1. Weekly news From 30th August. to 3rd September 2010

2. ADB plans Rs.-bonds to fund infra projects Asian Development Bank could take the lead in routing long-term funds into India’s infrastructure sector. ADB has approached to SEBI for approval for bond issue . ADB has issued in 2004 its 1st ever global foray into local currency borrowing. ADB has also issued same in China , Indonesia and Philippines. IRDA, PFRDA and EPFO are all in favor of that issue.

3. Mukesh picks up 14.12% in EIH for Rs.1021 crore. MukeshAmbani has struck a deal of 14.12% stake in EIH that is luxury hotel chain in India of Oberoi family . Oberoi ‘s stake fell from 46% to 32% in EIH. ITC also has 14.9% stake in EIH. By doing so Reliance has also step in Hotel business which is most probably to be handled by Nita Ambani wife of Mukesh . EIH is founded by RaiBahadur Mohan Singh Oberoi in 1934.

4. Experts panel back sweeping reforms for FDI. A High-Level expert group has suggested sweeping changes in the country’s foreign investment policy to make the country most attractive destination for foreign capital. The group headed by UTI AMC chairman UK Sinha has proposed to remove the distinction between various foreign investors i.e. FDI, FII, Private Equity ,NRI and replace it with Qualified Financial Model.

5. Continuous…………. The new concept will also pave the way to way for foreign individual investors to invest directly in Indian Bourses by opening a dedicated trading account with a registered DP.

6. Centre admits to errors in some GDP numbers. Govt. has admitted mistake in publishing of GDP numbers. Revised data show that estimates from demand side ,the economy grew at 8% in 1st quarter not at 3.7%. Because of that there arose a question on the credibility of the CSO. The govt. is sticking to its GDP growth forecast of 8.50-8.75%.

7. NRI face tax threat under new code . A no. of global Indian face threat of being resident in country as per new DTC proposal. A no. of industrialists have become NRI including Vedanta’s Anil Agarwal and Essar’s Ravi Ruia . The DTC bill proposes to remove the special provisions for NRIs and persons of Indian origin and places them par with any other non-resident . This step is going to be very crucial for those

8. Continuous……… Indians who routinely come to meet their families and friends . But CBDT said it is as per international practices of taxation.

9. Thank You