The Telegraph
Since 1st March, 1999
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Business Briefs

Tax relief for banks

New Delhi, Nov. 6: Inter-bank transactions have been exempted from the cash transaction tax since the levy is aimed at unearthing black money and not generating revenue. An ordinance was promulgated recently by the President to carry out the necessary modifications in Chapter VII of the Finance Act, 2005 for this purpose. The cash transaction tax was imposed for the first time this year as part of the measure to curb black money without providing any amnesty to tax evaders.

FII sales

Mumbai, Nov. 6: Foreign institutional investors (FIIs) recorded net sales in equities at Rs 68.80 crore ($15.70 million) and mutual funds at Rs 143.73 crore for the trading week-ended October 3.

A-I engines

Mumbai, Nov. 6: Air-India has selected GE and its French counterpart, Snecma Moteurs, for making engines to power the carrier's 68 Boeing aircraft that it plans to buy in the near future.

Dr Reddy's

Mumbai, Nov. 6: Dr Reddy's Laboratories will invest Rs 3 crore in the commercial production of a drug for the treatment of cancer developed by the Defence Research and Development Organisation.

WTO meet

Geneva, Nov. 6: India, Brazil, the European Union, Japan and the United States will gather in London tomorrow to either settle their differences in the World Trade Organisation talks or leave the negotiations mired.

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