Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in his group's legal battle with the Securities and Exchange Board of India over the company's failure to repay investors who bought the outlawed bonds.
India will find it difficult to support new global customs rules without an assurance and visible outcomes that a permanent solution is being negotiated over its concerns about public food stockholdings, the trade minister said on Friday.
The government on Friday announced some concessions for mutual fund industry and income tax payers, while comitting to low tax regime to promote industrial activity to generate jobs and create more resources to undertake social welfare activities.
Introduced in 2012, the General Anti-Avoidance Rules, were aimed at companies routing money through tax havens such as Mauritius, but implementation was delayed after an uproar from investors who feared harassment from tax authorities.
The lack of mutually acceptable arbitrators has delayed the resolution of the two-and-a-half-year-old dispute between Reliance Industries Ltd and the government of India over the recovery of $2.376 billion worth of investment in the KG-D6 gas block.
Forex dealers said besides capital inflows, selling of the US currency supported the rupee but a lower opening in the domestic equity market and dollar's strength against other currencies overseas capped the gains.