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  • India not interested in high sales tax rate - Finance Minister
    India not interested in high sales tax rate - Finance Minister

    The central and state governments are not interested in imposing higher goods and services tax (GST) rates that could hurt people, Finance Minister Arun Jaitley told lawmakers in the lower house of parliament on Wednesday. The proposed GST would harmonise a mosaic of state and central levies into a national sales tax which business and policy makers hope would boost manufacturing and reduce corruption. A government think-tank proposed the GST rate be set at 27 percent, well above the global …

  • Pakistan army accuses India of backing terrorism in rare rebuke
    Pakistan army accuses India of backing terrorism in rare rebuke

    By Mehreen Zahra-Malik ISLAMABAD (Reuters) - Pakistan's military has accused India's main intelligence agency of whipping up terrorism in Pakistan in rare public criticism that could increase tension between the nuclear-armed rivals. "The conference also took serious notice of RAW's involvement in whipping up terrorism in Pakistan," the army said in a statement, referring to India's Research and Analysis Wing (RAW), its external intelligence arm. While Pakistani army officers often privately …

  • Greenpeace faces shutdown after India freezes funds in charity crackdown
    Greenpeace faces shutdown after India freezes funds in charity crackdown

    By Nita Bhalla NEW DELHI (Thomson Reuters Foundation) - Greenpeace India is facing imminent closure after authorities froze its bank accounts leaving it with little funds, the environmental group's head said late on Tuesday, accusing Prime Minister Narendra Modi's government of "strangulation by stealth". The home ministry last month blocked foreign funding to the local branch of Greenpeace and suspended its registration for six months. Officials said the charity was misreporting funds and …

  • Sensex slumps to four-month low on algorithmic trading-related selloff
    Sensex slumps to four-month low on algorithmic trading-related selloff

    The BSE Sensex and Nifty fell more than 2 percent on Wednesday to their lowest in four months, on strong selling on algorithmic trading platforms, while continued offloading by foreign investors amid retrospective tax worries also weighed. Dealers said the sell-off was initially sparked by a slump in Nifty futures listed on the Singapore exchange, which are now trading at a discount to domestic Nifty futures. Algorithmic trading accounts for a third of the total volume on Indian cash shares …

  • India to sign port deal with Iran, ignoring U.S. warning against haste
    India to sign port deal with Iran, ignoring U.S. warning against haste

    By Nidhi Verma and Manoj Kumar NEW DELHI (Reuters) - India will push ahead this week with plans to build a port in southeast Iran, two sources said, with Prime Minister Narendra Modi keen to develop trade ties with Central Asia and prepared to fend off U.S. pressure not to rush into any deals with Iran. India and Iran agreed in 2003 to develop a port at Chabahar on the Gulf of Oman, near Iran's border with Pakistan, but the venture has made little progress due to Western sanctions on Iran. …

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