Tax Tangle

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/Files

Infosys to challenge new tax demand

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees income tax demand raised by Indian authorities earlier this month.  Full Article 

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Slowdown may hurt banks' asset quality - finance minister

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India's Finance Minister Pranab Mukherjee speaks with the media after presenting the 2011-2012 economic survey report, outside the parliament in New Delhi March 15, 2012. REUTERS/B Mathur/Files

India's Finance Minister Pranab Mukherjee speaks with the media after presenting the 2011-2012 economic survey report, outside the parliament in New Delhi March 15, 2012.

Credit: Reuters/B Mathur/Files

MUMBAI | Sat Apr 7, 2012 3:11pm IST

MUMBAI (Reuters) - A slowdown in India's gross domestic product could impact banks' asset quality, Finance Minister Pranab Mukherjee said on Saturday.

Mukherjee, speaking at an industrial event in Mumbai, added banks would have to raise additional capital to meet requirements for Basel III global banking rules.

Indian economy is likely to grow by 7.6 percent in fiscal 2012/13, up from 6.9 percent in the current year, which is the lowest rate recorded in nearly a decade excluding the global financial crisis in 2008, Mukherjee said last month.

(Reporting by Shamik Paul; Editing by Andrew Heavens)
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