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Infosys unveils new solution for GST regime
BENGALURU: Infosys veterans launched GSTSTAR, a comprehensive solution catering to Goods and Services Tax (GST) regime needs of businesses, professionals and large organisations. “IT major’s solution caters to the GST needs of small and big enterprises. Minimum fee will be Rs500 per month for the standard on cloud version and the on-premise customisable deployment for larger enterprises may range from Rs10 lakh to Rs40 lakh of a
 
 
Egypt to raise food subsidy allowance
CAIRO: Egypt is more than doubling monthly food subsidies to 50 Egyptian pounds per person from 21 pounds currently, President Abdel Fattah Al-Sisi said. Egypt has been hit by soaring inflation since it floated its pound currency in November, leading it to halve in value. The float was the opening salvo in a $12 billion three-year International Monetary Fund (IMF) lending programme tied to reforms. The higher monthly food
   
Morocco’s central bank keeps interest rate unchanged
RABAT: Morocco’s central bank (CB) kept its benchmark interest rate unchanged at 2.25 per cent, saying the current level remains appropriate. The bank, known as Bank Al-Maghrib, said it expected inflation to stay at 0.9 per cent in 2017 and would accelerate to 1.6 per cent in 2018. It said it expects economic growth to reach 4.4 per cent 2017, up from 1.2 per cent last year due to recovery in cereal production.
 
 
Reliance Defence to form JV with France’s Thales
MUMBAI: Reliance Infrastructure (RInfra) on Wednesday announced its subsidiary Reliance Defence’s intent to form a joint venture (JV) with French aerospace and defence electronics major Thales to develop skills and activity in military hardware. “The JV is to develop Indian capabilities to integrate and maintain the radar and electronic warfare sensors for fighter aircraft,” RInfra and Thales said in a joint statement following
   
SBP revises guidelines on outsourcing arrangements
KARACHI: State Bank of Pakistan (SBP) revised the ‘Guidelines on Outsourcing Arrangements’ with the objective to enable Financial Institutions (FIs) including Banks, Microfinance Banks and Development Finance Institutions (DFIs) to effectively manage the potential risks associated with outsourcing arrangements. The revised instructions are termed as “Framework for Risk Management in Outsourcing Arrangement by Financial
 
 
Bangladesh cuts import duty on rice to 10%
DHAKA: Bangladesh has cut import duty on rice from 28 per cent to 10 per cent in a bid to stabilise the domestic market, Commerce Minister Tofail Ahmed announced. The country’s central bank has ordered banks to allow traders to import rice without any deposit against letters of credit. Ahmed said the price of rice was expected to fall by 6 taka per kg as a result of the duty reduction, reports Xinhua news agency.
   
Pakistan to restart scrutiny of investment by builders
KARACHI: The Federal Board of Revenue (FBR) of Pakistan will re-initiate scrutiny of money trail of investments in real estate sector by developers and builders after an elimination of the fixed tax regime in the budget for the next fiscal year of 2017-18, sources said. The sources said the fixed tax regime restrained FBR from undertaking scrutiny of investments made by builders, developers or any others on their behalf.
 
 
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