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UPDATE 2-India plans new oil subsidy rules to push ONGC stake sale

*No discount if oil prices average $60/ bbl in June qtr. NEW DELHI, May 22- India plans to reform rules governing the level of discounts upstream state oil firms including ONGC offer to retailers, a senior finance ministry official said on Friday, a move that could expedite the sale of a stake in the company. Currently ONGC, Oil India and GAIL sell crude and fuels like...
Source: Reuters | By: Nidhi Verma and Manoj Kumar
UPDATE 1-India's Jaitley promises better tax regime for companies

NEW DELHI, May 22- Indian Finance Minister Arun Jaitley struck a conciliatory tone towards investors on Friday, promising to tax corporate profits at competitive rates and saying the government would do all in its power to implement a new national sales tax on time. Foreign portfolio investors have complained about surprise tax claims and, during a news...
Source: Reuters | By: Manoj Kumar
India needs corporate tax in line with global levels - Jaitley

NEW DELHI, May 22- India should have a tax on company profits that is more consistently applied than it is now and should bring down its effective rate to global levels, Finance Minister Arun Jaitley said on Friday. "We must... remove discretion, phase out exemptions and bring the effective rate down to global levels," Jaitley told a news conference called to mark the...
Source: Reuters
Stocks attempt gains as rising yields, dollar weigh; Wal-Mart off 3.5%

U.S. stocks traded in a narrow range, trying to hold positive momentum from Europe and a record close amid rising yields and dollar strengthening.
Source: CNBC.com | By: Evelyn Cheng
India ignored warnings on foreign investor tax row -sources

*Tax officials say warned Finance Ministry since September. *Row with investors caused sell-off in India stocks, bonds. MUMBAI, May 19- India's Finance Ministry could have sidestepped a damaging multibillion-dollar tax row with foreign investors if it had acted on regular warning letters that officials had been sending since as long ago as September.
Source: Reuters | By: Himank Sharma and Rafael Nam
Market's new biggest fear: Economic stall

Wednesday's Fed minutes along with housing data might cause turbulence.
Source: CNBC.com | By: Patti Domm
Investors watch for more signs of economic stall

Next week's Fed minutes along with housing data might cause turbulence.
Source: CNBC.com | By: Patti Domm
For Modi's government, storm brewing in rural India

Just one year after taking office, Prime Minister Narendra Modi is facing a challenge that could come to haunt him - the farm sector that sustains three-fifths of the population is in deep trouble, and he is being blamed for not doing enough.
Source: Reuters
For Modi's year-old government, storm brewing in rural India

From the start of the crop season last October through March, India's farm exports have fallen more than 11 percent to $15 billion, as the impact of the global commodities glut has been sharpened by events like Iran's nuclear talks and a currency dip in Brazil. "A perception is gaining ground that the government is slow in responding to the crisis in the...
Source: Reuters | By: Rajendra Jadhav and Mayank Bhardwaj
UPDATE 1-India moves to resolve tax row, mollify foreign investors

NEW DELHI, May 7- India moved on Thursday to mollify foreign investors who were hit by bills for several years of taxes on previously untaxed gains, triggering a sell-off in financial markets. While India has exempted capital gains made by foreign investors as of April 2015 from MAT, it says tax demands on past incomes could only be reversed by the Supreme Court.
Source: Reuters | By: Rajesh Kumar Singh