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Vedanta seeks Orissa's help to restrict movement of international NGOs
The Vedanta Group has asked the Orissa government to restrict the entry of foreign non-government organisations (NGOs) in the area where it proposes to mine bauxite, as part of its $8-billion project in the state, saying they were instigating locals. “These NGOs comprising Survival International and Action Aid are instigating locals to go to the hill top, where we have proposed to mine bauxite, and set up houses. The Orissa government has already said there is no tribal population in our proposed mining site. Such efforts by these NGOs are aimed at harming the project and investments in the state; their movement has to be regulated,” Vedanta Aluminium Ltd COO Mukesh Kumar told PTI.

KPIT Cummins buys Sparta for Rs 180 cr
Despite lower revenue projections this financial year, Pune-based manufacturing solutions provider KPIT Cummins Infosystems has entered into a definitive merger agreement to acquire US-based SAP specialist Sparta Consultant for Rs 180 crore.

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IndiaSkills to invest Rs 200 cr for training 1 mn people
IndiaSkills, a joint venture between India"s leading higher learning organisation Manipal Education and UK-based City & Guilds, will invest Rs 200 crore over the next five years to offer vocational training courses across sectors like hospitality and retail.
International Business

Adopt carrot and stick policy to get money from Swiss banks

Industrialist Rahul Bajaj today said the government should adopt a carrot and stick policy to bring back Indian money stashed in Swiss banks and suggested that identities of account holders should be protected. - Constrained by fiscal deficit - Explain the denial of information in "Black Money" case: CIC - SC fixes July 28 for hearing black money issue - Govt files affidavit on black money - Cong downplays, BJP inflates black money figures: Author - Sunanda K Datta-Ray: Have a heart">Sunanda K Datta-Ray: Have a heart "Tax this money at the maximum tax rate prevailing in the country and give them (account holders) the carrot that after the tax, the money will be legal. Give them a strong stick... a time frame and say that after this 100 per cent of their money will be taken away," the Independent member said in the Rajya Sabha. Participating in a discussion on the Finance Bill, he demanded steps to bring back the money and suggested that the identity of account holders be protected. Even government officers should not come to know the names, he said. Saying there are various ways to do it, Bajaj suggested allowing account holders to bring back the money through "bearers"s bond", which will automatically enable the government to tax it. He said that otherwise only small people will come out to declare their deposits but not the big ones adding, "there are very big people", whose money is deposited there. Bajaj said since account holders will be allowed to bring back their money only after paying tax, the "ethical question" surrounding the issue will also go away. The noted industrialist felt that the Switzerland government on its own was not going to allow this money to be returned to India.


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