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Auto fuel prices hiked after seven month freeze
New Delhi: The government raised retail petrol and diesel prices by about seven per cent on Monday, the first increase since November.

The raise comes on the back of China and other Asian nations raising fuel prices in recent months. India kept postponing the decision for weeks, largely due to opposition from the ruling coalition's communist allies.

Petroleum Minister Mani Shankar Aiyar said after a cabinet meeting that the increase would bring prices more in line with soaring crude prices and stem the losses of state-run oil firms.

"We have increased petrol prices by 2.50 rupees and diesel by 2.00 rupees. The oil firms' profit must be adequate to meet their investment in the hydocarbon sector," Aiyar told reporters.

India imports 70 percent of its crude and retailers and refiners have been forced to keep their prices at the same level for seven months, even though crude prices have gained about 35 percent since early January.

Analysts said the move would have a limited impact on inflation and demand.

The price of kerosene and cooking gas, which are heavily subsidised and sold below the cost of production, have not risen. Oil prices soared to a record above $59 a barrel on Monday.
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Doors open for Singapore banks
New Delhi: The government will grant special economic access to Singapore, including treating the Island Nation's banks at par with Indian ones, and scrapping duties on a host of goods.

Commerce minister Kamal Nath said the agreement is an integrated package comprising trade in goods and services, an agreement on investments and mutual recognition pacts in services, education, intellectual property rights and media.

India will ease investment rules for Singapore firms in local enterprise through a treaty. Singapore will, in turn, relax visa restrictions for Indian professionals.

The bilateral Comprehensive Economic Cooperation Agreement approved by the centre allows three Singapore banks - DBS , Overseas Chinese Banking Corp and United Overseas Bank - national treatment, which means they can function as freely as local banks here.

The government's move marks a significant policy change. Soon after the announcement today, Singapore's DBS Bank made an open offer for up to 20 per cent in Cholamandalam Investment & Finance Company at Rs 150 per share.

Indian banks in Singapore, which include State Bank of India, Bank of India, Indian Bank and Uco Bank, will receive similar treatment in that country, the treaty said.
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June 30 last date for filing TDS/TCS returns
New Delhi: The Central Board of Direct Taxes has specified June 30 as the last date for filing annual tax deduction at source (TDS)/tax collection at source (TCS) returns.

Such returns have to be filed in computer media by both the Government as well as corporate deductors/collectors of tax.
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