The Government has modified the guidelines for foreign institutional investors (FIIs) issued in September 1992. The modifications, which come by way of clarifications in the light of the enactment of Section 155AD of the Income-Tax Act through the Finance Act 1993, provide that the income received in respect of securities (other than units of offshore funds covered by Section 11 SAB of the Income-Tax Act) is to be taxed at the rate of 20 per cent.
Wind energy is catching up fast in TN
Tamil Nadu is all set to cross the 100 MW wind power generation capacity mark this year, making it the first State in the country to reach this coveted figure within a decade of establishing its first wind energy unit. The State is expected to have wind power generating units with a total capacity of 80 MW, both under TNEB and in private sector, by the end of this month. The concept of tapping wind energy for power generation began in a small way in Mullaikadu near Tuticorin in 1986 when 10 wind power generators of 55 KW capacity were installed by the TNEB.
Shanghai firms eye Euro bond market
Unable to ask the foreign shareholders to dip into their pockets for extra cash, several Shanghai listed companies are planning to tap the European market for convertible bonds this year. Investment bankers are confident that the Chinese paper would be snapped up in Europe. But Beijing fears that convertible bonds will add to its mounting foreign debt, according to Shanghai-based securities analysts. “I’d have no problem selling these things,” said Mr. John Grossman, the General Manager of Jardine Fleming Shanghai Investment Services.