News Update 10th January 2018

Trump’s admin is not considering to change rules for H-1B visa holders in green card queue 

The Donald Trump administration is not considering any regulatory changes that would force H-1B visa holders awaiting Green Cards to leave the United States, according to a representative of the country’s immigration services. The prospect of a clampdown on visa extensions for H-1B holders had stoked widespread fear among Indian professionals, including IT workers, in the past week with reports of over half a million people likely to be affected.

Source: Economic Times

Infosys sees a lower tax rate after signing pact with US IRS

Infosys said it expects the overall effective tax rate for its American operations to be lower after it concluded an advance pricing agreement with the US Internal Revenue Service (IRS), on the methodology to allocate revenues and compute taxable income.
The company said it expects the tax rate to be lower by about 100 basis points for future periods covered under the agreement, which covers the period between 2011and 2021. The preliminary discussions for this agreement began in 2015

Source: Economic Times

Jio to benefit the most as Telecom panel eases spectrum limit: Experts

The Telecom Commission (TC) has decided to relax spectrum holding caps, giving a boost to M&As and spectrum sale, as carriers try to sell assets, including airwaves, to repay debt.
The commission — the highest decision-making body in the communications ministry — on Tuesday also extended the payments tenure for auctioned airwaves from 12 years to 16 years, and lowered the interest rate on penalties on outstanding dues of telcos from 14% to 12%.Reliance Jio, too, could benefit as it will be able to mop up more airwaves in the 4G ready 850 MHz band.

Source: Economic Times

Axis, Max no more in talks; bank to chart out insurance foray on its own

Axis Bank is looking to acquire a life insurance business, said people with knowledge of the development. The bank’s executive committee had approved the move in the December quarter, they told ET. Among possible targets are IDBI Federal Life Insurance and Tata AIA, they said. “The bank has appointed a leading US based investment bank to scout for a suitable midsize player that can be acquired,” said one of the persons. “It has already submitted a bid for IDBI Federal Life Insurance, which is on the block.”

Source: Economic Times

ICICI venture set to buy 13.8% stake in Go Fashion for Rs 100 crore

Local private equity fund ICICI Venture will soon purchase a 13.8% stake in Go Fashion India Private, the parent of women leg wear brand Go Colors, for about Rs 100 crore, valuing the eight-year-old apparel maker at Rs 725 crore, two people with direct knowledge of the plan said. “Go Colors has a strong presence in Southern and Western India, and wants to increase its reach in the Northern and Eastern India through rapid expansion in the next two years,” said a person familiar with the matter. “The company is aiming to double in size every 12-18 months for the next three-five years.”

Source: Economic Times

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