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Business Briefs

Tax break on oil

New Delhi, April 16: The government is likely to restore a seven-year income tax holiday on oil and gas production as it was a sovereign commitment to companies investing in the sector. But uncertainty continues over the same tax break being extended to refineries to be commissioned after April 1, 2009. Chidambaram is believed to have agreed to restoring the tax holiday for oil and gas exploration and production, but made no commitments for refineries.

ICICI account

New Delhi, April 16: icici Bank has doubled the minimum quarterly balance to be maintained in its savings accounts to Rs 10,000, as infrastructure costs have increased.

Sebi move

Mumbai, April 16: Sebi has decided to allow mutual funds to sell government securities which they had contracted for purchase without taking delivery of the same. Sebi, however, said the transaction should be in accordance with the overall guidelines issued by the Reserve Bank of India.

Tele merger

New Delhi, April 16: The department of telecom, which is finalising new norms for mergers and acquisitions, is understood to have finalised a two-year lock-in period before an entrant could exit the business.

VAT rate

New Delhi, April 16: The panel on value-added tax has attributed their decision of not hiking the vat rate to the high level of inflation.

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