Some relief in the offing on FBT
New Delhi: Companies may get some relief on the fringe benefit tax (FBT) in the short term with the government diluting some of the FBT provisions in the Budget.
With taxpayers challenging the constitutional validity of FBT, a ruling is expected on this issue. Sources said that the Union Budget may independently address some of the sticky issues which may have led to disputes.

As part of the Budget exercise, the government is having a re-look at various provisions of the FBT legislation to soften the blow on corporates. Policy managers have also made it clear at various forums that the government will not withdraw the levy. India Inc, on the other hand, wants FBT to be scrapped.

The Supreme Court recently admitted the government's application for transferring all the FBT cases filed by taxpayers in various high courts.
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Sidbi, Dun & Bradstreet to help SMEs access funds
New Delhi: The Small Industrial Development Bank of India (SIDBI) and Dun & Bradstreet are launching a joint venture company to help small and medium enterprises access funds more easily and in a more streamlined manner.

Sidbi earlier incorporated a company titled SME Rating Agency of India limited (SMERA) in which Dun & Bradstreet will pick up a 50 per cent stake and in which it would infuse Rs2.2 crore.

Both the companies will hold a 50 per cent stake SMERA.
US-based Dun & Bradstreet (D&B) already has a presence in India through its subsidiary Dun & Bradstreet Information Services Private Ltd (DBIL).

SMERA would be engaged in activities such as scoring analysis, rating, evaluation and appraisal of small and medium enterprises. The sources said that the rating agency would start functioning from the beginning of the next fiscal.
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Aviva Life to pump in capital in Indian operations
Bangalore: The Aviva Life Insurance Company is considering infusing more capital in its Indian operations over the next few weeks to sustain its high premium growth rate.

Aviva is currently capitalised at Rs320 crore (equity plus reserves). Stuart Purdy managing director, said that Aviva of UK and the Dabur group, the two joint venture partners, had contributed Rs60-80 crore annually as capital.

"Additional infusions will be very much in line with those figures," Purdy said and added, "We would very much prefer the government to increase the foreign direct investment ceiling to 49 per cent or even beyond."

Dabur group holds a 74 per cent stake in the life insurance joint venture while Aviva holds the remaining 26 per cent stake.

The additional capital is to conform to the solvency margins prescribed by the Insurance Regulatory and Development Authority.
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Andhra Bank to launch mobile ATM
Hyderabad: Andhra Bank is planning to launch a mobile ATM bus, which will also offer customer banking in the near future. The bank has acquired a Volvo bus for the purpose.

The front portion of the bus will have an ATM, while the back portion will be used for customer services, according to company officials. The bus would be parked at different points in the city at defined time and dates.
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