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The Finance Bill, 2008, today received the President’s assent. Soon after, the finance ministry issued notifications to give effect to various provisions related to service tax.

The amendment regarding transaction between associated enterprises which says that service tax will have to be paid even if the consideration is not actually received comes into effect from today. Read more

Image credit to Telegraph

In her new book, Business Nightmares, former Dragons’ Den star Rachel Elnaugh talks to some of Britain’s leading entrepreneurs about their setbacks – and discusses the collapse of her own Red Letter Days. In this extract, she looks at how to overcome disaster

After Emma Harrison left university, her father invited her into his small Sheffield training business to give her work experience. Only 18 days later he told her she’d got the hang of it, and promptly disappeared to Germany leaving her in charge. Read more

Image credit to Arabia

A United Arab Emirates committee charged with studying foreign exchange policy has recommended that the oil producer should keep its dirham peg to the ailing US dollar at the same rate, state-run Emirates News Agency (WAM) said. Read more

The MOU sets the stage for the cross-border marketing and distribution of Islamic funds.

Hong Kong’s Securities & Futures Commission has signed an Islamic finance pact with the Dubai Financial Services Authority (DFSA).

The memorandum of understanding calls for mutual cooperation on capacity building and human capital development in Islamic finance, as well as the promotion and development of their respective Islamic capital market segments. Read more

The dollar rallied against the yen on Monday, making up for losses suffered after a weak U.S. employment report, as traders focused on fund allocations by Japanese investors at the start of a new financial year. Read more

March is the season for FMPs as investors seek `double indexation benefit`, which will lower their capital gains tax liability.

As the financial year draws to a close, mutual funds (MFs) are aggressively pushing fixed maturity plan (FMP) products by promising better yields, even if they have to give up a part of their margins in the process.
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Kotak Mutual Fund has launched a 13 months Fixed Maturity Plan (FMP). Kotak FMP 13M Series 3, a close-ended debt fund.

The Scheme : Kotak FMP 13M Series 3, a close-ended Debt Scheme. Scheme Objective : The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.
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