ET Weekly News19th Sept. to 25th Sept.

Shruti SharmaMBA 2 ( C )

Celebrations cut short, extra 1% EPF interest to be taxed

The labour ministry has hiked the employees’ provident fund, or EPF, rate to 9.5%.

A finance ministry notification says that anything in excess of 8.5% will be taxed.

The tax department should renotify the higher rate, as otherwise a lot of contentious issues will come up.

Contd… Labour Minister Mallikarjun Kharge

had declared a 9.5% bonanza on provident fund deposits on September 15 — marking a one percentage point increase in the rate from the 8.5% paid in the last five years.

Tata Motors to launch Aria within a month Tata Motors will launch Aria a cross-

over between a multi-utility and sports utility vehicle within a month.

The car is expected to be priced at about Rs 10 lakh.

The Aria sports a 2.2-litre common rail diesel engine.

Contd… It blends the functionality and comfort of

a mid-range MPV with the all-terrain assurance and premiumness of an SUV.

Safety features include 6 airbags and Electronic Stability Program (ESP), offered by an Indian manufacturer for the first time.

Tata Motors' current line up of SUVs and MUVs include Safari and Sumo Grande.

BSNL's IPO may be put off indefinitely

BSNL’s plans to sell 30% stake through an IPO, as suggested by a prime minister-appointed panel, could be put off indefinitely.

The issue of listing would be taken up after the performance of BSNL improves to get the right valuation and after obtaining the views of different stakeholders, like staff union and associations.

New global lineup lists India as 3rd most powerful nation

An official US report on global governance here declared the country the fourth most powerful nation/bloc behind the US, China and the European Union.

"Global Governance 2025" -- a follow-on to the NIC's 2008 report - was jointly issued by the National Intelligence Council (NIC) of the powerful Office of the Director of National Intelligence and the European Union's Institute for Security Studies (EUISS).

Contd… In 2010, the US tops the list of powerful

countries/regions, accounting for nearly 22 per cent of the global power.

The US is followed by China (more than 12 per cent), European Union (more than 16 per cent), India (nearly eight per cent), and less than five per cent each for Japan, Russia and Brazil.

by 2025 the power of the US, EU, Japan and Russia would decline while that of China, India and Brazil would increase

India, US may sign $3.5 billion defence deal

The largest-ever defence deal between India and the US — acquisition of 10 C-17 Globemaster transport aircraft by the Indian Air Force for $3.5 billion, nearly Rs 16,100 crore at current exchange rates, — is likely to be inked during US President Barack Obama’s planned visit to India this November.

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