Ø In a move aimed at improving the investment climate in the country, the
Union Cabinet decided not to challenge a Bombay High Court ruling that said
Vodafone was not liable to pay a tax demand of Rs. 3,200 crore in a transfer
pricing case. The Cabinet also decided not to appeal against similar verdicts
in other cases against taxpayers. The decision follows Attorney-General Mukul
Rohatgi’s advice to the Income Tax Department not to appeal against the High
Court judgment.
Ø The Cabinet has decided on a reserve price of Rs. 3,705 crore per MHz
for the 2100 MHz band for the spectrum auctions, Telecom Minister Ravi Shankar
Prasad said. At a press conference, the Minister said the government had
decided to accept the Telecom Commission’s recommendation to price the 3G
spectrum at that price for the March 4 auction. The base price suggested by the
Commission is around 11 per cent higher than what telecom firms paid for in the
2010 sale. It is also 36 per cent higher than Telecom Regulatory Authority of
India’s recommendation.
Ø After the completion of President Obama’s visit, the government is
looking east again. External Affairs Minister Sushma Swaraj is heading to
Beijing for a three-day visit. While the Beijing visit is timed with the
13th
Russia-India-China (RIC) trilateral meeting of foreign ministers, it will also be seen as an attempt to smooth ruffled feathers with the
Chinese leadership, after India and the U.S. announced a joint vision statement
on the Asia Pacific.
 |
| S. Jaishankar |
Ø S.
Jaishankar is appointed new
foreign secretary of India.
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