Credit card losses

Mumbai, Aug. 12: Banks are suffering an estimated 12 per cent loss in their credit card operations. Losses on account of personal loans are 4 per cent, according to a recent study. Losses against loans given for cars are less than 1 per cent, a study by HDFC Bank said. Ravindra Rao, senior vice-president and head of retail collections, HDFC Bank, said collection of dues was a challenge for the industry.

Tax dues

New Delhi, Aug. 12: The income tax department has issued notices to foreign companies to pay about Rs 10,000 crore as additional tax after collecting information from other sources and scrutinising their returns.

Tata-Birla case

New Delhi, Aug. 12: The Supreme Court has asked the A.V. Birla group to file its reply to a petition from Tata Industries seeking arbitration to resolve a dispute related to termination of their joint venture Idea Cellular.

RBI move

Mumbai, Aug. 12: The Reserve Bank has allowed resident Indians to open accounts in banks outside the country and transfer up to $100,000 a year in them without its approval. The clarification comes on the heels of the government tightening external commercial borrowings to restrict inflow of foreign capital.

Foreign buys

New Delhi, Aug. 12: North America and Asia are the most sought-after destinations for India Inc’s acquisition bids, with takeover deals in the region touching $12 billion in the first four months of this fiscal, an Assocham Eco Pulse study said.