understand the intricacies involved and present a sound case in court.By setting up Central Technical Committee (CTC), the Central Board of Direct Taxes (CBDT) aims to bring clarity on contentious legal issues and reduce litigation by adopting a consistent approach on them. "It has been observed that a large part of litigation in the direct taxes matters involves interpretation of legal provisions. Lack of desired clarity on contentious legal issues amongst the officers of the department sometimes leads to inconsistent approach on the same issue giving rise to further litigation. "With a view to provide clarity on contentious legal issues, promote consistency of approach on a given issue and reduce litigation, it has been decided to set up an institutional mechanism to formulate departmental view," a note for the creation of the committee said. The Central Board of Direct Taxes (CBDT) has decided to create a Central Technical Committee (CTC) headed by a Joint Secretary level official, who will be assisted by other senior I-T officials in the Finance Ministry as its members. A Regional Technical Committee (RTC), comprising the local tax officials, will act as the sub-office of the CTC. Sources in the Finance Ministry said the CTC will take up cases which have a large revenue implication or have strategic legal ramifications, and it will collect and analyse divergent views from all the units of the department like investigation, assessment and pricing before a legal reply is filed in the High Courts or the Supreme Court. "Cases like Vodafone are surely one of the many reasons that such a committee has been formed. However, that is not the only case. The I-T department has a lot of cases which have complicated and multi-layered legal interpretations," a senior official said. Following an amendment to the Income-Tax Act with retrospective effect in the last Budget, Vodafone may be asked to pay Rs 20,000 crore tax, interest and penalty for its 2007 acquisition despite wining the tax case in the Supreme Court. The CBDT note said that the regional units will prepare a note before referring any "controversial" case to the CTC, "The CTC shall examine the said judgement on priority to decide as to whether filing of Special Leave Petition to Supreme Court will be adequate response for the time being or some legislative amendment is called for," the note said. Former Finance Minister Pranab Mukherjee had also asked the I-T department to cut down litigation and speed up cases in various legal forums so that 'locked up' revenue can be realised faster. (PTI)
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India's persistent inflation and sub-par economic growth has the Reserve Bank of India (RBI) caught in a monetary policy vise but conditions in the economy should not be considered static, Deputy Governor Subir Gokarn said on 25 September. The RBI left its main policy rate unchanged on 17 September at 8 per cent, disappointing those who wanted a lower rate to spur growth and dovetail with a spate of unexpected economic reforms unveiled by the government. The 8 per cent repo rate, its main lever for monetary policy, has been in place since April while economic growth has underwhelmed at 5.5 per cent in the latest quarter, not much better than the first three months of the year, spurring questions of whether this is a "new normal" environment."I think the concept of new normal has to take into account structural conditions and to the extent there are very visible and effective responses to what is clearly becoming, for example an entrenched source of inflation, which is food," Gokarn told reporters on the sidelines of the India Investment Forum. Citing the fluid situation in India and authorities' response to spiking inflation and fiscal deficits, Gokarn said the bank will look at how the government is addressing these economic stress points by the next policy meeting. "It is the evolution of these responses that is really going to shape the growth and inflation trajectory so we have to be sensitive to that," he said. Gokarn expressed less concern about spiking fuel costs and the possible long-term inflationary effects of a rise in diesel fuel prices, mainly because of the weak global economy. Global oil prices have in the last week fallen back from the recent 2-1/2 month run-up to $100 a barrel. "That may be because the global economy itself is in a less comfortable growth position than it was perceived to be two years ago. So, there may be some impact of that lower growth expectations on how commodity prices are shaping up," he said. (Reuters)
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Indian banks, which take on the debt of state-run power distribution companies in an overhaul of the energy sector, cannot hold that debt as part of their mandatory government-approved securities, the government said on 25 September.On 24 September, the government announced a bailout of the power sector under which regional governments would take on half of power distributors' short-term debt and convert them into long-term bonds over a period of time.Power Secretary P. Uma Shankar's clarification came after local media quoted Power Minister Veerappa Moily as saying the restructured debt of cash-strapped power distributors would be given statutory liquidity ratio status (SLR).The distinction is important because should the restructured power debt be given SLR status, banks would need to sell some of their existing securities to be able to buy into those bonds.Banks have to invest at least 23 per cent of their deposits in approved securities, such as government or state bonds, in what is known as the statutory liquidity ratio.The 10-year benchmark bond yield had risen from the session's low of 8.14 per cent after Moily's comments, but stabilised to trade at 8.17 percent, just up 1 basis point on the day.(PTI)
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A recent World Bank study has favoured Punjab as the "most preferred destination" for investors in the country, state's Industry and Commerce Minister Anil Joshi claimed on 10 September' 2012. The study had termed the state as "future growth engine that would propel the nation's economic growth," he said. "In a latest study of World Bank about the Investment environment in the country, Punjab has been declared as the most preferred destination for investors," Joshi said here. He said the report of World Bank was based on various parameters including record investment by the incumbent government on the infrastructure such as roads, air and rail connectivity and incentives announced by the Punjab Government. The minister said that Punjab Government has set an investment target of Rs 1 lakh crore in the state and to meet this, he has already held series of meeting with big industrialists at New Delhi. Besides, World Bank study specially talked about the Integrated Check post at Attari CP and Rs 21300 crore project Guru Gobind Singh Refinery at Bathinda, that would change the face of Industry in the State. In past, investors were facing shortage of electricity, which is going to become the strength of the state as in next one year all three Thermal Plants would become operational, Joshi claimed. He said Integrated Check Post at the Wagah border would be a boon for trade in Punjab as it was a natural trade route to Central Asia for centuries. Joshi said that keeping in view the interests of traders, Union Government should enhance the number of items to be exported via ICP from 137 to 6,000 as in Mumbai port. Due to the efforts of the SAD-BJP government many world class industrial houses like Videocon have announced to invest in Punjab, the minister said. He said that to facilitate the investors, Punjab Government has sanctioned the establishment of 'Land Bank', so the land required for industry could be provided to investors in a hassle free manner. Besides, the government has also made it mandatory to provide all kind of sanctions to investors within 30 days after the application through single window system, Joshi said.(PTI)
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Intel Corp's former India-born managing director Rajiv Goel deserves leniency as he provided "substantial assistance" as a key government witness in Raj Rajaratnam's insider trading trial that helped convict the hedge fund founder, Manhattan Attorney Preet Bharara has said.Goel, 54, was arrested with Rajaratnam in October 2009 and had pleaded guilty in 2010 to conspiracy and securities fraud. He faces up to 25 years in prison when he is sentenced on September 12 by US District Judge Barbara Jones.Recommending a lenient sentence for Goel, Bharara said in a letter to Jones that Goel, "a highly significant witness ...substantially helped the government secure a conviction in one of the most significant and high-profile insider trading trials in history."Mumbai-born Goel had met Rajaratnam in 1983 at the Wharton Business School where he was studying business administration and the two grew close over the years.Goel had served as managing director in Intel's treasury department and had provided confidential information to Rajaratnam about the company, including its earnings and a billion dollar transaction in 2008.Rajaratnam made over $2 million in illegal profits based on the tips.Goel had told prosecutors he repeatedly sought financial assistance from Rajaratnam, who loaned him $100,000 to buy a home in 2005 and another USD 500,000 the next year for his ailing father.The prosecutors said despite Goel's "long-standing, close friendship" with Rajaratnam and his family, he never hesitated to provide complete information to the government about his illegal tips to Rajaratnam.(PTI)
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CRR is in news again. This time, it is C. Rangarajan, chairman, Prime Minister's Economic Advisory Council, who says the Reserve Bank of India needs to bring down the cash reserve ratio (CRR) and control credit flow through open market operations."We need to move towards a situation in which the level of CRR comes down and it is used as an instrument of credit control only in extraordinary circumstances," he told reporters on the sidelines of a financial summit organised by industry lobby Ficci and IBA."As open market operation (an RBI tool to manage liquidity in the system) becomes increasingly a major instrument of credit control, the role of CRR as an instrument of credit control will come down," Rangarajan, himself a former RBI governor, said. CRR is the proportion of deposits that banks need to keep with RBI as cash. Banks do not earn any interest on it. At 4.75 per cent of deposits, CRR amounted to over Rs 3,20,000 crore on 16 August, upon which banks earn no interest.In India, banks are struggling to maintain profitability and a non-productive CRR has begun to hurt. At the same time, RBI is fighting a battle against inflation. In the current economic climate, the RBI needs as many tools as it can have to manage monetary policy, and the CRR is a key ingredient in its instrument mix. India is not an economy where capital mobility is so high that managing liquidity asymmetries can be handled without the CRR. It cannot depend on open market operations (OMO) alone as the Indian bond market lacks size and depth. For the banking system and the economy, CRR adds to the cost. Banks pay interest on deposits, but do not get anything on the portion parked under CRR, and the lending rate, therefore, is adjusted accordingly. Earlier this month, the country's largest public sector lender State Bank of India had sought scrapping of CRR, which stands at 4.75 per cent. State Bank of India Chairman Pratip Chaudhuri, a proponent of "zero CRR" had got into a verbal scuffle with RBI deputy chairman K.C. Chakrabarty over whether CRR should be allowed to continue in India. While RBI governor Duvvuri Subbarao made a joke about the whole episode at a banking event on 4 September, the fact remained that many a news-hungry reporter and market players were taken for a ride and believed him when he said that a committee is being set up look into the CRR issue. (Read: No Easing, Just Teasing, Says Subbarao)According to SBI's Chaudhuri,"CRR does not help anybody,... it is locked up in the vault and not ploughed back into the economy … it needs to be phased out as it does not earn any interest income and increases pressure to earn more from remaining resources". The RBI was quick to retort. Deputy Governor K. C. Chakrabarty had bluntly remarked that Chaudhuri "has to find some other place" if he could not work within RBI regulations.Not all central banks follow the same practice. In the United States, the reserve requirement is in respect of transaction (current) accounts and is at about 10 per cent. There is no reserve requirement for time deposits. In the UK, it is voluntary. On average it is about 3 per cent. In the euro zone, the reserve requirements are at 1 per cent.Pitch For CRR CutOn 5 September, Chaudhuri again made a strong pitch for a reduction in CRR at the Reserve Bank’s mid-quarter review of monetary policy scheduled September 17.“I would like to be optimistic. I expect a one per cent cut in CRR,” he said, when asked about his expectation, at the sidelines of the Ficci-IBA banking seminar. “It is likely that a cut in CRR will bring changes in the base rate (BR).” The BR is the benchmark lending rate to which all loan rates are linked.Chaudhuri said a one per cent cut in CRR would release Rs 10,000 crore for SBI. This could be deployed and earn the bank at least Rs 800 crore. The benefit could be passed on to borrowers by lowering the BR.According to Chaudhuri, the correlation between the repo rate and the BR was weak. “If you look at SBI, a one per cent CRR cut releases Rs 10,000 crore, on which if you put a value of eight per cent is Rs 800 crore. So, that is the amount that can be passed on to borrowers. If you have a repo rate cut, the total increment benefit is not even Rs 100 crore. "Among other things, Chaudhuri has also asked for interest payment on the CRR, emboldened by the finance ministry's suggestion on the same issue. Chakrabarty on his part, in an interaction with The Hindu said on 3 September: “From State Bank point of view, they can ask for abolition of CRR, SLR (statutory liquidity ratio). But, we have to function within the regulatory system in which you are in. If you are not able to do business in the regulatory system in which you are functioning… you will have to find out something else … where you can do business.” While there have been some support for Chaudhuri on his expecation on CRR cut and charging of interest on it, he has faced mostly opposition on his 'zero CRR' theory. Industry body Assocham on 4 September strongly advocated for continuation of CRR for effective liquidity management in the banking system."Continuation of interest free cash reserve ratio (CRR) by RBI is for a healthy and effective direct monetary and indirect liquidity management as well as provide a big cushion in difficult times, consequent to a debate that is taking place to undermine the efficacy of CRR in present times," Assocham said in a release.ICICI Bank Chairman K V Kamath has disagreed with the suggestion of SBI chief Pratip Chaudhuri that RBI should scrap CRR, saying it is part of the monetary policy and no issue can be made of it.Whether CRR completely disappears from the Indian banking scene or not, the thought process has started to reduce it's importance for controlling liquidity. As BW pointed out (A Question Of Timing ), the idea of a statutory debate for lower CRR must be debated, and it looks like its time has come.(With input from agencies)
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The government is expected to soon announce some initiatives to boost investor sentiment and push exports which may miss the $360 billion target because of global economic uncertainties, a top official said on 28 August."I am sure that the government is taking proactive steps. In the next 3-4 weeks, I expect significant policy announcements which should encourage our industry, our exports," commerce secretary S R Rao said at the CII Export Summit in Delhi.Rao said global trade is shrinking and countries such as China, the US, Japan and Europe are not showing signs of improvement. These are the major export destinations for Indian exporters.When asked whether India will be able to achieve the $360 billion exports target for this fiscal, he said: "it is difficult".However, the secretary added proper cooperation between Indian entrepreneurship and the government could help in achieving the exports target."...I am sure that the government will do everything to improve the investment and manufacturing climate in the country," Rao said.India's exports during the April-July period have shrunk by 5.06 per cent to $ 80.4 billion. Industrial output in the April-June quarter too contracted by 0.1 per cent this fiscal.He also said that high cost of credit "is a great worry at the current moment".Asking exporters to explore more and more new markets like in Latin America, Africa and CIS region, Rao said the market diversification scheme for exports have yielded positive results.He also expressed concern over widening trade deficit of the country, which has touched $55.6 billion in April-July period.He said trade deficit is because of "a very high import bill of hydrocarbons and insatiable appetite for gold".Talking about free trade agreements (FTAs), the secretary said that India has already concluded 10 such pacts and are negotiating 17 more."FTA's are going to influence the business of imports and exports. We need to work on production levels to realise the potential of FTAs," he said.India has operationalised such pacts with Malaysia, Asean, South Korea and Japan. Currently, the country is negotiating an ambitious comprehensive free trade pact with EU. (PTI)
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In a bid to revive investment across the board, Finance Minister P Chidambaram on 18 August asked banks to cut interest rates and keep EMIs at affordable levels to encourage sale of consumer durables that will restart the engine of manufacturing.After a review meeting with the chiefs of public sector banks against the backdrop of slowdown in the economy, he also announced rescheduling of farm loans in drought affected states and revision in procedures for easy sanction of education loans to students.Maintaining that health of the banking sector is extremely good, Chidambaram directed the banks to double the number of ATMs from 63,000 in two years and also to make them cash accepting machines so that the money remains in the banking system."Most of our problems will be over if we revive investment. Investment must be revived across the board small, medium and large industries. Sentiment is only one factor. Sentiment will change if the other issues are addressed.He said the bank chairmen have been candid and they have identified a number of issues such as fuel supply agreement, delay in clearances and approvals, land acquisition and government entities like NHAI and SEBs not making payment in time. A certain amount of choking in supply of credit."These are issues which have been identified as inhibiting. I will take up the issues with ministries concerned. Once we get the investment cycle going, once we get the investment engine started many of our problems can be solved. We have asked the banks to focus on sectors that deserve credit," the minister said.Asserting that the EMIs should be kept at affordable levels, Chidambaram said, "the middle class is complaining about increasing EMIs and stretching payment cycle. The middle class, which consumes consumer durables postponing purchases, and that is not good for the industry".He said just as investment plans must be brought forward, consumers must be encouraged to buy consumer durables that will keep the engine of manufacturing."EMI must be kept at affordable level so that people will buy two wheelers, cars, refrigerators, washing machines, cooking ranges, mixies and grinders."That will keep the engine of manufacturing going and large industries continue to produce these goods. The suppliers of parts and accessories in the small and medium enterprises will continue to do business." he said.Chidambaram cited the example given by the State Bank chairman that cars sales picked momentum after reduction of EMIs. SBI was selling 400 cars per day when the EMI was Rs 1,766 per lakh per month for seven years loan. The sales jumped to 700 cars per day, when the EMI was brought down to Rs 1,725. It shot up further to 1,200 cars, once the EMI was further reduced to Rs 1,699."I have urged the other banks to look at SBI example", the Minister said, adding "the point is well taken." (PTI)
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Almost two years after it last made such a move, the Reserve Bank of India (RBI) has done it again — cut the corpus banks have to mandatorily invest in government securities (G-Secs) as a proportion of their funds to 23 per cent, a cut of 100 basis points (bps).But before you cheer this cut in the statutory liquidity ratio (SLR) which will infuse nearly Rs 62,000 in funds into the banking system, look at the message sent out by the central bank. That it will not oblige a government which refuses to take hard, corrective measures on the fiscal and fuel price fronts with interest rate cuts. It has maintained the repo rate — the rate at which banks borrow from the central bank — at eight per cent; the cash reserve ratio (CRR) — funds impounded with the central bank — stays at 4.75 per cent.On the reasons for the SLR cut, RBI governor D Subbarao said: “The reduction of SLR is to ensure liquidity pressures do not constrain the flow of credit to the productive sectors of the economy. This will allow banks to shift their portfolio in favour of the private sector”.Yet, a caveat would be in order here. As Krishnamurthy Subramanian, assistant professor of finance, Indian School of Business, says: “Conceptually, a decrease in SLR reduces the amount that banks have to hold in G-Secs. Every rupee that need not be invested in GoISec can be used for lending to the corporate sector. However, given most banks hold SLR considerably above the mandated requirement, it is unlikely that the decrease in SLR will have a substantial increase in corporate lending. I, therefore, expect any growth acceleration due to the SLR decrease to be quite muted and, if at all, with a considerable lag.” Banks now hold about 28 per cent by way of SLR at the systemic level.Do Your Part Of The DealIt’s the central bank’s way of making it clear that it will ensure liquidity for the private sector; they need not fear a crowding out on account of the government’s appetite for funds. The reduction in SLR also means that much less by way of an assured captive investor base for G-Secs.Says Chanda Kochhar, managing director & CEO, ICICI Bank: “The reduction of one per cent in the SLR will help to make credit available to retail and corporate borrowers and also keep interest rates under control. RBI has sought to anchor inflationary expectations while ensuring liquidity to facilitate credit availability”.According to Leif Eskesen, HSBC’s Chief Economist for India & ASEAN, “the RBI deserves kudos for making a tough but right decision, under difficult circumstances. Nail-biting global economic conditions have compelled central banks in advanced and emerging economies to cut rates, and moderate domestic economic growth has drummed up pressures on the RBI to act. However, the RBI kept cool and stayed focused on its objective, which helps cement its credibility”.He adds “global economic conditions are a worry, but it's premature for the RBI to act in response to these. If global conditions remain weak or weaken even further, that day may, of course, come. If it indeed does, it is better for the RBI to have preserved the little powder they currently have left”.More Bother On InflationHeadline wholesale price inflation (WPI) rose to 7.7 per cent in May from 7.5 per cent in April; it has moderated to 7.3 per cent in June 2012. “The stickiness in inflation, despite the significant growth slowdown, was largely on account of high primary food inflation, which was in double-digits during the first quarter of this year driven by a spike in vegetable prices and sustained high inflation in protein items”, pointed out Subbarao. Fuel group inflation fell to 11.5 per cent in May from 12.1 per cent in April and to 10.3 per cent in June but the reversal in crude oil prices in recent weeks to $103 a barrel is a worry.The RBI pointed to the several upside risks which have arisen:A deficient and uneven monsoon so far; it can have an adverse impact on food inflation.Global crude prices remain elevated. The rupee’s depreciation has added to import prices which in turn has put pressure on domestic fuel pricesThere has been no fuel price hike. Going forward, the embedded risks of suppressed inflation could impact our fuel prices.Non-food manufactured products inflation has not moderated in line with the slowdown in growthAnd finally, input price pressures on account of exchange rate movement and infrastructural bottlenecks in coal, minerals and power may exert upward pressure on non-food manufactured products inflationAnd in view of the recent trends in food inflation, trends in global commodity prices and the likely demand scenario, the baseline projection for WPI inflation for March 2013 has been raised to seven per cent from the April projection of 6.5 per cent.You can kiss all hopes of a rate cut goodbye for some time to come.
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The stockmarket may go down further but there is value in the Indian equity market and that is the reason why for some time now Sudip Bandyopadhyay has been advising his clients to slowly move their money into select stocks in the FMCG, IT and pharmaceutical companies. "We are advising clients to invest 30 per cent of their money into equities, followed by 20 per cent in gold and to keep the rest 50 per cent in fixed income which can be moved easily into equities as and when we find the opportunity," says Bandyopadhyay.Talking to Businessworld, Bandyopadhyay says he concern about the Indian market stems from the inaction of the government due to policy inertia. As for global financial market, he is more worried about the euro zone rather than the US and China. He feels problems are addressed quickly in both US and China, compared to euro zone which has too many political leaders taking too long to decide for addressing the problems. It could be another 6-8 months before something concrete emerges from the euro zone, says Bandyopadhyay. Excerpts from the conversation:What is your take on the Indian equity market at a time when the Sensex is holding well above the 16,500-16,800 levels? Do you think it is a good time for investors to book profit (if any) or losses and stay on the sidelines as there is a lack of trigger in the market? And why?The equity market continues to remain extremely volatile and we feel that, by and large, it will be better to stay on the sidelines in the absence of any positive trigger. Global economic scenario remains uncertain with Greece and Spain continuing to face problems. Signals of slowdown from US and China is also making investors uneasy. On top of that, the domestic macro economic situation remains unfavourable due to policy inertia, high cost of funds and deficit in monsoon. Factors which may change any of the above are not yet visible. Under the circumstances, it is advisable to be cautious and only take exposure in select high growth companies. Bottom-up approach of stock picking should be adopted. Do you think RBI governor will bite the bullet and cut rates on 31 July 2012? What is your view take of the forthcoming RBI policy and why?It is unlikely that RBI will reduce rates considering their focus on controlling inflation at the cost of growth. Though unfortunately, the high interest rate medicine has not worked over the last two years, RBI continues to believe in the same. In spite of continuously increasing interest rates over the last two years (barring a few marginal reductions), RBI has failed to tame inflation and has only succeeded in bringing down the economic growth from around 9 per cent to around 6 per cent. High interest rate has acted as a dampener for incremental economic activities leading to slowdown in every sector of the economy. However, the single-minded focus of the central bank in controlling inflation at any cost and also the use of a single weapon (i.e. continuously increasing interest rates) have led to a stagflation like scenario, in India. The rupee is at an all-time high. What is your view on the currency and its impact on the equity market, economy and inflation? What are your concerns for the Indian equity market?The sharp depreciation of rupee has adversely affected both economy and the capital markets. While relative inflation between economies determines appreciation and/or depreciation in currencies, unbridled sharp movements deteriorate market confidence in a country's monetary management. Unfortunately, initial inaction of the RBI, once the currency started deteriorating, was primarily responsible for its sharp depreciation. Unless rupee stabilises, foreign investors will be skeptical about investing in Indian markets as their capital market gains can very easily get wiped out through currency depreciation. In the next 6-12 months, I see the Indian rupee hovering in the range of Rs 52-54 against the US dollar.Do you think RBI should be interfering in the currency market?RBI should definitely interfere in the currency market. The central bank in every country has a role to protect unbridled movements in the currency. Unless the central bank steps in and ensures that the currency is in consonance with its true relative value, the market will lose confidence in the currency. Thus even more than action, the intention of central banks articulated through their pronouncements, is more important signal to the market.What is your view on the overall financial market? Do you think the crisis in Europe as well as US is behind us and why?Global financial markets continue to remain choppy. Our view is that the same volatile situation will prevail for some more time. The crisis in Europe, US and also China is definitely not behind us. The problem is structural and one cannot hope to solve the same overnight.What is your view on gold and crude oil? Both are tending to rise from its near time lows. Do you see them rising further and why?Our view of gold is positive. We believe that gold will touch over the next 3 -5 years the $2,500-per ounce level. Apart from investment buying and speculation, the central banks across the world are increasing their gold reserves. This will lead to a secular uptrend in gold prices. Our view on oil is not bullish. Significant discovery of alternate reserves of gas (shale block) in North America has led to reduction in demand for oil. Fresh oil discoveries have also helped this cause. We see the long term effective price of oil at around $100 per barrel (Brent crude).In the current market, where will you advice investors to invest? Don't you think it's better to be sector and market-cap agnostic in this market or stick to the large-cap stocks. What's your view? Which are the sectors ones you are avoiding? Our view in the current market is better to be stock specific. It should also be sector specific.We believe that time for value buying has not yet come and the markets may further correct from their current levels. Investors should stick to growth stocks, available at attractive prices. As for sectors, one should look at Pharma, FMCG and IT. These stocks may be available at attractive prices across large cap, mid-cap and small cap universe. We have been avoiding metals, infrastructure, capital goods and real estate stocks for the last one year.
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