Sebi consulting market intermediaries on FATCA pact
New Delhi: Market regulator Sebi is consulting intermediaries regarding an inter-governmental agreement to be signed between India and the US under the Foreign Account Tax Compliance Act. The Securities and Exchange Board of India (Sebi) is likely to meet stock brokers this week, according to officials. Earlier, the regulator met mutual fund houses and foreign institutional investors. The proposed agreement is part of the US administration’s efforts to combat possible tax evasion by its residents through foreign accounts in India and other countries. The US is signing these agreements with various countries under a three-year-old law, known as the Foreign Account Tax Compliance Act (FATCA), which is aimed at combating tax evasion by US persons
and companies holding accounts and other financial
assets abroad.

Idea cuts mobile internet rates by 90%
mumbai: Country’s third largest telecom operator Idea Cellular has joined the data tariff war by slashing 2G mobile internet rates by 90% and 3G tariffs by 30% for six months from November 15. Days after Vodafone reduced data charges, Idea is offering a rate of 0.2 paise per 1 kilobyte (KB), down from 2 paise per KB it currently charges. At the new rates, 3G data tariffs are now on par with 2G across all 10 Idea 3G circles. The company said its 3G users will now be able to save up to 30% on their monthly data charges as the same tariff will also be available across all 10 Idea 3G circles. The new data rates will be applicable from November 15 and will be in place for next six months. “The reduction in data tariff is aimed at catalysing the data adoption amongst the masses and empowering them with the power of mobile internet at an affordable cost,” Idea Cellular’s Deputy Managing Director Ambrish Jain said.

RBI imposes more restrictions on gold import
mumbai: The Reserve Bank of India has imposed more curbs on gold imports. In a notification issued on Monday, the central bank said any authorisation such as Advance Authorisation or Duty Free Import Authorisation has to be utilised for import of gold meant for export purposes only, and added that no diversion for domestic use would be permitted. The notification further states that entities or units in Special Economic Zones (SEZ) and Export Oriented Units, premier and star trading houses will be permitted to import gold for export only.

MTNL redefines broadband speed
new delhi: Continuing with the tradition of putting Customer interest always in forefront, MTNL has once again redefined the broadband speed with the launch of new broadband initiatives. Now customers booking a new broadband connection will get a minimum download speed of upto 1 Mbps across all plans. Also, all the existing customers can conveniently migrate to higher speed plans and enjoy the download speed of upto 1Mbps by either dialing 1500 or visiting their nearest CSC. This is one more customer centric lead taken by MTNL Mumbai ahead of its competitors towards providing a minimum broadband speed of upto 2 Mbps to all the customers by the year 2015 to usher in the National Telecom Policy 2012.

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