Bank of Baroda (BoB) has received a licence from the Central Bank of Trinidad & Tobago to open a branch in the twin-island country of Trinidad & Tobago (T&T) in the Caribbean (West Indies).

The formal letter communicating this approval was handed over by T&T minister of trade and industry, Mr Kenneth Valley to BoB chairman and managing director Mr Anil Khandelwal on Wednesday in Mumbai.

BoB is the first Indian bank to establish a branch in T&T where the economy is currently witnessing a robust growth of 10 to 12 per cent per annum for the past two years. A BOB executive of the rank of an assistant general manager would head the bank’s operations expected to commence by June 2007 in the island nation.

Commenting on this announcement, Mr Khandelwal said, "As about 43 per cent of the total population of T&T is of Indian origin, we felt a strong need for our presence in the Caribbean. Both, India and T&T are currently witnessing a surge in their economies."

Courtesy : Asianage.com

For all the assessees paying excise and service tax to the tune of Rs 50 lakhs and above per annum, it will be mandatory to make the payment through e-mode from April 1, 2007.

While launching the electronic accounting system in excise and service tax (Easiest) on Wednesday, the finance minister, Mr P Chidambaram expressed concern about the ‘sizeable’ evasion of excise duties.

Mr Chidambaram said, "I am inclined to believe that there is sizeable evasion in excise duty. I would urge corporates to pay excise duty just as they are paying corporate income and service taxes." He also said, "Evading duties do not pay in the long run."

"When the economy is growing at 8.5-9 per cent and manufacturing by double digit, excise collections should also grow at the same rate," said Mr Chidambaram.

Stating that e-payment is the most convenient method for payment of excise and service tax, Mr Chidambaram said that in course of time everyone will be required to use the e-payment mode. He said that the ultimate goal is the data collection synergy in direct and indirect taxes.

The central board of excise and customs (CBEC) in association with the principal chief controller of accounts, Reserve Bank of India (RBI) and 28 scheduled banks has introduced a simplified electronic accounting system for central excise and service tax payments called Easiest.

The scheme is conceptualised to address the weaknesses in the existing tax accounting system, which is a manual system.

While the manual system required the taxpayer to file four copies of challan, Easiest would require only a single challan for payment of central excise and service tax. It would capture all the essential information required from the assessee in relation to his tax payments, said an official statement.

Courtesy : Asianage.com

Bajaj Allianz Life Insurance Company will be infusing another Rs 100 crore of fresh capital by March-end, because of the increase in its business, Sam Ghosh, CEO of the company, said. The company, a joint venture between Bajaj Auto Ltd. and Allianz AG of Germany, had infused Rs 70.8 crore in December, taking the total capital to Rs 570 crore.

Mr Ghosh, who is also country manager, India, for Allianz, the Munich-based insurance giant, told this newspaper that a fresh capital infusion had become necessary because the company had been growing at over 80 per cent.

"The board will be meeting later this month to decide on the quantum of fresh capital. It could even be Rs 140 crore," he said. As per IRDA regulations, Bajaj Auto will be bringing in 74 per cent of the equity, while Allianz will be contributing the balance 26 per cent.

According to Bajaj Allianz, the company had sold nearly 20 lakh policies. Its total premiums exceeded the threshold of 1 billion euro for the first time in 2006.

This includes euro 748 million from the life insurance business and euro 282 million from its general insurance business of Bajaj Allianz General.

Courtesy : asianage.com