FDI in Retail

It is presumed that the proposal for allowing Foreign Direct Investment in Retail will be cleared by Cabinet in a month's time. The proposal has got momentum with the active support of the Prime Minister and the Finance Minister of India. The proposal will allow global retail chains to venture in India. It seems that the proposal which has now been debated for years, shall soon be seeing the light of the day.

CARREFOUR

The world's second largest retailer CARREFOUR, the French retailer is all set to open its second store in Jaipur. The first cash and carry store was opened in Delhi in December, 2010 in a sprawling 56,000 sq. ft. in a Metro Mall in East Delhi.

FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA [FSSAI]

FSSAI is expected to fully operationalize by early August 2011 by when the FSSAI Regulations are expected to be finally notified paving way for repealment of various complex food laws earlier prevailing in India. And the food business operators willl have to start following FSSAI licensing regulations effective that date.

Reserve Bank of India

Deputy Governor of RBI Ms. Shyamala Gopinath retired after putting in 39 years of unstinted services at the central bank. She asserted her plan to be active in financial sector but nothing on the cards as of now.

Any Time Money

Visa Debit Card holder now have additional cash withdrawal facility at Barista points of sale. Cash of Rs. 1000 a day can be withdrawn free of any charges and without any obligation of purchasings at any Barista Lavazza outlets. Currently, this facility is available in Mumbai and Delhi [NCR] and will shortly be available across the country.

Excise Policy

The new excise policy in Delhi, expected to be notified on 6th June, 2011 envisages a hike in liquor prices, opportunity to expand the range of fine wine and license fee hike for restaurants and five star hotels.