Taxation
India, Monaco ink tax information exchange agreement

Under the agreement with Monaco, there is a specific provision for providing banking and ownership information and the requesting state has to provide some minimum details

 

New Delhi: India has entered into an agreement with Monaco for exchange of information that will allow the two countries to check tax evasion and money laundering, reports PTI.

"Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday," an official statement said today.

This is the ninth TIEA being signed by India.

Under the agreement with Monaco, there is a specific provision for providing banking and ownership information and the requesting state has to provide some minimum details about the information requested.

"Information must be foreseeably relevant to the administration and enforcement of the domestic laws of the contracting Parties concerning taxes and tax matters covered by the agreement," the statement said.

However, information is to be treated as secret and can be disclosed to only specified person or authorities, which are tax authorities or the authorities concerned with the determination of tax appeal, it added.

The agreement was signed by the Minister of State for Finance SS Palanimanickam from Indian side and Counsellor of Government for Finances and Economy Marco Piccinini from Monaco's side.
 

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Exim Bank raises $500 million from overseas investors at 4% interest

At 3.48% above the US treasuries, Exim Bank's bond issue beats the $1.25-billion bond sale that State Bank of India sold at 3.75% over the US government bonds, and makes it the cheapest ever five-year money raised by a domestic financial institution till date

 
Mumbai: The Exim Bank has successfully closed a benchmark dollar-denominated overseas five-year bond sale programme, raking in $500 million from overseas investors at a coupon of just 4% -- the cheapest ever by an Indian company at this tenure, reports PTI.
 
At 3.48% above the US treasuries, this bond issue beats the $1.25-billion bond sale that State Bank of India sold at 4.125% coupon or 3.75% over the US government bonds, and makes it the cheapest ever five-year money raised by a domestic financial institution till date.
 
"Yes, we have successfully closed a benchmark bond sale programme, raising $500 million from overseas investors.
 
The issue was oversubscribed five times or $2.5 billion.
 
Priced at a coupon of 4%, this is the cheapest ever dollar-denominated five year bond sale by a domestic financial institution to date," Exim Bank Chairman and Managing Director TCA Ranganathan told PTI.
 
The bank gave an initial pricing guidance of 3.75% over the US T-bills. But final pricing closed much lower, as the markets have been waiting for some quality Indian paper, said a note from StanChart, which was one of the lead managers and book-runner to the issue along with Citigroup.
 
Exim Bank's senior fixed-rate notes makes the third $bond transaction for the Exim Bank since 2010 and marks the largest-ever $bond transaction for the bank, Ranganathan said.
 
The issue has a Baa3/BBB- rating from agencies, including S&P while the SBI issue had a Baa2/BBB- rating.
 
The issue maturing in August 2017 traded as tight as 3.48-3.55% over US treasuries, while the SBI bond traded at 3.60%, despite a weaker broader market, the bank said.
 

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Solar energy can fill demand-supply gap of power: Kakodkar

Amidst the growing demand of power, renowned nuclear scientist Anil Kakodkar, has termed the demand-supply gap as eternal and said solar energy could be the future source of energy


Jodhpur: Renowned nuclear scientist Anil Kakodkar has termed the demand-supply gap of energy as eternal, and said solar energy can fill the void, reports PTI.
 
"The need of energy will always exceed the supply and for this we will have to keep looking for alternative sources of energy," said Kakodkar, the former chairman of the Atomic Energy Commission of India.
 
"And solar energy is a big hope in meeting this ever growing demand of energy," he said.
 
He termed the solar energy as a future source of energy amidst the growing demand of power.
 
Kakodkar, currently chairman of the Solar Energy Corp of India, was in Jodhpur with his team for discussions with the IIT-Jaipur on solar energy research.
 
The IIT-J has set up a Centre of Excellence to further the research and experiment on the solar energy in the Western Rajasthan and has set up a solar thermal plant.
 
Kakodkar said after developing a demonstration facility of the solar thermal set up, we will resort to continuous research on it.
 
Terming the demand-supply gap of energy to be eternal, Kakodkar said the need of energy will always exceed the supply and for this we will have to keep looking for alternative sources of energy.
 
IIT Jodhpur has earmarked a 200-acre land on its campus for creating a solar park, comprising various technologies under one roof.
 
A cluster of R&D labs for solar thermal research shall be established in this solar park under the Research grant obtained from the MNRE (Government of India).
 
An international centre for solar energy technologies is planned to be set up on the IIT Jodhpur campus with the technical assistance and grant from ADB (Asian Development Bank) for capacity building and for promoting innovation and entrepreneurship in the filed of Solar Energy.

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