The Ministry, through its Foreign Tax and Tax Research Division (FT and TR), has decided to begin a six-month internship programme for young scholars studying economics and finance at various reputed institutions across the country.
While international taxation deals with taxing of investments and business deals involving overseas assets and entities, transfer pricing refers to adjustment of charges made between related parties for goods and services rendered.
"In view of the crucial importance of these areas of taxation in India's tax systems, it is felt desirable that there should be an internship programme in the FT and TR so that the officers of the department of Revenue and Income Tax, particularly of the directorates of international taxation and transfer pricing, are able to interact with young scholars with brilliant academic backgrounds from reputed academic institutions.
"The programme will enable the department to critically analyse various aspects of international taxation, transfer pricing, including advanced pricing agreements and exchange of information for tax purposes on the basis of refreshing ideas from the field of academics.
"It will also help the interns to familiarise themselves with the process of development of this important part of India's tax systems," a notification by the Revenue department said.
EU finance ministers haggle over bank rules - Yahoo Finance
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Yahoo! - ABC News Network
Money comes in for Rodgers - SkySports
Wigan's Roberto Martinez was being strongly tipped to take over at Liverpool after talks with the club's American owners Fenway Sports Group in Miami last week.
But there was still no word from Martinez as he arrived back in Manchester today following a family holiday in Barbados and Wigan chairman Dave Whelan has issued a deadline of Thursday for an agreement to be reached.
The story took a new twist today with Swansea boss Rodgers, who originally turned down the chance to speak to FSG, appearing firmly back in frame with online bookies Sky Bet. He is now 1/2 to be appointed Reds' manager with Martinez out to 2/1.
It now appears to be definitely a two-horse race with Borussia Dortmund manager Jurgen Klopp out to 12/1 after being as short as 2/1 early on Monday.
Football trader Joe Petyt explained: "When Martinez was photographed with FSG's John Henry in America he became the strong favourite but even during that time we saw sustained money for Rodgers.
"In the last 24 hours the amount of money we've seen on Rodgers has increased substantially which indicates to us that some people have heard that he's going to take the job."
Living on mobile money - BBC News
Rory Cellan-Jones tries living without money
A couple of weeks ago I wrote about my frustrating efforts to use various new mobile money applications on my phone. I promised then to have another go, to give up cash and try to pay by phone alone. So, how did it go? Not very well, I'm afraid.
I started by loading up my phone with a variety of apps which - supposedly - would help me get by without cash or even cards. My main weapons were to be O2 Wallet and Barclays Pingit, two new services which allow you to send and receive money from your phone. But I also installed the Paypal app, and a range of others that allow you to buy a coffee or pay for a taxi from your phone.
Within minutes of starting, I ran into trouble. It was my turn to buy the office tea and coffee round, and the coffee outlet only took cash. No problem - I would get my colleague Anthony to pay and refund him via one of my mobile money pay-by-text services.
With Barclays Pingit playing up (I never got it to work, even after deleting the app and going through the lengthy verification system again) I turned to my O2 wallet. Just two or three passwords later, I had texted a £2.80 money message to Anthony.
Then the fun began.
He spent days - quite literally - trying to make sure this and a couple of other payments from me made their way from his phone into his bank account. Much of that time was spent in increasingly intemperate phone conversations with O2. At one point the company told him their "triage unit" was on the case. Anthony's verdict? "No need for triage - it's terminal!"
I quickly realised that although I wanted to rely solely on my phone, this approach wasn't going to work. I would need to use credit and debit cards as well, plus my Oyster touch-and-go card for travel around London.
By paying for meals via my debit card - which meant I had to spend more than £5 - I did manage to get by without cash for a couple of days.
Then I took a trip to Oxford and had my first failure.
Getting on a bus to the city centre without a travelcard, I found myself obliged to dip into my pocket for some coins to pay the fare. And my bus trip proved a timely example of how useful mobile money could be if it were more widely adopted. On a busy route, every time we stopped dozens of school children and students queued to pay by cash, making our progress very slow.
While neither of my mobile money services proved at all useful over the week, there were two things - taxis and coffee - that proved easy to pay for by phone. The taxi app market is now fiercely competitive and I found Hailo, a service that lets you order a London cab, pretty efficient at delivering a driver to me within five minutes.
I also tried Ubicabs to order minicabs, and this again worked fine - although my driver ended up asking me to navigate to my destination. These services make it very easy to move around without cash or credit cards - if only in the London area - but they have one major downside. You end up racking up big bills without even thinking about it.
The same applies with the Starbucks app, which allows you to load money onto a virtual payment card on your phone, then swipe your phone against a reader to pay for coffee or a sandwich. Because this was the only easy way I found to buy food from my phone, I ended up spending far too much on cappuccinos.
When I ended my experiment, I breathed a sigh of relief - as did my colleague Anthony, who is still trying to extract from his phone the money I owe him. Trying to live off mobile money, which is supposed to make life easier, has been a stressful experience. The inevitable concerns about security are making most of these new services so complicated to use that you have to be slightly deranged even to bother.
That is not to say the whole idea is doomed to failure. We will see further innovation over the coming weeks as payments firms unveil plans to allow visitors to the London Olympics to pay with their phones.
But here's my advice to the companies pushing these services - your "triage units" are in for a busy time.
Old money goes round again - Stuff
There seems to be no end to the Lions Club's generous spirit, so it was no surprise when the club teamed up with New World Kaikoura last week with their latest initiative, Heads Up for Kids.
Launched in July 2010, Heads Up for Kids is a unique collection which asks New Zealanders to donate old decimal and pre-decimal New Zealand currency, and all foreign money.
The obsolete cash is redeemed for New Zealand dollars which is used to fund education programmes and scholarships for New Zealand youth.
Because the obsolete currency is no longer legal tender, and foreign coins cannot be exchanged in this country, the project is not in competition with other fundraising dollars.
A number of young people have already benefited from Heads Up for Kids, receiving scholarships to Spirit of Adventure and Sir Edmund Hillary Outdoor Pursuits Centres.
The successful recipients were nominated based on their positive attitude toward their school and community.
To date, the Lions have collected more than 10 tonnes of coins and thousands of banknotes, bringing the total raised to more than $300,000.
The Reserve Bank has estimated there is $116 million in old New Zealand coins and banknotes that are unaccounted for.
The nationwide campaign reached a hefty milestone when its 10th tonne of coins was delivered to the Reserve Bank recently.
Two containers weighing 500 kilograms each and valued at $19,000 were full of out-of-date New Zealand currency ranging from threepences and half crowns to large 50 cent pieces.
The old New Zealand money is redeemed at the Reserve Bank and the foreign money shipped to Australia by the tonne and exchanged.
The money collected this year will be redeemed at face value for legal tender and will raise the total collected by the campaign to more than $300,000.
These funds are used to sponsor education programmes for New Zealand youth.
Lions Clubs New Zealand aim to collect one million dollars and will continue to provide positive experiences for good New Zealand kids who may not otherwise get the opportunity.
Donations of old New Zealand coins, or foreign currency, can be made at Kaikoura New World or by calling 0800 Old Money for a Lions Club member to collect.
- © Fairfax NZ News
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