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Paper on indirect taxes

New Delhi, Oct. 25: The task force on indirect taxes, set up to carry forward tax reforms, today completed its deliberations and finalised a consultation paper as a prelude to its report by November end. The consultation paper prepared by the task force headed by finance minister’s adviser Vijay Kelkar contained recommendations to strengthen the hands of both tax payers and tax administrators in the overall interest of the economy. The next report on direct taxes is expected to be submitted by this month end, 15 days ahead of the schedule, official sources said.

Mphasis plan

Bangalore, Oct. 25: Mphasis group, a leading provider of system integration technology and it enabled services for customer-focused corporations, today announced its plan to acquire Navion (Shanghai) Software Development Co. Ltd, based at Shanghai in China. This would provide Mphasis an alternative development bandwidth outside the Indian sub-continent, commencing on the acquisition, Jerry Rao, chairman and CEO said.

Cotton patent

New Delhi, Oct 25: The Cotton Gold Alliance — the international trademark for quality cotton — today announced its foray into India with plans to invest $ 1.5 million to increase the awareness for cotton in India and guarantee 100 per cent quality product so as to ensure an increase in the market for the natural thread. It has already signed up three mills in India — Patspin India (GTN Group), Vardhaman Spinning and General Mills and Ashima Group. The groups will now be entitled to use the cotton gold trademark after inspection by the council.

ICICI Bank

New Delhi, Oct. 25: The country’s second biggest bank ICICI Bank is planning to mop up Rs 5,000 crore through bond issues in the coming months, official sources said today. “We have applied to Sebi for the proposed bonds issue totalling Rs 5,000 crore,” official sources said.

FDI in realty

New Delhi, Oct. 25: The government today expressed its willingness to revise guidelines for Foreign Direct Investment (FDI) in the real estate sector. Urban development minister Ananth Kumar said government was ready to consider procedural reforms in the sector.


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