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Briefly Business: Google gets I-T dept notice; says it complies with rules
December, 09th 2011

Google gets I-T dept notice; says it complies with rules

New Delhi The Income Tax Department is believed to have served a notice to Internet search engine giant Google, seeking information about its tax structure.

High-level panel discusses global, economic situation

New Delhi: RBI Governor D Subbarao headed sub-committee of Financial Stability and Development Council on Thursday discussed steps to protect India from possible systemic risks in wake of the prevaling global scenario.

Government likely to miss direct tax mop-up target

New Delhi: The economic slowdown is likely to make direct tax collection difficult in the current fiscal. It will be difficult, CBDT chairman MC Joshi said.

Barclays exits retail biz, may put it on block

MUMBAI: After it sold nearly three quarters of its credit card business to StanChart India in a major restructuring of India operations, UK banking major Barclays has stopped doing any retail business since Wednesday.

Confirming the development, a Barclays spokesperson said the bank has decided not to book new retail loans in India but will maintain its deposit business. However, all the existing loans will of course continue as normal. The bank will now focus on wealth management and corporates and investment banking services. All this is part of Barclays decision to consolidate and build a sustained profitable Indian business based on its competitive strengths, the official said.

Barclays, according to sources, may soon put its retail business on block. Currently, the bank has retail portfolio of Rs 3,200 crore and non-performing assets constitute only 1 per cent of the book. We have quality retail book as our loan to value is less than 50 per cent, sources said.

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