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FIIs' win round one in income tax case
Mumbai: The ministry of finance issued a statement clarifying that foreign
institutional investors who had a certificate of residence from the Mauritian government
will be taxed in Mauritius only. The statement is said to have been issued after a
delegation of FIIs represented to the Securities and Exchange Board of India (Sebi) that
if the impasse over the tax issue was not resolved the flow of FII funds into India would
dry up. The Central Board of Direct Taxes (CBDT) is said to have issued a circular in this
regard, reiterating the stand that taxation would be based on the certificate of residence
issued by the Mauritian government.
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Sensex moves up 110
points
Mumbai: With the Nasdaq recovering and aggressive buying by FIIs at the technology
counters, the BSE sensex jumped up by 110 points to close at 4,866.73 points. The upward
rally was also reflected on the NSE where the Nifty closed at 1,452.95 points, up 18.30
points from its previous close.
Despite the sword of the Mauritius tax treaty hanging
over their heads, FIIs have bought heavily at the Infosys Technologies and Reliance
Industries counters. Brokers and mutual fund managers have been very optimistic that the
markets, marauded after a statement made by leading global fund managers that the market
was over valued, will return to normalcy soon and that the prices would revive.
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Nasdaq seeks alliance with
Indian bourses
Mumbai: Close on the heels of the London Stock Exchange, the premier US-based
technology stock exchange, Nasdaq, is negotiating with the Bombay Stock Exchange (BSE),
the National Stock Exchange (NSE) and the Hyderabad Stock Exchange (HSE) for an alliance
that would cover, among other things, cross border listing as and when full currency
convertibility is allowed.
Preliminary meetings in this regard were held by the
Nasdaq chief, Mr. Alfred Berkeley, who is on a trip to India to woo Indian companies to
list on the Nasdaq. At least four companies are likely to register for listing on the
Nasdaq this year.
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