Business Events Which Made Headlines In 2012
6. U.S. Whistleblower Accuses Infosys of Visa Fraud on April 13
Jay Palmer, accused of the visa misuse case sated on an U.S. television channel that IT giant Infosys brings in Indian workers to U.S. in an illegal manner. Jay palmer works as a consultant for Infosys. Though the acquisition was dismissed by a U.S. court and Palmer was asked to pay harassment charges to Infosys.
7. RBI Cuts Repo Rate by 50 Basis Points on April 17
“Unexpected”, this was the term used in a positive manner by the market analysts when Reserve bank of India decided to cut the repo rate by sharp 50 basis points in its yearly policy for 2012-2013. Dun & Bradstreet (D&B) India Senior Economist Arun Singh said, "The RBI in an unexpected move cut the repo rate by a 50 bps points citing concerns of growth slowing down below its post-crisis trend rate" as quoted by The Economic times.
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8. India's Economic Outlook Negative: stated Standard & Poor’s on April 25
Ratings agency Standard & Poor’s has put India’s economic outlook to negative from stable. Spotting slow progress on India’s monetary and economic situation it was assumed that investment and economic growth have slowed up. The agency also added that it observed minimal economic reforms and this could lead to fall in gross domestic product growth to 5.3 percent in 2012-13.
9. GAAR Deferred for 2013-14on May 7
Investors were relieved this year after the than Finance Minister Pranab Mukherjee delayed the general anti –avoidance rule, GAAR. It was decided that GAAR provision will be applicable to financial year income of 2013-2014 and in the following years. He also added that the provision that puts onus on the tax payers who claim that there has been no avoidance will be removed by the government, but it will be only for tax officials.
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