NATIONAL FEMA to be amended, norms for remittances relaxed In a bid to reduce transaction costs, Government today (Feb 6, 2004) decided to dispense with RBI nod for several current account transactions and amend FEMA (Foreign Exchange Management Act) to empower the apex Bank to impose penalties in case of violation of forex deals excepting hawala transactions.
UK won't follow US on outsourcing, assures Straw Britain today (Feb 6, 2004) assured India that it would not go the US way on Business Process Outsourcing (BPO) and there was no move on part of the Government to ban it despite domestic pressures.
BSE: Sensex recovers by 66 points on squaring up The market made a strong turnaround under the leadership of public sector banking stocks and the Sensex ended 66 up in volatile activity at the Bombay Stock Exchange (BSE) today (Feb 6, 2004) on squaring up by operators at the weekend as well as fresh purchases by foreign funds.
No rise in LPG, kerosene prices despite subsidy cut Government today (Feb 6, 2004) said it will not increase prices of domestic cooking gas (LPG) and kerosene despite the Budget cutting to half the subsidy on the two mass-consumed cooking fuels from April 1.
Sensex on a downward spiral at early stages The Sensex opened moderately lower and moved further downwards in erratic activity during the morning trading on the Bombay Stock Exchange (BSE) today (Feb 06, 2004) on sustained selling pressure from investors.
Infosys, TCS, Wipro deny misuse of L-1 visa Leading software exporters like Wipro, Tata Consultancy Services (TCS) and Infosys Technologies, who have been listed by a US labour organisation of abusing L-1 visa, vehemently denied any instance of visa violations.
INTERNATIONAL US firms to expand BPO operations despite challenges Despite the challenges to moving IT, business process and contact center services to India, China and other overseas locations, American companies are satisfied with their offshore outsourcing initiatives and plan to expand such operations, a new study shows.
Democrat hopefuls Kerry, Dean denounce outsourcing Outsourcing of hi-tech jobs to India, China, Russia, the Philippines and elsewhere has become an issue which is being debated in the Democratic primaries and in the US Congress, with current Democratic frontrunner in the Presidential race, Senator John Kerry, calling companies which outsource "Benedict Arnolds".
