Finance Act (2) of 2009 makes providing PAN details compulsory for certain eligible payments especially on account of freight. Failing which the deductor is expected to deduct TDS at a higher rate Being in logistic sector, the nature of business is such that we are dealing mostly with unorganised sectors where it is very difficult on our part to collect the PAN. Hence, the following is recommended.
Category: Infrastructure Finance
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Remove bottlenecks | budget 2013-14
Given the backdrop of a modest 5.5 per cent GDP growth expected in FY13 and uncertainties on a global economic recovery, Union Budget 2013-14 assumes immense importance. It is imperative to stimulate domestic demand, that too through infrastructure creation because of its huge multiplier impact in terms of creating new jobs, enhancing productive capacity of economy and promoting inclusive growth.
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Build pace of reforms | Budget 2013-14
Most of the country's logistics resources are in urgent need of refurbishment. Setting up of a nodal cross-ministerial logistics body, providing infrastructure status to the wider transportation and logistics industry and dedicating higher financial outlay for logistics skill improvement is, therefore, advisable. TCI is in favour of a separate regulatory authority for better coordination between ministries for an integrated policy on the sector.
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Sebi clears $1 bn IDF of IIFCL
SK Goel, Chairman and Managing Director of India Infrastructure Finance Company (IIFCL) said that the firm got Securities and Exchange Board of India's (Sebi) nod to launch $1 billion infrastructure debt fund (IDF). IIFCL expects to operationalise the fund in a month. Of the $1 billion corpus, 50 per cent would be contributed by Indian investors and 50 per cent by foreign investors, he said at the launch of first credit enhanced infrastructure bonds.
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Ministry discusses funding options for key rail projects
Planning Commission DeÂputy Chairman Montek Singh Ahluwalia and Railway Minister Pawan Kumar Bansal discussed options for funding crucial railway projects. The rail ministry feels the need to raise its own resources to fund these projects. Steps to raise funds could include an across-the-board increase in railway fares, reports suggest.
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Rs 155 bn infra loans recast in Apr-Sep 2012
A large amount of loan given by banks to infrastructure companies were restructured in Apr-Sep 2012 period because of high interest rate, rise in debt levels among these firms, reports suggest.During this period, loan worth Rs 15,562 crore belonging to infrastructure companies were restructured, data from the corporate debt restructuring (CDR)
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Recovery in equip finance
V Lakshmi Narasimhan, Chief Financial Officer of Magma Fincorp expects recovery in the commercial vehicle and equipment finance segments during the second half of 2013-14. The recovery would have tangible impact on commercial vehicle and equipment finance.
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HUDCO seeks $150 mn
In order to finance urban infrastructure projects, HUDCO sought financial assistance of $150 million from the ADB. The assistance is sought under the catalysing sustainable finance (CSF) facility, which is a leveraged finance mechanism designed as a financial intermediation loan with linked conditions for lending to sub-projects.
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RBI rate cut
Infrastructure developers and development finance companies cheered the RBI's move to cut policy repo rate in its third quarter review of monetary policy. Infrastructure developers urged banks to pass on the cut in policy rate to borrowers and thereby reduce the cost of funding for infrastructure firms. Also, these companies want the RBI to cut policy rates further in the forthcoming policy reviews.
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CII seeks steps
Through its Pre-Budget Memorandum submitted to the Union Finance Ministry, industry body CII urged government to take urgent steps to make infrastructure sector viable and capable of attracting capital. The memorandum listed some of the steps that the government should take to attract capital into the sector. For example, the body wants government to waive Minimum Alternative Tax (MAT) for infrastructure companies.